The markets sold off today, giving back all the gains from last weeks tax reform announcement. The Dow 30 sold off 112, the S&P 500 lost 11, and the Nasdaq 100 lost 34 on the day. Tomorrow the focus will continue to be on individual names as they report their earnings, along with unemployment claims due out in the morning.
Chipotle (CMG ) sold off 14.58% today after the company announced third quarter results that disappointed Wall Streets expectations. Chipotle's earnings per share came in at $1.33 on revenue of $1.13 billion versus expectations of $1.63 and sales of $1.14 billion. To add insult to injury the company also announced that their same store sales only grew by 1% versus analysts' expectations of 1.2%. The CEO of Chipotle, made an effort to put a positive spin on the disappointing quarter by saying, "Despite several unusual impacts during the quarter, including the impact of hurricanes, we maintained our focus and saw some encouraging signs. Our leadership remains focused on setting the foundation for future growth, and we are confident in our teams' ability to deliver against those plans." Investors were not so positive however as shares pushed to new lows, having their worst day in over five years.
Visa (V ) also announced their earnings but impressed the street. Shares of the company were higher today by 1.00%, hitting new highs as the company announced an 11% jump in fourth-quarter profit. They attributed this to its acquisition of Visa Europe. The company reported earnings per share of 90 cents on revenue of $4.86 billion. Another metric that was commented on were payment volume, which was higher by 9.8% during the quarter. Shares are now higher by 40% on the year.
Apple (AAPL ) made headlines today as the company announced its acquisition of wireless charging company PowerbyProxi, a New Zealand based firm focused on developing wireless charging. The most recent iPhones now include wireless charging capabilities. Shares have been mixed as of late as investors await their earnings announcement on November 2nd.