Stocks Open Lower: Big Banks Rise, Netflix Price Target Hiked

Stocks were off to a soft start Thursday, as earnings news from JPMorgan ( JPM ), Citigroup ( C ) and others set the third-quarter reporting season in motion.

[ibd-display-video id=2350371 width=50 float=left autostart=true]T he Dow Jones industrial average, the Nasdaq Composite and the S&P 500 all downshifted 0.1% at the starting bell.

JPMorgan, Citibank, Netflix Climb, Domino Dives

On the Dow, Walt Disney ( DIS ) dropped 1.4% as Guggenheim pared its rating on the stock to neutral, from buy.

JPMorgan inched up 0.1% after reporting third-quarter sales and earnings comfortably above analysts’ targets. But a 2% drop in investment banking revenue and a 16% dive in markets and investor services revenue raised concerns.

JPMorgan shares remained in a buy range, above a flat base buy point at 95.32.

Citigroup stepped up 0.9% as its third-quarter results exceeded expectations. The stock is extended above a 69.96 buy point in a flat base .

Apple ( AAPL ) edged up 0.2% and all of the FANG stocks opened higher. Netflix ( NFLX ) topped the group with a 1.5% gain. Bernstein reiterated its outperform rating on the stock, and raised its price target to 230, from 203.

Amazon.com (AMZN) ticked 0.4% higher. The e-commerce juggernaut announced plans to add 120,000 employees for the holiday season. The release said thousands of temporary workers were converted to full-time employment after last year’s holiday season, and it expects similar results at the start of 2018.

Amazon shares ended Wednesday back above support at their 10-week moving average, up 7% from a late September low and working to build the right side of a possible three-month base pattern .

Among IBD 50 stocks , U niversal Display (OLED) led with a 1% gain.

Ulta Beauty (ULTA) dropped 5%, to the bottom of the Nasdaq…

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