NEW YORK, NY / ACCESSWIRE / November 27, 2018 / Wall Street closed up on Monday as oil prices stabilized and giant tech stocks such as the FAANG (Facebook, Amazon, Apple, Netflix and Google-parent Alphabet), bounced after last week’s selloff. The Dow Jones Industrial Average jumped 1.46 percent to close at 24,640.24, while the S&P 500 Index gained 1.55 percent to close at 2,673.45. The Nasdaq Composite Index advanced 2.06 percent to close at 7,081.85.
Ilya Feygin, senior strategist at WallachBeth Capital, said that, "Last week there was a lot of indiscriminate selling, it's almost too late to sell some of these tech names. They've gotten down to a point where companies like Facebook are trading around 18 times earnings, which is not too far from the market multiple."
"Some of these names needed to bounce a bit," Feygin added.
The Market Edge Initiates Coverage on:
The Trade Desk, Inc.
The Trade Desk’s stock jumped 8.42% Monday, to close the day at $129.40. The stock recorded a trading volume of 1,653,997 shares, which was above its three months average volume of 1,273,868 shares. In the last year, The Trade Desk’s shares have traded in a range of 40.70 - 161.50. The share price has gained 217.94% from its 52 week low. The company's shares are currently trading above their 200-day moving average. The stock's 50-day moving average of $120.97 is above its 200-day moving average of $111.27. Shares of the company are trading at a Price to Earnings ratio of 89.36. Shares of The Trade Desk have gained roughly 17.31 percent in the past month and are up 182.97 percent year-to-date.
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On Monday, shares of Shopify recorded a trading volume of 1,581,509 shares, which was below the three months average volume of 1,643,133 shares. The stock ended the day 7.14% higher at $144.44. The share price has fallen 18.21% from its 52 week high with a 52 week trading range of 92.41 - 176.60. The company's shares are currently trading below their 200-day moving average. The stock's 50-day moving average of $137.47 is below its 200-day moving average of $149.11. Shares of Shopify have gained roughly 8.64 percent in the past month and are up 43.01 percent year-to-date.
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The Market Edge
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SOURCE: The Market Edge