A big drop in shares of General Electric ( GE ) didn’t have much effect on the broad market Monday, as several top-rated growth stocks outperformed nicely, continuing a recent trend.
[ibd-display-video id=2633855 width=50 float=left autostart=true]The Dow Jones industrial average, S&P 500 and Nasdaq composite showed gains of around 0.1%. Small caps lagged slightly with the Russell 2000 down 0.2%. Volume on the NYSE and Nasdaq was tracking close to Friday’s levels in the stock market today .
Shares of GE slumped 7% after the company cut its dividend by 50% to 12 cents a share. As part of a restructuring, the company will shift its focus to three markets: aviation, power and health care.
Home Depot ( HD ), McDonald’s ( MCD ) and Procter & Gamble ( PG ) picked up the slack in the Dow, with gains of around 1%.
Home Depot is getting support at the 50-day moving average ahead of its earnings report Tuesday before the open.
Many of the session’s strong movers hailed from China – not exactly a new story. Leaderboard name 58.com ( WUBA ) soared nearly 8%, but it’s too late to buy the stock after a breakout in July and a couple of visits to the 50-day moving average.
Quarterly profit at 58.com nearly doubled expectations. Sales rose 34% to $409.9 million.
Meanwhile, China-based online retailer JD.com (JD) broke out over a trend line (found by connecting the stock’s recent highs), giving an early entry for aggressive traders. The stock is still 13% off its high but is back above the 50-day moving average.
Before the open, the company reported a 360% surge in profit, more than double expectations. Sales increased 40% to $12.6 billion.
Inside the IBD 50 , Monster Beverage (MNST) extended gains after a breakout last week over a 57.35 buy point. Shares initially slumped 3% Thursday even as Monster reported its second straight quarter of accelerating sales growth, but the stock reversed higher, ending with a gain of 1.2%. Shares of Monster were recently trading around 62.21, up 1.7%.
Strong performers from IBD’s exclusive Sector Leaders screen Monday included LGI Homes (LGIH), Align Technology (ALGN) and Ichor (ICHR). The screen currently holds 14 names, the most in a while.
Ichor is a small-cap semiconductor name that reported another solid quarter last week. But shares have been volatile as the stock seeks support at the 50-day moving average.
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