The markets were slightly higher to start the week as investors await President Trumps speech to congress. The Dow 30 was higher by 15, the S&P 500 was higher by 2, and the Nasdaq 100 added 16. Tomorrow traders will get a look at GDP numbers along with consumer confidence numbers due out later in the day.
Tesla (NASDAQ: TSLA) shares were hit hard today losing 4.19% after Goldman Sachs (NYSE: GS) downgraded the stock to sell from neutral and cut its six-month price target to $185 a share from $190 a share. The global banking firm points out "near term challenges, including delays in the launch of the Model 3, and unproven solar business, and cash needs." The move today puts Tesla down over 12% in the last four trading sessions, and 15% off its highs of the year.
Apple (NASDAQ: AAPL) were up slightly today (+0.20%) after Warren Buffett gave an interview where he confirmed that he has more than doubled Berkshire Hathaway's stake in Apple in 2017. In an interview with CNBC, Buffett said "Berkshire now owns 133 million Apple shares, worth about $17 billion." This brings their total stake in Apple of about 2.5%. It also makes Apple one of Buffett's largest holdings. Shares have been positive since the earnings announcement with very little in the way of selling pressure.
Urban Outfitters (NASDAQ: URBN) swas lower to start the morning but did recover most of the days losses, closing down only 0.33%. The stock was active today due to a downgrade from MKM Partners to sell from neutral and set a price target of $20 a share. The investment firm announced that it had "deep concerns over sales and margins, especially with its Anthropologie brand." Shares of Urban are down around 7% for the year.