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

Published: January 26 2023, 01:20 GMT+0

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

Lyft, Inc., National Instruments Corporation, 10x Genomics, Inc. and others are trending higher.

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

This limbo state is reflected by market data published as United States Crude Oil Inventories fell short of the 971,000 projections, with new data of 533,000.

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; ascends 3.66% yesterday

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 yesterday after it traded lower at $14.65. Daily trading volume (16 million shares) was slightly greater than the current multiday average of 12.82 million.

NI continues a 13 day uptrend; improves 0.35% yesterday

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. The day's trading volume totalled 1.62 million shares — below the 21-day average of 2.51 million. 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; rises 1.03% yesterday

On-trend 10x Genomics closed the session yesterday with more of the same: 10x Genomics went up to $46 yesterday after ending Tuesday 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%. The day's trading volume totalled 1.16 million shares — slightly under the 21-day average of 1.21 million.

The company is currently trading with a market cap of $5.27 billion with an average daily trading volume of 1.21 million shares. This year has been a bright one for the US biotech company after trading as low as $24.4 and going on to appreciate by 28.87% year to date. So far this year, it has been outperforming the Nasdaq by 20.7%. 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.

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