The markets mostly were positive today after news surfaced that President Trump has fired FBI director, James Comey. The news sent a hesitant market higher but the Dow 30 did close lower by 34. The S&P 500 added 2, and the Nasdaq 100 gained 8. As we head into the latter part of the week we have news on producer pricing along with unemployment claims. Friday wraps up the week with the bulk of the market-moving news.
Nvidia (NVDA ) shares blasted off 17.83% today very nearly making new highs in the process. The graphics chip maker announced earnings that beat on both its top and bottom lines. Revenue was the big winner, up 48% in the first quarter as it "saw broad growth across its businesses from gaming, to self-driving cars and artificial intelligence." Shares have been mostly sideways this year so far but with today's pop its very likely that technical traders will have this one back on their radar.
Abercrombie & Fitch (ANF ) shares also showed a nice gain today (+12.15%) after Reuters reported that the struggling teen retailer is "working with an investment bank to field buyout interest from other retailers." Shares of this name along with retail in general have struggled of late but today's move puts it over the years range and right into the 200 day moving average.
Yelp (YELP ) shares suffered a 18.37% decline today after reporting earnings that showed a worse outlook for the year than what had been expected. As a group the analyst community took the opportunity to downgrade the stock after the report. Goldman Sachs (GS ) was the only analyst firm that offered a bullish on the stock, upgrading it to a buy from neutral. The firm noted that the previous advertiser issues are fully reflected at these lower levels. Counting today's move shares are lower by 27% on the year.