The markets started higher today but the sellers persisted and by the end of the day had closed in the red. The Dow 30 was lower by 386, the S&P 500 lost 30, and the Nasdaq 100 lost 57 on the day. Crude oil was a grago on the S&P as it lost another 2% on the day.
Ameriprise (AMP ) shares were lower on the day as it was announced that the SEC had reached a settlement with the company for overcharging retirement customers on mutual fund shares in their retirement accounts. The company was reported to have overcharged 1800 customers by $1.7 million. The company has to pay $230,000 without admitting fault.
Papa Johns (PZZA ) is out as the NFL's leading sponsor and Pizza Hut (YUM ) will take their place. Papa Johns cut their deal Tuesday as the company feels they can better by working with the teams individually. The announcement sent shares of Yum Brands (Pizza Hut's parent company) higher by 1.5%. Papa Johns has been vocal about declining ratings and how the company has handled the national anthem debacle. The deal could be more beneficial for Pizza Hut as they have struggled to find growth.
In retail earnings, shares of TJX Companies (TJX ) the owners of TJ Maxx and Marshalls blasted off 6.8% today, hitting new records as the company announced earnings that beat expectations. The stock was the leader in the S&P 500 today thanks to the earnings beat. The company also increased their dividend to $0.39 per share. Lowe's (LOW ) showed strong sales but disappointed on earnings. The stock was lower by 6.3% on the day. Office Depot (ODP ) sold off 9.3% on their miss as well. Online retailer Etsy (ETSY ) shares skyrocketed as earnings more than beat expectations.
Shares of Dicks Sporting Goods (DKS ) were slightly higher today as the company announced it would immediately stop selling assault style rifles and high capacity magazines. Dicks does own Field and Stream stores though and will not cut off sales at those locations. It was recently revealed the shooter at Stoneman Douglas high school had purchased a shotgun at Dicks. The announcement sent shares of Sturm Ruger (RGR ) lower by 6.5%.
In other news, your happy meal may not always come with a cheeseburger, but starting in June it will come with Disney toys again. McDonalds (MCD ) has renewed their relationship with Disney (DIS ) and will start with Incredibles toys in all happy meals.