The markets enjoyed a healthy gain today thanks to oil and materials stocks. The Dow 30 was up 112, the S&P 500 gained 14 and the Nasdaq 100 added 48. Tomorrow traders will have the weekly oil inventories to look at which are due out in the morning.
Apple (NASDAQ: AAPL) saw a break in the recent rally today after Barclays downgraded the tech giant to equal weight from overweight and lowered its price target on the stock to $117 a share. Barclays says that it "doesn't see a growth rebound in Apple and points out that China and India will not emerge as growth catalysts for the company in the next 12 months." This news stopped the recent rally that had pushed to new highs yesterday. Shares were lower by 0.09% on the day with average volume.
Yahoo (NASDAQ: YHOO) shot up 3.54% today after they reported an earnings beat on both its top and bottom line. Investors chose to focus on a positive move in operations after showing a loss the same time last year. The company also said that the "sale of its core business to Verizon has been delayed until the second quarter." Technical traders noted the short term breakout and were quick to buy up the stock today.
Alibaba (NASDAQ: BABA) enjoyed a nice 3.07% gain today after the company raised its revenue outlook for the year. This was due to their announcement that they had better than expected earnings and revenue. Revenue was up 54% in the third quarter to $7.7 billion which seemed to be the main focus today by traders. Alibaba is now up almost 15% on the year so far.