Big-change Day Still Leaves S&P 500 Flat

Netflix, AK Steel slammed; Lexmark, Supervalu soar

   

Big-change Day Still Leaves S&P 500 Flat

As companies traded large losses and gains, the Standard & Poor’s 500 barely budged Tuesday morning, remaining around 1,340. For the year, the Standard & Poor’s 500 is up about 6.25%.

Netflix (NASDAQ:NFLX) plunged more than $28 to under $254, about a 10% drop caused by poor earnings and a change in its pricing structure that is expected to cost it 2 million customers. Second-quarter revenue reported by Netflex of $780 million was substantially lower than the $845.3 million expected by analysts. It still has been a strong month and quarter for Netflix, up double digits for both periods. The relative strength index rating for Netflix is 37.14, with 30 the standard for when a stock is viewed as being oversold.

Also down big was AK Steel (NYSE:AKS), off more than 10%, about $1.50, to under $14 in early morning action. AK Steel reported lower earnings than expected by Wall Street. With a relative strength index rating of 36.03, AK Steel is trading beneath its 20-, 50- and 200-day moving averages.

Off by about 10% was PACCAR Inc. (NYSE:PCAR), dropping more than $4.60 to under $46 per share after reporting disappointing second-quarter earnings. PACCAR is lower by about 4% for the quarter and trading beneath its 20-, 50- and 200-day moving averages. It has a relative strength index rating of 33.14.

Rising against the tide with better-than-expected earnings was Lexmark (NYSE:LXK), up about 20% to over $34.40, picking up more than $5.50 per share. Lexmark now is going for more than double digits above its 20- and 50-day moving averages, and it has a relative strength index rating of 76.29. A rating of 70 is when a stock is viewed as being overbought.

Also rising more than 10% was Broadcom (NASDAQ:BRCM) to over $38.50, picking up more than $3.60 per share. Broadcom was surging thanks to a third-quarter sales forecast above estimates and an upgrade this morning from Charter Equity. Up more than 6% for the week, Broadcom is trading well above its 20- and 50-day moving averages and has a relative strength index rating of 70.08.

Supervalu (NYSE:SVU), the grocery store chain, was up around 10% as robust earnings topped analyst estimates and powered the stock above $9.30, a gain of about 80 cents per share. SuperValu is down for the week, the month and the quarter and has a relative strength rating of 51.24.

Jonathan Yates does not own any of the stocks mentioned in this article.


Article printed from InvestorPlace Media, http://investorplace.com/2011/07/sp-500-flat/.

©2014 InvestorPlace Media, LLC

Comments are currently unavailable. Please check back soon.