The markets fell hard today in their second - 1 day reversal in just 2 weeks. Traders were quick to exit today after the markets began to erase yesterdays strong gains. The Dow 30 was down 184 (-1.04%), the S&P 500 lost 19 (-0.95%), nearly giving back the years gains, and the Nasdaq 100 was down 59 (-1.25%).
Shares of Home Depot (NYSE: HD) were sharply lower today (-2.47%) despite the home improvement chain reporting a strong start to the year, with sales at existing stores rising 6.5% in the quarter. Shoppers spent an average of just over $60 per shopping trip, the highest level since 2006. Despite the good news, shares sold off to a new 2 month low.
Popular music streaming company, Pandora Media (NYSE: P) is under pressure by a new, large investor. Hedge fund Corvex Management, which disclosed a 10% stake in the company, is urging it to explore a sale. Investors seem to be siding with the hedge fund as shares were up 6.11% on the day.
More bad news for Lending Club (NYSE: LC) today as the online lender has received a subpoena from the Justice Department. The company disclosed the subpoena in a regulatory filing and says it plans to cooperate with the federal investigation. Last week, Lending Club announced that its founder and CEO Renaud Laplanche resigned following an internal probe concerning $22 million in improper loan sales. Shares were down 8.63% on the news today, hitting new lows.
Office Depot (NYSE: ODP) continued its decline today (-3.15%) as the retailer says it is focusing on its next move after its takeover by Staples was called off last week due to antitrust concerns. Office Depot is now considering a possible sale of some of its European operations. Shares briefly hit new lows but closed in the middle of the days trading range.