The markets struggled today due to news that broke last night that President Trumps chief economic advisor, Gary Cohen would be resigning in protest of his tariff plans. The Dow 30 was lower by 80, the S&P 500 sold off 1, but the Nasdaq 100 gained 24 as traders continued to support the tech space.
CVS Health Corporation (CVS ) announced today that it will need to raise money to acquire Aetna Health (AET ) which many had expected. The company issued $40 billion worth of bonds but doesn't need the money for another few months. The company is likely trying to get the bonds issued before rates head any higher. Investors gobbled up the bonds (which was the largest corporate bond offering in over 2 years) indicating that investors still have an appetite for corporate bond risk, even at these low rates.
Weight Watchers (WTW ) shares were initially lower on news that Oprah Winfrey cashed in some of her shares. The stock finished the day higher as Winfrey released a statement that she would be donating some of the proceeds to her charity and would not be selling any more shares this year. Oprah has been widely praised for her smart play on the weight control company.
Dollar Tree (DLTR ) shares were lower on the day by a whopping 15% as the company missed earnings. The company did report an increase in sales and profits but fell short of Wall Street's expectations. Shares are now at their lowest levels since last October.
Ross Stores (ROST ) shares were lower on the day by 6% despite and earnings beat. The company announced challenges going forward due to a "competitive retail landscape." The company also announced they will be raising their starting wage to $11.