The markets were slightly higher as investors look towards the election results tonight. The Dow 30 added 72, the S&P 500 gained 8, and the Nasdaq 100 added 27 ahead of the big night. Tomorrow we do have oil inventory reports coming out, but certainly the focus will be on the status of the next President of the United States.
Hertz (NYSE: HTZ) was lower by 22% today as the car rental company reported a big earnings miss for the third quarter. The miss came on earnings per share and revenue which were both well below estimates. This forced Hertz to cut its outlook for the year saying it "expects weakness in the car rental market to persist." The decline today pushed shares all the way to new lows for 2016.
Priceline (NASDAQ: PCLN) soared to new 52-week highs (6.61%) first thing this morning as investors respond to the company's earnings report. The online travel website beat Wall streets expectations on both its top and bottom lines for the third quarter. Also, revenue rose 19% from a year ago thanks to a "surge in hotel bookings." One blemish on the report was that the company's net income fell by more than 50% as it slowed down its expansion plans for its Open Table dining service. This caused a $941 million write-down as open table looks to be all but dead.
Mylan (NYSE: MYL) was up 1.42% today on news that the Senate Judiciary Committee is urging the Federal Trade Commission to investigate whether the maker of EpiPen engaged in anti-competitive practices. Mylan has been in the headlines for hiking the price of EpiPens by more than sixfold to $600 dollars each in less than a decade.
Valeant (NYSE: VRX) shares fell to new lows once again today (-21.69%) as the company cut its outlook for the year after posting weaker than expected earnings and revenue for the third quarter. According to their report, sales fell 11% from a year ago. Valeant stock has lost more than 80% of its value this year and shows no signs of recovery at this point.