Another day and another chance for the markets to rebound but it wasn't to be. On the bright side the markets held their own today despite an all out collapse in oil again. Oil lost over 4% but most of the major markets finished flat. Is this a good sign for the bulls?The S&P 500 finished flat only losing 1 point (-0.06%), the Dow lost 17 (-0.11%), and the Nasdaq again suffered the worst losing 15 (-0.35%)
Shares of Tesla (TSLA ) made headlines today after falling more than 9% yesterday, recording its worst daily loss in more than a year. Today's 1.83% gains come on the heels of Barclays auto analyst Brian Johnson saying he wouldn't rule out a near-term rebound in the stock price. Barclays is forecasting first-quarter Tesla vehicle production of 14,200 units, down from 17,400 in the previous quarter. Earnings for Tesla come out tomorrow after the close and are sure to grab the medias attention. Technical traders continue to note the waterfall drop that likely produces a short term bounce.
Shares of popular film production company 21st Century Fox (FOXA ) fell 1.36% after reporting quarterly earnings that met analysts' expectations, but revenue fell short of estimates.The company also mentioned that it would lower its fiscal year earnings guidance, citing foreign currency fluctuations and disappointing revenue from films. Adjusted quarterly revenue for the three-month period ending Dec. 31, 2015, totaled $7.38 billion vs. $7.42 billion a year ago. Although shares were lower today they closed well off their lows.
Lastlyshares of Deutsche Bank (DB ) fell to new 52 week lows today despite efforts by Co-CEO John Cryan to reassure investors and staff on the bank's stability. Cryan said that the lender remains "absolutely rock-solid." Deutsche Bank has taken a hit lately over concerns about its exposure to the energy sector and a possible cash crunch. The stock is down more than 37% this year.