The markets were mixed today as earnings has jumbled up the major indices. The Dow 30 was up 25, the S&P 500 added 1 while the Nasdaq 100 fell 25 thanks to bad performance from Tesla. As we wrap up the week we will see news on new home sales along with consumer sentiment indications which are due out early tomorrow.
Tesla (NASDAQ: TSLA) shares were sharply lower today despite the company saying it is on track to begin production of its Model 3 sedan in July. They also said that they will bring production "up to 5,000 vehicles a week in the fourth quarter." Analysts say that this new plan will increase the probability that Tesla will be looking to raise capital to support it. Investors chose to focus on Tesla's quarterly earnings which showed a loss that was more than what Wall Street was expecting. Shares fell 6.41%, erasing the last two weeks of gains.
Kohl's (NYSE: KSS) shares were lower by 2.08% today when the department store reported quarterly earnings that topped analysts' expectations, but investors had a hard time getting excited due to revenue matching expectations. Kohl's did say that they would be raising its dividend attributed the drop in revenue from a year earlier on declines in "brick-and-mortar traffic" that was only offset "somewhat" by strength in online demand. Shares are still lower on the year by about 16%.
L Brands (NYSE: LB) had a strong down day (-15.81%) after the company said it "expects same-store sales at Victoria's Secret to fall about 20% in February". In addition the company's first-quarter and 2017 guidance fell way short of Wall Street expectations. L Brands, the owners of Victoria's Secret is now down over 24% on the year with today marking new lows.