The markets were mostly flat again today despite a nice 3% pop in oil. Volume was light and although the markets did finish positive on the day, it was a small gain. The Dow 30 added 4, the S&P 500 gained 4, and the Nasdaq 100 gained 11. Closing out this options expiration week traders will have no scheduled news to focus on.
Twitter (TWTR ) shares took a beating today losing over 5% after Evercore downgraded the stock to sell from hold and cut its price target down to $17 dollars a share. The investment firm cites more risk than reward because of competition, specifically from Snapchat. Volume was above average today and shares closed near the lows of the session.
Walmart (WMT ) shares enjoyed a nice 1.88% rally today, briefly making new highs on the year. The world's biggest retailer lifted its profit forecast for the year after it delivered a beat on both its top and bottom lines for the second quarter. Revenue rose 0.5% to $120.9 billion thanks to stronger than expected sales in existing stores. Meanwhile, the company's closely monitored e-commerce sales grew by 11.8%. Although the stock started strong today it should be noted that it closed near its lows.
Cisco Systems (CSCO ) announced plans to cut 5,500 jobs which sent shares down another 0.78% today. Analysts note that the job cuts translate to about 7% of its global workforce as it shifts its business from hardware to software. This comes as the company reported better than expected earnings and revenue for its fiscal fourth quarter.
Hormel (HRL ) raised its profit outlook for the year after it posted earnings and revenue that topped analysts' estimates for its fiscal third quarter. Sales rose 5% from a year ago driven by strength in its Spam and Skippy products. This good news sent shares up 1.93% today though it should be noted that, again shares closed near the lows of the session.