TradingMarkets 7 Stocks You Need to Know for Monday (WDC, STX, AAPL, YHOO, MAT, IBM, GS)
Continued buying in technology stocks has helped keep the Nasdaq 100 out in front of the S&P 500, which is lagging due to strong and persistent selling in financials. Both the Nasdaq 100 (basis the ^QQQQ^) and the S&P 500 Index (basis the ^SPY^) closed in overbought territory above the 200-day moving average.
Here are 7 Stocks You Need to Know for Monday.
M&A talk swirled around ^STX^ and ^WDC^ on Friday. Both stocks were up on the day, closing deeply in overbought territory below the 200-day moving average.
Technology continues to be a source of strength in the market, with stocks like ^AAPL^ (below) closing higher for a ninth consecutive trading day on Friday.
Apple is scheduled to report quarterly earnings Monday after the market close.
Closing higher for a fourth day in a row were shares of ^YHOO^. Friday marked the stock’s second close above the 200-day moving average since mid-May.
Among the sharpest pullbacks in the Nasdaq 100 was the gap down in ^MAT^.
Only two days ago the stock had closed at year-to-date highs. The pullback in Mattel Inc. puts the stock at its most oversold levels since late August.
After closing higher for eight straight trading days, profit-taking finally arrived at ^IBM^. IBM is scheduled to make its quarterly earnings announcement after the bell on Monday.
While selling was widespread in financial stocks, with JP Morgan Chase and Bank of America both off more than 4%, shares of ^GS^ finished only modestly lower on Friday.
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David Penn is Editor-in-Chief at TradingMarkets.com.