Business Corpus: Stocks Near Highs; Elon Musk Whipsaws Tesla; These Top Stocks Move On Earnings: Weekly ReviewStocks moved sideways near record highs as earnings season remained heavy. Tesla stock rose then fell as Tesla CEO Elon Musk claimed to have "funding secured" for a possible go-private deal. The post Stocks Near Highs; Elon Musk Whipsaws Tesla; These Top Stocks Move On Earnings: Weekly Review appeared first on Investor's Business Daily.

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The Nasdaq composite nearly hit a record high, but pared weekly gains on Friday. The S&P 500 index edged lower and the Dow Jones fell modestly. Tesla (TSLA) CEO Elon Musk said he was mulling a go-private move with "funding secured," sending Tesla stock sharply higher and then lower. Snap (SNAP) became the latest social network giant to report disappointing user levels. IBD 50 stocks Trade Desk (TTD) and Planet Fitness (PLNT) soared to record highs on earnings. A slew of top software firms, several shale plays and some hot apparel makers reported quarterly results as well.

Stocks Go Sideways Near Highs

The Nasdaq composite was on track to snap an eight-day winning streak on Friday, but was up modestly for the week, just below a record high. The S&P 500 index and the Dow Jones fell modestly, both not far off highs. Earnings continued to drive stocks. A tighter Treasury yield spread and higher dollar amid emerging market woes weighed on markets.

Tesla Stocks Whipsawed By Elon Musk 'Go Private' Tweet

Tesla stock went on a wild ride over three days, beginning on Tuesday, when Chief Executive Elon Musk issued a surprising tweet about taking Tesla private at 420 a share, claiming he had "funding secured." Tesla stock closed up 11% that day, just below a record high. By Friday, Tesla stock had given back all its go-private gains as investors questioned whether Musk had "funding secured" for what would be the largest-ever buyout — and as the SEC reportedly probed Musk's claims. Tesla's board reportedly is meeting on Musk's idea but without much evidence that directors knew much more. Tesla was fractionally higher for the week.

Snap Users Fall

Shares of Snap (SNAP) fell as the Snapchat operator reported daily active users of 188 million, down 2% vs. Q1 in its first sequential decline ever. A smaller loss and higher revenue than expected failed to impress. Snap's user drop follows Twitter (TWTR), which saw users dip vs. Q1. Facebook reported user growth that missed some estimates. Snap has been under constant assault from Facebook which has copied Snapchat's best features and added them to its Instagram. Snap has also struggled from a widely criticized redesign of its mobile app.

Disney Misses On Earnings, Talks Streaming Service

Disney (DIS) profit grew 18% to $1.87 a share and revenue rose 7% to $15.23 billion, but it missed estimates for $1.97 EPS and $15.49 billion. The theme parks and studio segments had another strong quarter, with "Avengers: Infinity War" and "The Incredibles 2" breaking box office records. CEO Bob Iger said the upcoming 2019 Disney-centric streaming service will not have the volume of content that Netflix does or aim to replicate multichannel bundles. He was also bullish on the progress of the ESPN+ service. Shares were flattish for the week.

Etsy Earnings Miss, Stock Reverses

The handcrafted marketplace's Q2 sales grew 30% to $132.4 million, topping views with growth accelerating. Etsy (ETSY) also raised full-year guidance. But Etsy earnings of 3 cents a share missed adjusted EPS views by a penny. Etsy spiked as much as 19% intraday Tuesday but closed at session lows. Shares rebounded for solid weekly gains.

Software Earnings

Twilio (TWLO) soared after the communications software maker reported a surprise 3-cent a share profit vs. a year-earlier 5-cent loss. Revenue jumped 54% to $148 million, topping estimates of $130.6 million. Twilio hiked its fiscal 2018 outlook by $46.5 million at the midpoint to a range $585.5 million to $589.5 million, up 47%. Analysts had projected $543 million.

RingCentral (RNG) revenue jumped 34% to $161 million, topping consensus of $155.7 million, as it won more large contracts. Profit jumped 90% to 19 cents a share, beating by 4 cents. RingCentral guided slightly higher for the current quarter. Its cloud communications platform offers customers voice, chat, conferencing and application integration. Shares soared.

Five9 (FIVN) reported an 11-cent adjusted profit vs. a 1-cent loss a year earlier. Sales jumped 28% to $61 million. Analysts had estimated revenue of $56.4 million and a 3-cent profit. The customer contact center software maker raised full-year 2018 revenue guidance. Shares soared.

Rapid7 (RPD) said W3 revenue rose 23% to $58.4 million vs. estimates of $55.1 million. Rapid7 lost 13 cents a share. Analysts had projected an 18-cent loss. The cybersecurity firm will continue investing to spur customer growth as it shifts to a subscription business model.

New Relic (NEWR) earned 15 cents a share, topping estimates of 11 cents. A year earlier it lost 9 cents a share. Revenue jumped 35% to $108 million, beating estimates of $106 million. Analysts cited higher average revenue per customer. Billings climbed 27% to $101 million, topping estimates of $93 million.

Cornerstone OnDemand (CSOD) said Q2 profit jumped to 12 cents a share from 2 cents a share a year earlier, meeting estimates. Revenue rose 14% to $132 million, topping. Cornerstone sells human capital management software that helps companies recruit and retain employees.

