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Stocks  | July 19, 2019

IBM stock and eBay stock both ventured, at least temporarily, moved into buy range Thursday, following quarterly results that beat expectations.

IBM (IBM) jumped 4.6%, closing at 149.63, on the stock market today, following its late-Wednesday earnings report. The stock broke past a 145.49 buy point in heavy trade.

A 4% decline in revenue to $19.16 billion met analyst expectations, while a 3% earnings increase was better than expected. The earnings gain was IBM's first in three quarters.

Revenue has fallen for four straight quarters as IBM continues to go through a multiyear transition. The shift has included the divestiture of several old-line operations. It also has resulted in acquisitions, such as the $34 billion purchase of Red Hat, IBM's largest purchase.

IBM said it will update full-year 2019 expectations, including the impact of its Red Hat buyout, on Aug. 2. Nomura analyst Jeffrey Kvaal raised his price target on IBM stock to 165 from 160, with a rating of buy.

EBay Jumps On Earnings

Meanwhile, eBay (EBAY) vaulted 4.9%, near 41, in early trading as second-quarter earnings and revenue topped analyst views.

The company retook a buy point in heavy trades. EBay stock has fought since mid-June to clear what IBD MarketSmith chart analysis plots as a 39.24 buy point in a cup-with-handle base. EBay stock ended the day 1.9% higher at 39.77.

The company's third-quarter earnings guidance was in line with views, while revenue targets were light.

In March, eBay announced plans to appoint a new board member and review assets such as StubHub in order to avert a proxy contest by one of its largest shareholders.

Several Wall Street analysts raised their price target on eBay stock, ranging from 38 to 48.

KeyBanc Capital Markets analyst Edward Yruma maintained a rating of overweight and price target 45 on eBay stock.

"EBay's second quarter results point to continued improvements in tactical execution, but gross merchandise volume remains sluggish," Yruma wrote in a note to clients.

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