Stocks were up about 1% in early afternoon trading Tuesday, led by oil and industrial shares.
The Dow industrials rose 1%, while the Nasdaq and the S&P 500 each advanced 0.9%. Volume in the stock market today was tracking higher on the Nasdaq and lower on the NYSE compared to the same time Monday.
TransDigm (TDG) blasted 11% higher in huge volume after the maker of aircraft components reported profit for the latest quarter that jumped 36% from a year earlier to $2.86 a share. Sales rose 29% to $796.8 million, also well above Wall Street estimates.
The stock popped above a 233.87 buy point of a handle on a long base, hitting an all-time high in heavy volume. Aerospace stocks have fared well lately amid rising demand for commercial and military aircraft and parts.
Boeing (BA) was among the Dow’s best performers, climbing 2% ahead of its investor’s day conference Wednesday, which is expected to focus on the 787 Dreamliner.
Meanwhile, Amazon.com (AMZN) rose nearly 3% to a new high after unveiling Amazon Video Direct to compete directly against Alphabet‘s (GOOGL) YouTube. Also, analysts at Bernstein said the stock could hit 1,000 over the next year, more than 40% above the current share price.
Amazon is out of buying range after gapping up and retaking a 603.34 buy point of a cup-with-handle base April 29 on a strong quarterly earnings report.
Most IBD 50 stocks were higher, but LGI Homes (LGIH) showed disappointing action. The builder of entry-level homes in Texas, Arizona and elsewhere in the Southwest was down 6% after a mixed quarterly earnings report.
The company said Q1 profit jumped 73% to 57 cents a share, easily beating analysts’ forecasts. But sales fell short of views, rising 35% to $162.5 million.
The stock tried to break out of cup-with-handle base with a 29.87 buy point but then reversed lower and fell as much as 14% below the entry.