The markets were mixed today today ahead of tomorrows FOMC meeting minutes. The Dow 30 added 26, the S&P 500 closed lower by 1 and the Nasdaq 100 lost 7. Retail was a sore spot for the markets today as earnings held back a few big names. Tomorrow traders will get a look at more information from the Federal Reserve along with inventory numbers on crude oil.
Pandora (P ) shares popped 4.09% today as the company announced that former Sling TV founder and Chief Executive Roger Lynch would get the job as Pandora's new CEO. Lynch has a tough battle ahead as he tries to make the company profitable. The internet music streaming service has had trouble competing with its rivals Spotify and Apple Music. The report says that Lynch will start his new job at the help in mid-September. Shares are lower by over 36% on the year so far.
Coach (COH ) shares suffered a sharp 15.19% decline today after reporting earnings that showed a revenue that was lower than expected. Earnings and same-store sales were noted as being better than the streets estimates for the second quarter which was due to cutting back on in-store discounts and promotions. Coach made positive comments that its recent purchase of Kate Spade should help drive growth going forward, but investors chose to exit for now. Today's decline erases over three months of gains.
Home Depot (HD ) sold off 2.65% today despite what many claimed to be a positive earnings announcement. The retail chain also raised its outlook for the second time this year shortly after announcing earnings that beat on both its top and bottom lines. Same-store sales were also a bright spot seeing more than a 6% spike as "more people spent money to renovate their homes." Despite today's hiccup, shares are still higher by over 10% on the year.