Altair Engineering (ALTR) late Thursday said it earned 5 cents a share in the second quarter as revenue rose 17% to $95.6 million. Analysts had projected a 4-cent profit and revenue of $91.6 million for the design, development and engineering software and cloud computing company. In Q2, software revenue rose 22% to $72.8 million, vs. 26% in Q1. Software accounted for 76.2% of total revenue vs. 73% a year earlier. Altair stock cleared a buy point Friday.

Dropbox (DBX) easily beat earnings views but revenue growth came up short. The data-storage and collaboration software firm also said its COO will leave in September. Dropbox stock tumbled Friday after Thursday's 9% spike ahead of results.

Match Ignites On Tinder

Match Group (MTCH) stock spiked after the Tinder-mobile dating app owner reported second-quarter profit and earnings that topped expectations. The company also reported earnings before interest, taxes, depreciation and amortization, or EBITDA, that topped views. Match Group said adjusted earnings were 41 cents a share, up 156% from a year ago, with revenue rising 36% to $421.2 million. Match stock dived in May when Facebook (FB) said it would leverage its social media platform for online dating services. Facebook is still testing its online dating service. Shares in Match parent IAC/InterActive Corp (IAC) rose on strong results from Match as well as Angi Homeservices (ANGI).

Trade Desk Crushes Views

Trade Desk's (TTD) adjusted second-quarter earnings rose 15% to 60 cents a share, defying views for a drop to 44 cents. The digital ad firm's revenue rose 54% to $112.3 million, also topping. Trade Desk also gave bullish guidance. Trade Desk competes with Google parent Alphabet (GOOGL) as well as startup AppNexus, recently acquired by AT&T (T). Trade Desk shares skyrocketed 39% Friday. Online marketing services firm TechTarget (TTGT) reported Q2 profit and revenue that topped views but shares fell on disappointing September quarter guidance.

Canada Goose Grounded, Kors Is A Buy

Canada Goose (GOOS) topped views in the seasonally weak summer quarter for the luxury parka maker. The IBD 50 stock initially took flight but then reversed lower Thursday. Meanwhile Michael Kors (KORS) broke out after the fashion house trounced views and raised guidance.

Planet Fitness Earnings Growth Accelerates

Hot IBD 50 stock Planet Fitness (PLNT) reported a third straight quarter of accelerating earnings growth as it scored a double beat. The gym operator, which has boomed on "judgment free zone" mantra and low membership fees, also lifted guidance. Planet Fitness stock vaulted to a new high Friday.

Shale Stocks Mixed

Continental Resources (CLR) earnings beat Wall Street estimates and revenue was in line with views. But Parsley Energy (PE) and Wildhorse Resource (WRD) missed on revenue. All three saw lower prices for their crude vs. the benchmark. Diamondback Energy (FANG) EPS fell short of estimates but it bought more Permian assets. Viper Energy Partners (VNOM), a Diamondback Energy unit, crushed views but Occidental Petroleum (OXY) missed profit estimates.

ZTO Express Earnings Soar

Chinese shipping giant ZTO Express (ZTO) saw diluted EPS more than double to 31 cents as revenue jumped 41% to $634.4 million. Parcel volume surged 42% in the second quarter. Shares soared nearly 9% as of Friday intraday. ZTO reclaimed its 50-day line for the first time since a failed breakout in mid-July. In May, Alibaba (BABA) and its logistics arm Cainiao invested $1.38 billion in the Chinese delivery company. In June, ZTO invested $168 million in Cainiao amid fierce last-mile delivery competition tied to China's e-commerce boom.

Biotech/Drug

Ligand Pharmaceuticals (LGND) and Jazz Pharmaceuticals (JAZZ) topped expectations but Supernus Pharmaceuticals (SUPN) came up short on the top line. Ligand's full-year guidance topped. Jazz's 2018 profit estimate lagged at the midpoint. Supernus raised the low end of its net product sales guide. Xencor (XNCR) touched a record high on excitement for its cancer and inflammation drugs, though Xencor reported no sales in the second quarter.

News In Brief

PepsiCo (PEP) CEO Indra Nooyi will step down from that position on Oct. 3, and will leave as chairman early next year. Nooyi ran the snack-and-beverage giant for 12 years. Ramon Laguarta will be the next CEO.

Weight Watchers (WTW) investors had lighter wallets after the stock tanked on a Q2 revenue miss and slowing subscriber growth.

Zillow (Z) stock gapped down and crashed through its 200-day line after it reported an EPS loss of 3 cents despite views of an 8 cent profit. The real estate information site also gave weak guidance and announced it will buy a mortgage originator.

Spark Therapeutics (ONCE) plunged 28% on Tuesday after its hemophilia A gene therapy appeared be less effective than a rival drug from BioMarin Pharmaceutical (BMRN). Two patients who received a high dose of the drug in the mid-stage study had an immune response that required on-demand treatment.

Vishay Intertechnology (VSH) earned 54 cents a share, beating views by 6 cents, on sales of $761 million, missing estimates by $10 million. The maker of discrete semiconductors and passive electronic components had fallen nearly 6% by the end of the week.

Zebra Technologies (ZBRA), a maker of systems for tracking inventory and assets, soared to a record high after beating views and raising guidance. Earnings rose 64% as sales grew 13% to $1.012 billion.

Arista Networks (ANET) stock jumped after the network gear maker said it has agreed to pay $400 million to Cisco Systems (CSCO) to resolve a long-running legal fight. Cisco reports earnings Aug. 15.

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