The bulls fought back today, trying to erase yesterday's dramatic decline, but came up just short. The Dow 30 was up 54, the S&P 500 added 8, and the Nasdaq 100 was able to push the most, gaining 43 on the day. The activity this week will not likely cause investors to want to put risk on over the weekend so many are expecting a flat to lower day tomorrow. In addition there is no scheduled news that would help gauge the markets next direction.
Facebook (NYSE: FB) was front and center in headlines today after the company was hit with a $122 million fine by the European Commission for allegedly giving "misleading information" during its 2014 takeover of WhatsApp. According to the report, Facebook told the commission it would not be able to match user accounts on both platforms, but went on to do exactly that. Facebook says the error was "unintentional" and that the fine "brings this matter to a close." Investors didn't seem to care much as the stock nearly erased all of yesterdays losses, gaining 1.94%.
Cisco Systems (NASDAQ: CSCO) shares were lower by 7.21% today after announcing a grimm outlook for the current quarter as it continues to struggle with declining revenue. Cisco also said it would "lay off an additional 1,100 workers." That's in addition to the 5,500 job cuts it announced in August 2016. Despite the big drop today shares are still higher by 3.5% on the year.
Pandora (NYSE: P) stock snapped its losing streak today after the New York Post reported that Sirius XM (NASDAQ: SIRI) is in "active discussions with banks" to make a bid for the struggling online radio company. Shares have been sliding this year and despite today's 5.38% gain still remain lower by almost 30%.