Your Weekly Blip 2/19/21

Your Weekly Blip 2/19/21

Stocks jumped around in mixed fashion today. After trading up triple digits for most of the day the Dow lost steam and closed flatlined at 31,494. Trading volume was higher as options expirations boosted volume. For the week the Dow gained 33 points in a tight range and is sitting at all-time highs while the NASDAQ pulled back 1.6% from its recent all-time high. Bank, industrial, travel, energy and material stocks continue to show strength while big tech stocks are holding near highs but appear unable to break higher. Both IBD and BTS indicators are positive.
Shares of farm implement maker John Deere bolted higher after a huge earnings beat. The company reported a 19% revenue rise and a 137% increase in net profits. Deere cited improving conditions in farm, forestry and construction sectors. Looking forward to 2021 the company raised guidance well above current estimates and sees a 15% sales improvement in large agriculture for both the US and Canada, a 5% increase in small ag while global forestry sales will rise by 5% to 10%.
Seattle based online real estate company Redfin popped to an all-time high after announcing it was purchasing Atlanta based online rental company RentPath for $608 million in cash. RentPath has more than 20,000 apartment buildings on its rental website and grew traffic 25% last year. Redfin, which currently operates the top nationwide brokerage search site is hoping to be the “go to” place for home buyers, sellers and renters.