Meanwhile, Nintendo (NTDOY) remains in a buy zone after the Japanese video game giant touted its new Switch console at gamer mecca E3. Nintendo announced upcoming games for its dual-use Switch console, mostly in-house titles. But third-party games ...and more »
XAutoplay: On | OffFutures for the S&P 500 index, Dow Jones industrial average and Nasdaq 100 edged lower early Wednesday after the major market averages rose Tuesday. Big-cap Dow techs Apple (AAPL) and Microsoft (MSFT) rebounded and helped lift the blue-chip index to a record high. But overall trading activity was below normal after two straight high-volume slides for the Nasdaq. (Apple volume was 27% above average; Microsoft's was even.)
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As for the broader market overnight, Nasdaq 100 futures slid more than 0.1% below fair value. Dow and S&P 500 futures were fractionally lower.
Meanwhile, Nintendo (NTDOY) remains in a buy zone after the Japanese video game giant touted its new Switch console at gamer mecca E3.
Nintendo announced upcoming games for its dual-use Switch console, mostly in-house titles. But third-party games will include "FIFA 18" from Electronic Arts (EA). Switch, in tight supply since its March release, is a regular console that you connect to a TV. But it has a detachable tablet screen and portable controllers for on-the-go play.
Nintendo shares rose 1.6% to 39.25 in Tuesday stock market trading, still in range from a 38.35 buy point in a cup base going back 11 months. The stock is trading at seven-year highs. Nintendo skyrocketed last July during the "Pokemon Go" frenzy.
Microsoft and Sony (SNE) made their video console announcements earlier this week. Microsoft briefly fell back into buy range on Monday, but rebounded from its 50-day line and closed out of the 5% chase zone. Microsoft rose 1.25% Tuesday.
Sony is extended from a buy point decisively retaken in late April. Sony shares dipped 0.3% on Tuesday.
Video Game Makers
As for video game makers, Activision Blizzard (ATVI), Electronic Arts and Take-Two Interactive (TTWO) are all making E3 news this week as well. But Activision, Electronic Arts and Take-Two shares are well-extended from proper buy points. Activision shares rose 2% on Tuesday, while EA gained 1% and Take-Two 1.1%.
Chinese online game portal NetEase (NTES) dipped 1.6% to 301.69, dropping just out of range from a 301.92 buy point. NetEase licenses many games, including Activision Blizzard's "World of Warcraft."
Apple is not a video game maker, though several iOS mobile games are being unveiled at E3, with Apple getting its hefty App Store cut. Apple announced a new augmented-reality programming kit at last week's Worldwide Developers Conference, likely foreshadowing AR capabilities for games and other functions in the upcoming iPhone 8.
Apple shares rose 0.8%, but closed below their 50-day average for a second straight session.
Japan's Nikkei rose 0.1% intraday Wednesday while Australia's S&P/ASX 200 climbed 1%. China's Shanghai composite dipped 0.6% after China reported stronger-than-expected industrial production in May, with retail sales growth matching views.
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