Stocks were little changed Thursday afternoon following some positive corporate earnings reports and a drop in new jobless claims.
The Nasdaq was up 0.3% and the Dow Jones industrial average edged up 0.1% after shaking off early losses. The S&P 500 was flat after hitting an all-time high. Volume was also mixed, up 6% on the Nasdaq and down 7% on the NYSE compared to the same time Wednesday.
Earnings reports drove much of the biggest movers on the stock market today. The Labor Department's report that weekly jobless claims dipped to a five-year low seemed to have little impact.
Air Lease (AL) jumped 5% in more than double its average daily volume, hitting a new high and clearing a 29.97 buy point from a cup base.
The jet-leasing company is expected to report after the close that first-quarter profit rose 19% to 38 cents a share. Revenue is seen rising 48% to $196 million.
Other earnings reports due after the close include Nvidia (NVDA), Air Methods (AIRM) and Flotek (FTK).
IBD 50 stock Green Mountain Coffee Roasters (GMCR) gapped up and soared 26% after the purveyor of Keurig coffee makers reported much better-than-expected first-quarter earnings. It also announced an expanded partnership with Starbucks (SBUX).
The stock was also 26% past a 59.40 buy point from a flat base.
Ocwen Financial (OCN) was up 4% in heavy volume as it continued to work on the right side of a new base. But much of the base has formed below the 10-week line, a flaw.
Rival Nationstar Mortgage Holdings (NSM) also rose 4% in big volume, hitting a new high and clearing a 41.86 buy point from a 12-week consolidation. But, like Ocwen, too much of Nationstar's base was built below its 10-week line.
Both mortgage loan servicers have risen in heavy volume this week as the housing recovery continues.
On the downside, SS&C Technologies (SSNC), which had been a leading stock in the software sector, plunged 9% in monster volume. The company said its biggest shareholder, the Carlyle Group, would sell about half its stake in the provider of software to the financial services industry.
Rackspace Hosting (RAX) was also a big loser, plunging 25% in huge trade after a disappointing earnings report.
Source: http://news.investors.com/investing-stock-market-today/050913-655464-stocks-up-volume-mixed.htm
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