Markets started lower today but were able to erase most of the losses on the day. Oil also started lower but closed roughly flat on the day. The Dow 30 was flat (0.00%), the S&P 500 lost only 1 (-0.04)%, and the Nasdaq 100 was able to close in the green, up 4 (0.10%)KB Home (KBH ) popped 6.34% today as the home-building company reported better than expected first quarter 2016 results. They reported an adjusted earnings per share of $0.14 on revenue of $678.4 million and a 5% increase in average selling price to $344,400. KB Home CEO Jeff Mezger noted that the company was "well positioned entering 2016 with a sizable year-end backlog" in the earnings call.
Shares of Yahoo (YHOO ) were volatile today as activist investor Starboard Value announced that they want to replace Yahoo's entire board. The activist investor nominated nine directors to Yahoo's board, saying that it failed to deliver results for shareholders. Shares were lower on this news but managed to erase the losses on the day, posting a 0.17% gain. Traders should expect more volatility in the coming days.
Apple (AAPL ) made headlines today as Re/code is reporting that Apple Pay will be available to use through the Safari mobile web browser before the holiday shopping season. Also, the tech giant's two new devices-the 4-inch iPhone SE and 9.7-inch iPad Pro-are available today to pre-order ahead of their March 31st availability. Shares traded in a small range today and ended lower by 0.43%.
In the "how ridiculous" news today Walt Disney (DIS ) threatened to stop filming in Georgia if the state's "religious liberty" bill, which is on the desk of Governor Nathan Deal, is signed into law. Deal has until May 3rd to veto it. How ridiculous. Shares of Disney we up slightly 0.40%.
Lastly, shares of Wells Fargo (WFC ) lost 1.73% today as rival UBS (UBS ) initiated coverage on Wells Fargo with a sell rating and a price target of $45.00. Analyst Brennan Hawken noted risks to Wells Fargo's revenue growth and credit performance.
