Stocks Show Light Losses; Amazon A 'Buy,' China Leader Breaks Out – Investor's Business Daily

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The major market indexes were all lower early Wednesday, but losses were light. The tech-heavy Nasdaq declined just 0.1%, while the other major indexes held even milder losses. The S&P 500 and the Dow Jones industrial average were slightly below their break-even marks.

XAutoplay: On | Off Among the Dow industrials, Unitedhealth Group (UNH) set the pace, rising 1.3% after the potential death of ObamaCare repeal. The managed-care provider notched a fresh record high, and is well-extended from its most recent flat base with a 172.24 buy point.

On the downside, Apple (AAPL) fell over 1% following Tuesday’s unveiling of its new iPhone X. Shares are still holding above a 156.75 flat-base entry, but progress has been stymied in recent trading sessions.

Meanwhile, Boeing (BA) dropped 1.3%. The airplane maker is still building a flat base with a 246.59 potential entry.

FANG stock Amazon.com (AMZN) eyed its 50-day line in the stock market today after being initiated with a buy rating at Loop Capital with a 1200 price target — a 22% premium to Tuesday’s closing price. Shares rose 0.5% to trade right at the key level, which is currently priced around 987. Amazon will have to reclaim that level before it can build the right side of a potential base.

Among other analyst actions, Applied Materials (AMAT) was upgraded to buy from neutral at Goldman Sachs. Shares moved up almost 1% as they continue to approach the 47.69 cup-with-handle buy point.

Meanwhile, Micron Technology (MU) was also a beneficiary of a Goldman upgrade to buy. But shares edged lower and are still extended from a 32.45 double-bottom buy point.

Among other leading growth stocks, Alibaba (BABA) rose for a third straight day as it jumped 1.1% in heavy trade to break out past its 177.10 ascending-base entry. Rival JD.com (JD) jumped over 3% after recapturing its 50-day line on Tuesday. Shares are building the right side of a potential base.

Within the IBD 50, Leaderboard member Grubhub (GRUB) advanced 1.3%. Shares are trying to regain a 57.36 three-weeks-tight add-on entry, and remain extended from a 47.94 flat-base entry.

On the downside, graphics-chip maker Nvidia (NVDA) faltered 0.3%. The high-flier has taken a rest to build a flat base that has a 174.66 buy point.

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