The markets were mixed today as volume was quite light. The Thanksgiving holiday started early today as investors seemed content to leave for break with their existing positions. The Dow 30 was up 58, the S&P 500 was up 1, and the Nasdaq 100 lost 5. Tomorrow the markets are closed for the holiday, and Friday will be a half day, though its usually a quiet day as well. There is no meaningful economic news scheduled for Friday.
Eli Lilly (NYSE: LLY) suffered a 10.53% decline today as news came out that the large drug maker's treatment for dementia in patients with Alzheimer's failed its late stage trial. This pushed shares to new two year lows on the heaviest volume of the year. Eli Lilly announced that they will be basically giving up on the drug, saying it "will no longer seek regulatory approval for the drug and that the failed trial will result in a charge in the fourth quarter of $0.09 a share."
Deere (NYSE: DE) shot up 11.04% today closing at a new all time high after the maker of farm equipment announced an earnings report that was well past analysts estimates. Revenue was a focus as it also beat estimates as well. The only negative was that the company said it "expects sales will continue to fall, but less than expected as the farm recession eases."
Urban Outfitters (NASDAQ: URBN) fell hard today, losing 12.05% as the trendy apparel retailer announced a complete earnings miss for the third quarter. According to the report, "higher markdowns, and a decline in sales at its Anthropologie and Free People brands weighed on results." Despite the decline today, shares remain up over 50% on the year.