The markets were higher today led by retail and home builders. The Dow 30 added 20, the S&P 500 gained 4, and the Nasdaq 100 popped 15. With the new home sales numbers behind us, traders will now turn their attention to the existing home sales and crude oil inventories due out tomorrow morning.
Toll Brothers (NYSE: TOL) shot up 8.78% today helping the home builder sector hit new 2016 . The luxury home builder delivered earnings that matched estimates while revenue topped analysts' expectations for its fiscal third quarter. Profit jumped 58% from a year ago as it sold more homes at higher prices. Add this to the fact that home building numbers came in above expectations and you can see why the sector had a great day.
Best Buy (NYSE: BBY) reported a surprising earnings report today which sent the stock well past prior 2016 highs, gaining over 18%. The consumer electronics retailer reported a beat on both its top and bottom lines for the second quarter. Quarterly same-stores sales came in better than expected thanks to strong demand for appliances and consumer electronics. The consumer electronics number was the focus as other retailers like Wal-Mart (NYSE: WMT) reported a slump in that category.
Monsanto (NYSE: MON) enjoyed a nice 2.49% gain today after Bloomberg reported that the US seed company is "closer to a deal to be bought by Germany's Bayer." Last month, Monsanto rejected an increased takeover bid from Bayer, but left the door open for a better offer.
Amazon (NASDAQ: AMZN) announced plans to offer a new monthly music subscription, according to Recode. The service will cost $5 a month. That's half the price of what Spotify and Apple Music charge. The catch is that the service will not work on any smartphones, but will only work on Amazon's Echo hardware. Shares were only up slightly, gaining 0.39%