Futures for the S&P 500 index retreated late Tuesday. Coca-Cola ( KO ), Western Digital ( WDC ), Jack in the Box ( JACK ) and Cantel Medical ( CMD ) cleared buy points during the regular session, at least intraday, even as the S&P 500 and other major indexes retreated modestly. Recent IPO CarGurus ( CARG ) jumped late on its first earnings report, flirting with its own entry.
[ibd-display-video id=2402943 width=50 float=left autostart=true]S&P 500 and Nasdaq 100 futures fell 0.2% vs. fair value. Dow futures also lost 0.2%.
Coca-Cola rose 1.5% to 47.43 in Tuesday’s stock market trading , clearing a 47.08 buy point and hitting a record high in the heaviest volume in five months. Cola-Cola could enter the alcoholic beverage market, Wells Fargo analyst Bonnie Herzog suggested Tuesday, saying executives could offer some hints at the Dow industrials component’s investor day on Thursday. Herzog, which also cited Coca-Cola’s 16.7% stake in energy drink Monster Beverage (MNST) as a positive, raised her price target to 51 from 45.
PepsiCo (PEP) rose 1.5%, continuing to build the right side of its base.
The maker of memory chips and hard drives rose 3.55% to 91.58, clearing a 91.33 handle buy point from a consolidation going back to late July. Volume was 27% above normal, which is good but not great.
Western Digital and Toshiba are near a deal to resolve a dispute over their joint venture in a chip-manufacturing plant, according to a report late Monday from Japanese newspaper Yomiuri Shimbun.
Jack In The Box
The operator of burger chain Jack in the Box and Qdoba Mexican Eats shot up 4.4% to 104.09 in heavy volume, closing below a 105.28 buy point after climbing to 106.19 intraday. An investor could view the stock’s surge off its 50-day moving average as a buying opportunity.
Shares popped on news that Jana Partners took a $134 million stake in Jack in the Box, suggesting that the activist fund could encourage a sale of all or part of the chain. Jana Partners took a stake in Whole Foods before it agreed to a takeover by Amazon.com (AMZN).
Several restaurant chains rallied on reports of a Roark Capital buyout bid for Buffalo Wild Wings (BWLD), which leapt 24% on Tuesday.
Cantel Medical advanced 1.6% to 100.72, clearing a 99.93 base-on-base formation .
The company provides infection-prevention products and services, specializing in endoscopy, water purification and filtration, and health care disposables.
Cantel Medical is covered in the latest IBD Stock Analysis .
CarGurus late Tuesday reported better-than-expected third-quarter earnings in its first-ever report since coming public at 12 a share about one month ago. CarGurus also gave bullish guidance for Q4.
Shares rose nearly 11% to 33 in late trading. CarGurus is in an IPO base with key resistance around 33.33.
The online automotive marketplace connects buyers and sellers of new and used cars using proprietary technology, search algorithms and data analytics.
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