Today the markets added more to their impressive gains this year despite a 5% down day for oil. In anticipation of the James Comey testimony tomorrow investors initially started the day with a patient attitude. In the afternoon though the statement that the former FBI director will read tomorrow was released and the markets responded with a rally. The Dow 30 was higher by 37, the S&P 500 gained 3, and the Nasdaq 100 added 22. Tomorrow, the testimony of Mr. Comey is expected to be the days major focus.
Dave & Buster's (NASDAQ: PLAY) enjoyed a nice pop today as the company released their first quarter results after the close yesterday. Initially the stock traded lower on the news that same store sales did not increase as much as expected. The bulls saw that initial decline as a discount opportunity and bought up shares all day long. The earnings report was mostly positive, showing a beat on both its top and bottom lines. Shares are now at their highest point of the year and today shares closed near their highs of the session.
Sears (NASDAQ: SHLD) tried again today to break its recent slide in prices. The stock gained over 6% today after news came out that the retail chain would be closing 72 more stores. That's in addition to the 180 stores it already announced they would be closing. Sears is expected to close most of the stores by September of this year. Shares were higher today but continue to be one of the worst performers in the retail space.
Imax (NASDAQ: IMAX) sold off to new lows again today after Benchmark downgraded the stock to hold from buy. The firm stated in their note that part of the reason for the downgrade was "disappointing movie traffic in the second quarter, especially big box office blockbusters that drive Imax's revenue." Shares have lost over 20% so far this year, and remain in a steady downtrend.