The markets were strong to start the day today but were unable to hold at their highs, finishing mixed. While most were focused on the Hurricane headed for Texas and the Oil Fields in that region, the Dow 30 was higher by 32, but closed off its highs of the session. The S&P 500 added 4, and the Nasdaq 100 closed down on the day by 5. Next week investors will be looking for more news on tax reform along with oil impacts from the storm.
Twitter (TWTR ) sold off a little today when Jefferies downgraded the stock to hold from buy. Shares were under pressure all day long as the analyst firm cut its price target from $20 to $16 a share. According to their note, they feel that "Facebook (FB ) is the clear winner in social media" and that Twitter's progress on video is "interesting," Jefferies says that Google (GOOGL ) and Facebook are "doing it better." Shares are still lower on the year, but have traded in a wide range between positive and negative.
Ulta Beauty (ULTA ) shares were lower today after the cosmetics retailer announced their earnings. The results showed slowing growth from this time last year which was one of the reasons shares pushed to new lows. Other than that the rest of the earnings report wasn't so bad. Earnings and revenue were better than analysts' forecasts and the company also raised its full year outlook, saying it "expects online sales to rise 50 to 60% this year." In addition the company said it still has plans to open 100 new stores and remodel older locations. Shares are now lower by 30% since hitting a high back in June.
GameStop (GME ) was another name to push to new lows after reporting earnings. Revenue came in better than expected but investors chose to focus in on earnings which missed. Also, same store sales in the US were not as good as Wall Street had projected. The company was clear about their strong outlook for the year, saying the "Nintendo Switch is expected to drive growth through the end of the year." Shares are lower by 25% on the year.