The markets were slightly lower today for a change. After a solid run up the Dow 30 closed lower on the day by 37, the S&P 500 lost 8, and the Nasdaq 100 sold off 30. In Washington the house passed the tax overhaul bill which was widely expected so markets moved very little on the news. Next up is the Senate which may be a closer vote.
Apple (NASDAQ: AAPL) shares sold off 1.07% today after analysts at Nomura believe the stock's gains for the iPhone X super cycle as well as other positives for the tech giant are already in factored into the price. Nomura downgraded the stock to neutral which is a very rare downgrade for Apple. While shares were lower today, they still boast a gain of around 50% for the year.
Darden Restaurants (NYSE: DRI), the company that owns the Olive Garden and LongHorn Steakhouse, announced earnings and revenue that beat Wall Street's expectations. The company cited positive store traffic and pricing improvements as the reason for the beat. Thanks to the beat, Darden raised its full-year 2018 guidance which drove prices to record highs on the year. The stock gained 6.79% today and is now higher by about 33% on the year.
Jack in the Box (NASDAQ: JACK) shares were higher by 3.10% today as the company finally agreed to sell it's fast casual restaurant, Qdoba. Apollo Global Management announced they would buy the struggling chain for $305 million in an all cash deal. This franchise has been a big strain on Jack in the box, and investors celebrated the decision.