Weakness in the tech sector pushed down Juniper Networks (NASDAQ:JNPR) this morning big time, and weighed on the market — though Amazon (NASDAQ:AMZN) managed to buck the trend after strong earnings. Also debt concerns in Europe and the United States had the Standard & Poor’s 500 Index down heavily in early morning action to under 1,317, losing about 15 points, a plunge of more than 1.12 %. Even though the S&P 500 Index has been down every day this week, it has still been a very strong earnings season. About one third of the companies on the S&P 500 have reported numbers for the second quarter of 2011 with 83% topping analyst estimates.
Not meeting analyst estimates was Juniper Networks (NASDAQ:JNPR), losing more than $6 a share. Reporting after closing yesterday, Juniper’s sales and forecast fell short of what Wall Street was expecting. Juniper also received two negative analyst ratings this morning. Juniper is now trading more than 20% below its 20, 50 and 200 day moving averages. With a relative strength index rating of 26.55, Juniper is below the 30 mark for when a stock is viewed as being oversold. There is now a short float of 2.00% for Juniper stock.
Joining Juniper in taking the S&P lower was CH Robinson Worldwide (NASDAQ: CHRW) with a loss of more than $5.70 in early morning action, over a 7% drop. The trucking and air services company disappointed Wall Street with its earnings being lower than expected due to rising expenses. There have been 7 positive analyst recommendations for CH Robinson in 2011 with no negative ones issued for the year. With a relative strength rating of 33.59, CH Robinson is trading below its 20, 50 and 200 day moving averages. For CH Robinson, there is a short float of 5.45%.
Down about 7% after issuing a warning of a slowdown in U.S. and European business, Emerson Electric (NYSE: EMR) fell by more than $3.70 a share to almost $50 in early trading. Emerson Electric is now trading more than 10% beneath its 20 and 50 day moving averages with a relative strength index rating of 27.12.
On the other hand, strong earnings took Amazon (NASDAQ:AMZN) higher by more than $10 from the opening to over $227, a pick up of greater than 5%. The internet retailer is up more than 11% for the month. Its relative strength index rating is 66.61. At 70, a stock is considered to be overbought. Amazon is trading more than 11% higher than its 50 day moving average.
Total Systems Services (NYSE: TSS) was up about 4% to more than $18.90, in early trading Wednesday as its earnings pleased Wall Street. After four quarters of declining profits, Total Systems reversed that trend with its 2Q 2011 results. Up more than 2.2% for the month and trading more than 10% above its 200 day moving average, Total Systems Services has a relative strength index rating of 61.14.
Up about 5% was hotel stock Wyndham Worldwide Corporation (NYSE: WYN) as the lodging and hospitality giant gained more than $1.50 a share, moving well over $35.90 in morning buying and selling as its earnings beat the estimates of analysts. Wyndham is up more than 6.6% for the month. It is also higher for the week, quarter and year, while trading above its 20, 50 and 200 day moving averages. Wyndham now has a relative strength rating of 62.72 and a short float of 2.63%.
Jonathan Yates does not own any of the stocks mentioned in this article.
