Stocks opened lower Wednesday as earnings reports and a reversal in oil prices helped drag on early trade.
The Dow Jones industrial average and Nasdaq fell 0.2% as the S&P 500 gave up 0.3%.
Earnings Movers: Mobileye, Garmin, Toll Brothers, Criteo
IBD 50 stock Mobileye (MBLY) climbed nearly 4% after reporting a 47% earnings gain and a 46% increase in revenue for its fourth quarter. Both numbers beat consensus estimates. The company had also announced Tuesday it would partner with BMW to develop advanced mapping technology for release on 2018 BMW models. Mobileye shares are now extended above a 45.03 buy point in a cup-with-handle base.
Garmin (GRMN) charted a 9% gain on the heels of a solid fourth-quarter surprise. The maker of hand-held and installed global positioning systems reported earnings and revenue that topped analysts views by wide margins. Full-year earnings guidance met, and revenue forecasts were above, targets. The stock gapped above a buy point at 53.67 in an irregular base.
Toll Brothers (TOL) framed up a 6% gain at the open. The Horsham, Pa.-based builder of luxury homes reported a surprise earnings gain and a milder-than-expected drop in revenue in its fiscal first quarter. Management also raised the midpoint of its projected full-year deliveries by 100 units, with average prices between $775,000 and $825,000. Toll broke out past the 33.58 buy point in a flat base.
Nationstar Mortgage Holdings (NSM) edged a fraction lower at the open following its fourth-quarter results. The mortgage servicing agency is forming a flat base with a 19.79 buy point.
France-based online advertising innovator Criteo (CRTO) fell 4% as investors looked past a solid fourth-quarter performance and focused on weak first-quarter guidance. Shares are just below the 44.24 buy point of a breakout Jan. 11.
On Deck: Existing Home Sales, Fed Minutes
Oil prices reversed and dropped more than 1%, sending West Texas Intermediate back below $54 a barrel. The dollar was mixed. Rising bonds trimmed the 10-year yield 2 basis points to 2.41%.
January existing home sales are expected from the National Association of Realtors at 10 a.m. ET. Minutes from the Federal Open Market Committee's Jan. 31-Feb. 1 meeting come out at 2 p.m.
Federal Reserve Board member Jerome Powell speaks at 1 p.m. ET.
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