Dow Jones futures rose slightly late Wednesday, along with S&P 500 futures and Nasdaq futures. The stock market rally closed mixed, weakening in the final hour as the Biden administration backed removing patent protection for coronavirus vaccines, hitting Pfizer (PFE) while slamming BioNTech (BNTX) and Moderna (MRNA).
But a number of energy- and commodity-related names broke out or flashed other buy points, including Matador Resources, Rio Tinto and Dow Jones components Chevron (CVX) and Caterpillar (CAT). Goldman Sachs (GS), yet another Dow components, also cleared a buy point.
Several oil & gas plays EQT Corp. (EQT), Cimarex Energy (XEC), Callon Petroleum (CPE), Marathon Oil (MRO) reported earnings after the close. So did fertilizer maker CF Industries (CF), insecticide and herbicide specialist FMC Corp. (FMC) and crane maker Manitowoc (MTW). All closed near buy points.
Meanwhile, PayPal (PYPL), Apple (AAPL) and 5G chipmaker Qorvo (QRVO), 10X Genomics (TXG), HubSpot (HUBS) also reported late Wednesday. These are tech, medical or other growth names that are trying to hold on but coming under various levels of pressure.
Notable Buying Opportunities
Among oil and gas producers, Matador stock and Cimarex Energy broke out of bases Wednesday. Pioneer Natural Resources (PXD), Devon Energy (DVN) and Chevron stock all cleared early entries, breaking down trendlines and moving above pseudo-handles. Matador, Chevron, Pioneer and Devon stock all reported over the past week, with Cimarex earnings late Wednesday.
Goldman stock also peeked out past a base, either a flat pattern or shallow cup pattern.
Old Economy Earnings After Hours
Cimarex earnings missed while revenue fell short. XEC stock fell solidly in extended trade. Cimarex popped 4.8% on Wednesday, clearing a 69.45 buy point.
Callon Petroleum earnings and revenue beat. CPE stock edged lower overnight. Callon stock jumped 7.2% to 40 on Wednesday, moving toward a 42.08 handle-buy point.
Marathon Oil earnings topped views. MRO stock were little changed extended action. Marathon Oil stock rose 3.4% to 11.70 on Wednesday. Investors could use 12.16 as an early entry from a new handle that’s a few cents too low to be proper.
EQT earnings beat but revenue missed. EQT stock dipped in overnight trade. The oil and gas wholesaler rose 1.4% to 20.36 on Wednesday. EQT stock is in a short consolidation that’s a couple days short of being a cup base. But 20.46 serves as a buy point.
CF stock fell modestly after earnings topped but revenue slightly missed. Shares rose 0.9% to 50.08 on Wednesday, nearing a 52.34 buy point.
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