Dow Jones futures were little changed late Thursday, along with S&P 500 futures and Nasdaq futures, after the stock market rally shrugged off mixed earnings. Chip leaders Nvidia (NVDA) and Applied Materials (AMAT) reported earnings after the close. Warren Buffett's Berkshire Hathaway (BRKB) disclosed a stake in RH (RH) while trimming its Apple stock holdings. Meanwhile, an FDA panel backed another use for a key Amarin (AMRN) drug.
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Nvidia stock fell modestly on weak guidance. AMAT stock rose, signaling a likely buying opportunity. Amarin stock remained under wraps after being halted throughout Thursday's session. RH stock soared. Apple (AAPL) edged lower.
Apple stock is on IBD Leaderboard. So is Nvidia stock, along with several other chip names.
Dow Jones Futures Today
Dow Jones futures were roughly flat vs. fair value. So were S&P 500 futures and Nasdaq 100 futures. Remember that overnight action in Dow futures and elsewhere doesn't necessarily translate into actual trading in the next regular stock market session.
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Current Stock Market Rally
The current stock market rally showed resilience Thursday, largely shrugging off a big sell-off in Cisco Systems (CSCO) on weak guidance.
The Dow Jones Industrial Average fell less than two points. The S&P 500 index rose 0.1%, while the Nasdaq composite edged lower.
Leading stocks did well, with a few more moving into buy zones, including Global Payments (GPN) and Epam Systems (EPAM).
Among the best ETFs, the Innovator IBD 50 ETF (FFTY) rose 0.5%. The iShares Expanded Tech-Software Sector ETF (IGV) climbed 0.2%. The VanEck Vectors Semiconductor ETF (SMH) dipped 0.2%.
Nvidia Earnings
Nvidia earnings came in at $1.78 a share as revenue fell 5% to $3.01 billion. Wall Street had targeted Nvidia earnings per share of $1.57 on revenue of $2.901 billion.
Nvidia guided low on sales though.
Nvidia stock fell 1.6% late. Shares closed up 0.6% at 209.79. Nvidia stock has been trading tightly over the past couple of weeks but is extended from a recent breakout.
Applied Materials Earnings
Applied Materials earnings came in at 80 cents a share as fiscal Q4 revenue fell a fraction to $3.75 billion. Analysts forecast Applied Materials earnings of 76 cents per share on revenue of $3.684 billion.
Applied Materials sees fiscal Q1 EPS of 87 to 95 cents on revenue of $4.10 billion at the midpoint. Analysts expected Applied Materials earnings per share of 72 cents and sales of $3.705 billion.
AMAT stock rose 3.7% to 59.09, signaling a likely buying opportunity. Shares closed down 0.3% at 56.96. AMAT stock is extended from a 52.52 cup-base buy point, but it has formed a three-weeks-tight pattern with a 57.39 entry.
RH Stock Gets Warren Buffett Bounce
RH stock soared 7% late after Warren Buffett's Berkshire Hathaway disclosed that it started a small holding in the upscale home-furnishings retailer. After finding support at its 50-day line for several days, RH stock is set to rebound bullishly from that key level.
Apple Stock Holdings Sliced
Warren Buffett trimmed Berkshire's Apple stock holding by 750,000 shares. Apple stock fell a fraction late. In Thursday's session, shares hit a record high intraday but closed down 0.7% amid a rare sell rating for Apple stock.
Apple stock seems to be taking the negative news in stride. As long as the world's most valuable company and member of the Dow Jones, S&P 500 and Nasdaq remains a leader, the stock market rally stands a good chance of thriving.
FDA Panel Backs Amarin Drug Vascepa
An FDA advisory committee voted 16-0 to back the cardiovascular benefit of Amarin's Vascepa, its high triglyceride drug. The panel supports Amarin touting Vascepa to lower the risk of heart attacks and other cardiovascular events. The FDA will review the idea in December.
Amarin stock was not yet active late. Shares didn't trade on Thursday after soaring 27% in the prior two sessions. Amarin stock is moving toward a 24.01 cup-base buy point.
Please follow Ed Carson on Twitter at @IBD_ECarson for stock market updates and more.
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