The markets sold off again today as trading began as investors were content to leave the week on a pullback. By the close though the bulls pushed two of the three indices back into the green. The Dow 30 closed lower on the day by 63, but the S&P 500 added 1 and the Nasdaq closed in the positive by 9.
Sector News
Banks continued their pullback today as the sector continues to see short term profit taking from the bulls. Early in the week investors noticed the banks begin to stop participating with the markets and volume decline.
Semiconductors also continued their pullback today after being rather extended in the short term. Traders noticed the short term extension in the semiconductors along with the banks refusing to participate in upside and decided to play the downside.
Stock News
Hasbro (HAS ) sold off today as the company reported earnings of only $1.33 which was 31 cents lower than expected. The company also saw revenue lower than expected thanks to a slowdown in gaming. The company continues to suffer from the loss of Toys R Us sales but they did announce a dividend increase of 5 cents to $0.68. Shares erased nearly 20 days worth of gains all in one day.
Coty (COTY ) enjoyed a strong, double digit gain today as the company announced earnings that beat along with revenue that was better than expected as well. The company is still losing money and says they still have work to do to get on a path to profitability. Today's gain puts it into the positive on the year but still well off highs.
Expedia (EXPE ) shares shot higher again as the company announced earnings that beat expectations along with revenue that beat the street. The company saw gross bookings increase by 11% along with airline related sales higher by 18%. Shares have gained nearly 10% this week along and are rapidly approaching prior highs.
