By DONALD H. GOLD, INVESTOR’S BUSINESS DAILY
Stocks started Friday on a solid note, thanks to the well-received jobs report, but reversed lower to end the session mixed.
The Nasdaq turned a 0.7% gain into a 0.4% loss. The S&P 500 ceded all of its 0.7% rise, ending with a fractional loss. The Dow Jones industrial average ended with a 0.3% gain, but had been up as much as 0.6%.
Volume climbed 5% on the Nasdaq but fell 10% on the NYSE, according to preliminary data.
While the headline 7.8% unemployment rate lifted spirits, some analysts found troubling signs by digging through the data. For one thing, the jobless rate fell as the number of part-time openings increased. (See Page A1.)
Apple (AAPL) fell 2% in fast trade. The stock had been trying to rebound from its 10-week line the past few days. Friday’s close pushed Apple back below that line. While the rebound isn’t dead, you’d really want to see the stock regain its 10-week line soon. Further declines would be ominous, and a high-volume decline from here could be a quick sell signal.
Stratasys (SSYS), which had been mounting a comeback, ended the session up less than 1%. It had vaulted as much as 4% before the broad market’s downdraft took its toll.
Mellanox Technologies (MLNX) lost 3% and fell further below its 50-day moving average. The Israeli tech stock breached the line Thursday after reversing lower. Mellanox seems headed to test support at the 100 level.
Altisource Portfolio Solutions (ASPS) reversed from a new high and slumped 2% in heavy trading. On Wednesday, the stock blew past a 92.39 buy point in a flat base in huge trade. It’s still 21% past that trigger. Altisource is a thin issue that trades about 172,000 shares a day on average. It provides mortgage-management service and related technology products.
TransDigm (TDG) gapped up in powerful trade and added 1%. The maker of aircraft components is taking out new highs after its first rebound from 10-week support since clearing a base in August. TransDigm has been in talks to increase its credit line, with an aim to paying a dividend.