By DONALD H. GOLD, INVESTOR’S BUSINESS DAILY
With one eye on the election polls and the other on Greece, stocks pushed higher Monday in muted volume.
The Nasdaq climbed 0.6%, boosted by 1% gains for Apple (AAPL) and Amazon.com (AMZN). The S&P 500 rose 0.2%, while the Dow Jones industrial average ticked up 0.1%. Volume sank across the board.
Greece is still fighting for its financial life, with Prime Minister Antonis Samaras vowing Sunday that proposed wage and pension cuts, key elements in the latest austerity package, will be the last such moves. The austerity theme has caused great pain in Greece, and any new moves in that direction face much resistance. The problem, of course, is that Greece’s creditors — and future lenders — are demanding such sacrifices. Without more austerity, Greece won’t win more credit.
Stratasys (SSYS) reversed earlier losses and climbed 5%, but volume fizzled after starting out strong. Stratasys met resistance at its 50-day line. The maker of 3D printers slumped 12% Friday on a lackluster Q4 earnings forecast. It pegged profit at 39 cents a share, which was only in line with expectations.
Parexel International (PRXL) reversed a 3% loss, rose 2% and regained its 50-day moving average. The stock cleared a 29.52 buy point in a base-on-base pattern Sept. 4 and climbed 10% before pulling back.
Generac Holdings (GNRC) surged 12% in monster trade. The maker of backup and emergency generators soared 21% last week, marking its fourth straight weekly gain. It is 33% above a 26.95 buy point in a three-weeks-tight pattern.
Bonanza Creek Energy (BCEI) fell 1%, but not before reversing lower from a 6% gain. Analysts see the small oil and natural gas producer growing EPS more than 200% on better-than-doubled sales when the company reports its Q3 results after the close Nov. 8.
The stock is rebounding off support at the 10-week line after clearing a cup-with-handle base in September.
Nationstar Mortgage (NSM) slid 9% in heavy volume. That three-day losing streak has cost the stock 17%. Monday’s loss pushed it below the 50-day moving average. The March IPO had yet to close below its 50-day line. On Oct. 24, it dived as much as 21% intraday on news that it lost an auction of ResCap assets to JPMorganChase (JPM), but battled back to close above the line.
The mortgage servicer will report earnings Tuesday. Analysts are expecting a profit of 65 cents a share vs. a year-ago loss of 3 cents a share.