The markets mostly finished the day in the positive today after a more volatile session than previously seen. The Dow 30 lost 31, the S&P 500 was flat, and the Nasdaq 100 added 20, hitting new record highs. Tomorrow the focus will be on Crude oil which has its weekly inventory report coming out. This will surely be a market mover as noted below.
Valeant Pharmaceuticals (NYSE: VRX) was back in the headlines today as the company reported that it had reached an agreement to sell three of its skincare brands to L'Oreal. The total deal is reportedly worth $1.3 billion. The deal continues to show the progress the CEO is having on his promise to shed the fat from his business. The news sent shares up 6.97% on the day with investors cautiously taking risk again in the volatile stock.
Chipotle (NYSE: CMG) caught the attention of investors today as it popped 4.88%. The restaurant announced that its overall sales are improving. While same store sales had declined in November, the company reported that December saw a 14.7% increase. The company also noted that the board has agreed to a new $100 million share repurchase program. The recent, positive news has caused shares to bounce over 10% in the last 5 sessions.
US Oil (NYSE: USO) continued its decline Tuesday as the impact of the OPEC deal to cut production still has investors curious about overall production levels. Oil was lower by over 2% today, adding to the losing streak of 8% since making highs just six trading sessions ago. It remains to be seen if traders will once again try and buy the dip on crude oil.