The markets were mixed again today. The Dow 30 was higher by 41, the S&P 500 lost 1, and the Nasdaq 100 was lower by 45 thanks to tech names struggling to maintain highs. Earnings continues to be the focus in this record market.
General Electric (GE ) shares reversed course again today as the company announced a loss for the quarter that was larger than expected. The company did confirm that they are holding to their full year profit forecast. This was somewhat of a positive note as it was predicted that they would lower this. Investors may have focused in on the new investigation by the SEC into their accounting practices. Shares remain just slightly off record lows.
United Airlines (UAL ) shares suffered an 11% decline today when the airline announced that it will be adding capacity which investors saw as a threat to profit margins. The CEO commented that this is a buying opportunity. Analysts were not positive on the news either as they said this will further hurt their 'price war" with other low cost carriers.
Apple (AAPL ) shares took a hit today, losing 1.6% as analysts duke it out over the company's future. Analyst at JP Morgan issued concerns over iPhone X demand, lowering their estimates by 33%. They also suggested that iPhone X production will be lower by 50% this quarter. Other analysts came out in favor of Apple but investors took the time to lock in some profits.
In other news the President announced a 30% tariff on foreign made solar panels and modules but left out one key component that may give First Solar (FSLR ) an edge. The tariff does not include manufacturers of thin film products which First Solar currently produces overseas. This, at the moment will not be required to pay the 30% tariff.