The markets hit new record highs yet again today as investors continue to pile cash into the market. The Dow 30 hit another record high today, closing up 10. The S&P 500 also hit new records today, closing higher by 3. The Nasdaq 100 was the laggard today, but still posted a gain of 2. Tomorrow investors will get a look at unemployment claims along with factory orders.
Netflix (NASDAQ: NFLX) shares popped 2.94% today after getting an upgrade from UBS. The company reiterated their buy rating but raised their price target to $225 a share, up from $195. The analyst upgrade suggests another 25% gain in value from here. UBS thinks that Netflix will add another 850,000 subscribers for the third quarter and all of those will come from the US. Internationally UBS now thinks that Netflix will see subscriber growth of 3.95 million. In a note the analyst wrote, "we expect Netflix's original content ramp to continue to drive accelerating international net additions, especially as Netflix increases investment in local content overseas and adds more movies and nonfiction genre content." Shares are higher on the year by almost 50%.
Mylan (NYSE: MYL) shares shot up 16.20% today after the FDA officially approved a generic version of rival Teva Pharmaceuticals (NASDAQ: TEVA) drug for multiple sclerosis. Currently the brand name drug costs around $90,000 a year. Mylan CEO Heather Bresch said that this is "another significant milestone for our company." Shares were lower on the year, but thanks to today's move MYL is now higher by 3% for 2017.
Amazon (NASDAQ: AMZN) shares were higher today by 0.87%, shrugging off a $295 million fine from the European Union. Amazon was ordered to pay the fine in back taxes to Luxembourg. The EU Competition commissioner stated, "Luxembourg gave illegal tax benefits to Amazon. As a result, almost three quarters of Amazon's profits were not taxed." In a separate statement the EU Commission also said they are referring Ireland to the European Court of Justice, naming Apple (NASDAQ: AAPL) as the reason. They claim that Ireland failed to collect $15.3 billion in taxes that was due in August of last year.