Markets started lower today but showed signs of strength all day. Dips were bought and investors cant seem to get enough of the recent rally. The Dow 30 finished flat (0.00%), the S&P 500 finished down slightly, off 3 (-0.18%) and the Nasdaq 100 finished down the most, losing 21 (-0.45%)The biggest loser on the day was Valeant Pharmaceuticals (NYSE: VRX). The Canadian drug maker lost 51.46% today after they reported earnings that fell short of Wall Street expectations. Valeant Pharmaceuticals also cut its revenue forecast for the year due to weaker-than-expected sales of its gastrointestinal products. The company called the report preliminary and said it would release its final earnings "as promptly as reasonably practicable." The stock broke all support levels, making new mulit-year lows.
Shares of Apple (NASDAQ: AAPL) enjoyed a 2.01% pop today as Morgan Stanley released a report that it sees "surprising upside" to iPhone demand. Analyst Katy Huberty suggests Apple could sell up to 56.5M iPhone units during the quarter, well above her previous estimate of 49 million. Huberty maintained an overweight rating on the stock with a price target of $135.
General Motors (NYSE: GM) Confirmed rumors today that the auto giant is teaming up with Lyft to offer a short-term vehicle rental aimed at generating more drivers to the ride-hailing service. The Express Drive program will launch in Chicago before heading to Washington, D.C., Boston, and Baltimore. This news comes as no surprise to investors as just two months ago GM announced it was investing $500 million into Lyft. Shares finished slightly lower (-0.42%) on average volume.