Up by almost 1% to over 1,317, a pick up of more than 12, theS&P 500 INDEX,RTH rose on strong earnings reports from the tech and consumer sectors.
Motoring ahead with a wide open throttle to about a 10% gain, more than $4, was Harley Davidson (NYSE:HOG) to over $45 after reporting robust second quarter earnings (read about Harley earnings here). Harley Davidson stock has almost doubled in the past year due to higher sales, more shipments and an improved performance in the finance division. The Hog is popping a double-digit wheelie above its 20, 50 and 200 day moving averages. With a relative strength index rating of 74.34, Harley Davidson is above the 70 mark for when a stock is viewed as being overbought.
Lennar Corporation (NYSE:LEN) was up more than 5.4%, better than a 90 cent gain, as the homebuilder rose to $18.30 in morning trading. June housing starts rose by 14.6%, a five month high. Lennar is trading above its 20, 50 and 200 day moving averages.
Also gaining due to the positive news from the housing market was DR Horton (NYSE:DHI) with a about a 50 cent share pick up, more than a 4.42% spike, to take the price to around $11.80. DR Horton, another homebuilder, is now trading above its 20, 50 and 200 day moving averages.
Avery Dennison Corporation (NYSE:AVY) was down more than 12% lower, dropping more than $4.55 to sell for under $33.25 due to a downgrade from Robert W. Baird. With a relative strength index rating of 23.65, the industrial goods company is selling below the 30 floor, when a stock is considered to be oversold.
Down more than 3.35% was State Street Corp (NYSE:STT), falling to below $41.50, a loss of more than $1.43 a share. Even though its earnings beat estimates, State Street announced layoffs of 850 in a bid to reign in expenses, which rose more than 20% last quarter. State Street is trading below its 20, 50 and 200 moving averages with a relative strength index of 32.90.
Zion Bancorp (NASDAQ:ZION) was also down by more than 2.5% to under $22.20, dropping about 60 cents. Despite being upgraded today by Compass Point and finally posting a profit with increasing loan demand, the stock is down almost 7% for the week. It has a relative strength index of 38.13 and is trading below its 20, 50 and 200 day moving averages.
As of this writing, Jonathan Yates did not own a position in any of the stocks named here.
