The markets were slightly lower today in a quiet day of trade ahead of Federal Reserve Chairwoman, Jannet Yellen's speech tomorrow. The Dow 30 was lower by 31, the S&P 500 was off by 2, and the Nasdaq 100 lost 5. Traders expect a quiet morning tomorrow as they wait to see the results of the speech.
Mylan (MYL ) was all over the financial media today which initially helped shares break a a 4 day losing streak. Unfortunately shares were lower by the close (-0.70%) making a new weekly low. The biotech firm said it will cut the cost of its EpiPen by half, through a savings card which will cover up to $300 of the EpiPen 2-pak. The move comes after increased pressure from Congress and Hillary Clinton over the skyrocketing cost of the allergy treatment.
Dollar Tree (DLTR ) suffered a large gap down this morning after the discount retail chain reported a slight miss on both its top and bottom lines for the second quarter. The company also reported that same-store sales came in weaker than expected. On the conference call, Dollar Tree cited a challenging retail environment for the shortfall. Shares finished lower by 9.93%, erasing almost 3 months of gains.
Tiffany (TIF ) shares enjoyed a sharp rally today (6.35%) after the high-end jewelry retailer delivered earnings that handily beat expectations. It wasn't all good news though. Revenue missed estimates due to weaker than expected sales at existing stores, as fewer tourists visited the retailer. They also claimed that a strong dollar hurt revenue in overseas markets.
HP (HPQ ) had a wild day of trade today. Shares were sharply lower on the open but spent the rest of the day recovering almost all of the decline (-0.89%). The PC and printer arm of Hewlett-Packard, gave a disappointing outlook for the current quarter as earnings and revenue shrank last quarter. However, the results were still better than expected and personal computer revenue was flat after five quarters of declines.