The markets had a mostly negative day today despite the unemployment rate catching Wall Street by surprise and dropping to 4.6%. The Dow 30 was off by 28, the S&P 500 was flat, and the Nasdaq 100 added 4 after having a rough week. Next week starts with a look at manufacturing numbers that will surely be on the focus list for traders.
Starbucks (NASDAQ: SBUX) sold off after the close yesterday and continued to lose today as the coffee chain announced that Howard Schultz is stepping down as CEO and taking on the role of executive chairman. According to the announcement, the company's current president and COO Kevin Johnson will become the coffee chains next CEO in April. Schultz said on a conference call on Thursday that "his replacement will be better prepared to handle the tech changes that are coming at the company." Shares were lower today by 2.22% but well off their lows of the session.
Five Below (NASDAQ: FIVE) shot up 9.88% today after the discount retail chain gave a positive outlook for the current quarter. This comes after the company announced earnings that beat the streets estimates for the third quarter. The only blemish was on revenue which came in just shy of forecasts. Investors chose to overlook this though as both profit and revenue rose from a year ago with sales up nearly 18%.
Smith & Wesson (NASDAQ: SWHC) shares lost 12.01% today as the gun manufacturer gave a weaker than expected outlook for the current quarter and lowered its profit guidance for the year. Earnings weren't so bad though.The company reported a beat on both its top and bottom line for the quarter due to a 63% jump in sales.
Ulta Salon (NASDAQ: ULTA) had a wild day of trade today but ultimately lost 1.56% at the close. The company raised its outlook for the year for the second time after delivering a beat on earnings and revenue for the third quarter. Revenue shot up 24% due to strong same store sales and a boost in online sales.