The markets once again closed mixed as earnings season continues to weigh on the broader indices. The Dow 30, which was down 27 today, has now suffered a 6 day losing streak. The S&P 500 was down 2 today and the Nasdaq 100 gained 22. Going into tomorrow news will be light so any earnings or unscheduled news could spark some volatility in the markets.
Diamond Offshore (DO ) sold off a whopping 7.66% today even though the company announced a beat on top- and bottom-line estimates for the quarter. Investors chose to focus on the company's top-line. which shrank by 38.7% year-over-year. This, along with another weak day for oil sent shares lower.
Qualcomm (QCOM ) lost 1.17% today after a strong week over week rally. The company announced new patent agreements in China which caused a little profit taking by the bulls. Qualcomm has gained 16.8% in July, which out paces the sector performance of only 10.8% in the same time.
In the health care space, Cigna (CI ) lost another 1.68% today which brings the total loss since earnings to 6.7%. The company beat quarterly estimates, but lowered its full-year earnings guidance below consensus. Sellers continue to push the name back to yearly lows.
Newell Brands (NWL ) shot to new highs today gaining 2.88% after having its target price increased to $60 per share from $52 per share at Deutsche Bank. The stock has now jumped 9.3% since reporting top- and bottom-line beats on Friday
