Stocks firmed up Thursday afternoon, with all of the major indexes back in positive territory.
The S&P 500 and the Dow Jones industrial average were up 0.4% and 0.3% respectively. Meanwhile, the Nasdaq turned fractionally higher after bouncing back from a 0.2% loss. Big caps such as Amazon.com (AMZN), Google (GOOG) and Priceline.com (PCLN) were lower, but there was some strength among chip issues. ARM Holdings (ARMH) and Cirrus Logic (CRUS) rose about 4% each.
Turnover was tracking higher on the NYSE and lower on the Nasdaq.
Celgene (CELG) added 2% to a fresh record high. The stock has been on a hot streak since staging an upside reversal at its 50-day line Dec. 31. It's now 15% past a 81.34 buy point. Earlier this week, the biotech announced positive trials of a psoriasis drug and outlined rosy long-term financial targets. In particular, the company is aiming to double sales by 2017.
Ashland (ASH) rose 2% to an all-time high. It's now 10% past a 78.37 buy point in a cup base. The stock broke out in lackluster volume Dec. 12. Ashland distributes specialty chemicals to the drug, energy, construction, automotive and food industries. It is best known as the maker of Valvoline motor oil. Analysts see its fiscal 2013 earnings rising 15% to $7.61 a share, but that is down from 70% growth in fiscal 2012.
On the downside, Ellie Mae (ELLI) tumbled 6% in heavy trading. The stock has again triggered the 8% sell rule after clearing a 28.96 buy point from a cup-with-handle base Tuesday. Ellie Mae initially cleared that buy point Jan. 2, but that breakout failed two days later.
Michael Kors (KORS) dropped 4% and sliced its 50-day moving average in fast trade. The luxury apparel and accessories firm is likely down in sympathy with Tiffany (TIF), which warned that its full-year earnings would come in at the low-end of its outlook given in late November.
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