Markets closed in the red today after real estate took a hit and bond prices fell. The Dow 30 was off by 27, the S&P 500 lost 6, and the Nasdaq 100 lost 34. As we wrap up the week earnings continues to be a focus along with GDP numbers due out in the morning.
Tesla (TSLA ) blasted off at the open today after the electric car maker officially announced its second profitable quarter in its history. Analysts had mostly priced in a loss. The company also beat Wall Street's revenue forecast. The company's last profitable quarter was in 2013 and analysts claimed that the pressure was on this time because CEO Elon Musk needs cash to build the company's mass market Model 3. Oddly enough he did hint at a profitable quarter in a tweet early last week. Share were unable to hold on to most of their daily gains though, closing up only 0.88%.
Ford Motor Co. (F ) fell 1.18% today after the company despite reporting a beat on both its top and bottom lines for the third quarter. At issue with investors was the profit which fell 56% from a year ago due to "costs related to a safety recall and lower sales in the US." However, the company was quick to report that results did improve in China and Europe.
NXP Semiconductors (NXPI ) made headlines today (+0.43%) after it was confirmed that it is being bought by Qualcomm (QCOM ). The deal is valued at about $47 billion, which includes debt. This as Qualcomm looks for ways to expand the reach of its chips from smartphones to cars. The combined company is expected to have annual revenues of more than $30 billion. Qualcomm was up 3.58% on the news today.
Apple (AAPL ) fell another 0.93% today after losing more than 2% yesterday when they announced their earnings. Today the company was unveiling a new, upgraded Mac computer. Apple is looking for ways to offset falling sales of iPhones. Separately, the company said it's "delaying the shipment of its wireless AirPod headphones", which were supposed to hit the market at the end of this month. Apple said the product needs "a little more time" before it's ready for market, but did not say when the headphones would be available.