Stocks finished the week with a positive day but not a positive week. The Dow 30 closed up 65 (0.38%) but finished down for the week for the 4th week in a row. The Nasdaq 100 popped 57 (1.21%), and the S&P 500 gained 12 (0.60%)
Shares of Applied Materials (NASDAQ: AMAT) blasted off to new highs today as the maker of chips used in phones and televisions reported that orders hit a 15-year high in its second-quarter results. Applied Materials also issued upbeat guidance. This caused a few upgrades today and investors chased the stock all day long.
Athletic shoe retailer Foot Locker (NYSE: FL) broke to new 2016 lows today losing 6.46% as the company met forecasts on both the top and bottom lines. Also, sales at existing stores rose less than expected. Foot Locker reported earnings per share of $1.39 on revenue of $1.99 billion.
Gap (NYSE: GPS) recovered from its 2016 lows today gaining 4.22% as the clothing retailer announced it will close 75 of its Old Navy and Banana Republic stores in an effort to save $275 million annually. The announcement comes after Gap's comparable-store sales declined 5% during its fiscal first quarter.
Deere & Company (NYSE: DE) suffered a 5.48% decline today as the world's leading farming-equipment maker reported lower profits and sales for its second fiscal quarter. The company claimed that a drop in commodity prices weighed on results. Deere & Company reported adjusted earnings per share of $1.56 on revenue of $7.88 billion.
Lastly, Campbell Soup (NYSE: CPB) dropped 6.38% today as the food company disappointed Wall Street, missing sales expectations. Sales fell to $1.87 billion from $1.9 billion, below Wall Street's forecast for flat revenue. Campbell Soup reported earnings per share of $0.59, versus $0.57 a year earlier.