The markets were mixed today after yesterday's strong decline. With limited news investors were forced to focus more on Trump's attempts to get his healthcare bill passed. The Dow 30 was lower by 7, the S&P 500 added 4, and the Nasdaq 100 gained 27. Tomorrow Janet Yellen will be speaking along with another Fed member. There is also news about unemployment claims which is due out before the market opens.
Nike (NYSE: NKE) shares were hammered today (-7.05%) as the world's largest footwear maker announced better than expected earnings for last quarter but sales were lower than analysts estimates. The company also said it "expects sales growth to remain tepid for the current quarter as it faces more competition from rivals, such as Adidas and Under Armour" (NYSE: UA). Shares moved back to the 200 day moving average today and are now up only 6.5% for the year.
FedEx (NYSE: FDX) shares got a boost today (+2.19%) despite announcing a miss on earnings that was way off from analysts expectations. The company claimed the miss was due to higher fuel costs. Investors chose to focus on revenue which came in as expected. The package delivery giant continues to benefit from the growth in online shopping and said it "expects margins to increase over the next several years."
Snap (NYSE: SNAP) was higher today by 7.21% as the second analyst has announced a buy rating. Drexel Hamilton initiated coverage on the stock with a with a buy and a price target of $30 a share. The analysts made a comment that "the company's platform is so connected with millennials that it will be difficult for others in the space to compete. Moreover, we believe there is significant opportunity for the Snapchat 'pixie dust' to spread overseas and across generations in the coming years,". On Monday Snap was in the news for getting its first buy rating from another analyst. Shares are still lower from their IPO but seem to have attracted the buyers again.