The markets closed the day lower today as investors prepared for President Trump's speech to congress. The Dow 30 was off by 25, the S&P 500 lost 6, and the Nasdaq 100 lost 36. For Wednesday investors will be looking at manufacturing numbers, oil inventories and the Fed's beige book which is due out in the afternoon.
Priceline Group (NASDAQ: PCLN) was higher by 5.64% today and was able to hit new 52-week highs after the company announced a beat on both its top and bottom lines for the fourth quarter. Revenue blasted off 17.5% thanks to a "jump in hotel reservations." Shares are now higher by over 16% for 2017 alone.
Valeant Pharmaceuticals (NYSE: VRX) took a hit today losing 13.94% despite announcing better than expected earnings and revenue for the fourth quarter as it "cut costs and saw strength in its Bausch & Lomb eye care business." Traders were focused on revenue which fell 13% from a year ago. Analysts continue to focus on how the company is struggling to regain investor confidence after it came under investigation over its accounting and drug pricing practices last year.
Target (NYSE: TGT) was a big loser today as well (-12.17%) as the share price slid to its lowest level in more than two years. The retail store chain reported a miss on both earnings and revenue for its holiday quarter as "fewer shoppers visited its stores." Same-store sales were worse than expected with a drop of 1.5%, and the company said it expects sales to continue to fall this year.