Muted market sets the stage for 3 stocks to re-join their prevailing uptrends

Published: January 25 2023, 21:20 GMT+0

Muted market sets the stage for 3 stocks to re-join their prevailing uptrends

Lyft, Inc., National Instruments Corporation, 10x Genomics, Inc. are the ones to notice as they lead stocks on an uptrend.

Markets did not have a clear cut direction β€” Nasdaq slipped 0.18% and closed at 11,300. S&P 500 closed 4,016.22 after a stable day.

Current market events are being influenced by ambiguous macro data as data from United States concerning Crude Oil Inventories was released today at 15:30 UTC. Newly published figures emphasized continued decline from last month's figure of 8.41 million to 533,000 this month.

What is an uptrend?

An uptrend describes the price movement of a continuously appreciative financial asset over a particular time frame. In an uptrend, each successive peak and trough is higher than the ones found earlier in the trend. The uptrend is therefore composed of higher swing lows and higher swing highs.

Lyft continues a 19 day uptrend; climbs 3.66% today

After setting a $14.65 – $15.88 range, Lyft, Inc. closed the day at $15.86 having risen 3.66%. Lyft recovered from the previous trading session's losses and went up to $15.86 today after it traded lower at $14.65. Daily trading volume (16 million shares) increased, making up 125% of the 21-day average (12.82 million).

NI continues a 13 day uptrend; goes up 0.35% today

After setting a $53.76 – $54.74 range, NI closed the day at $54.35 having risen 0.35%. Generally flat but with a slight bullish bias, NI ranged between $53.76 and $54.74 before closing higher at $54.35. Trading volume totalled 1.62 million which equates to around 65% of the stock's 21-day average today. NI disclosed a quarterly dividend of 28 cents per share on Wednesday, October 19th that was paid on Monday, November 28th to all shareholders of record up until Monday, November 7th. Based on current prices, the company's decision thereby provides NI investors with an annual dividend yield of 2.06%.

NI is scheduled to announce earnings results Tuesday. The consensus Earnings Per Share estimate is 0.51 and the consensus revenue estimate is $453.89 million.

10x Genomics continues an 18 day uptrend; goes up 1.03% today

Today's session pointed in the same direction β€” 10x Genomics went up to $46 today after ending yesterday at $45.53. Overall, a 1.03% move or 47 cents. After setting a $43.22 – $46.04 range, 10x Genomics closed the day at $46 having risen 1.03%. Today's trading volume was 1.16 million shares which is slightly below the 21-day average of 1.21 million.

The US biotech company's market cap currently stands at $5.27 billion with an average daily trading volume of 1.21 million shares. The US gene sequencer has gained 28.87% since its lowest print of $24.4 earlier this year. So far this year, it has been outperforming the Nasdaq by 20.51%. The stock has been trending positively for about 2 months. $131 million was 10x Genomics's last reported revenue with -37 cents being the current EPS.