The markets sold off today as energy held the markets back. The Dow 30 was able to gain 8 by the close, the S&P 500 lost 2, and the Nasdaq 100 sold off 4. The scheduled economic numbers for today all came in as expected or better but it wasn't enough to push the markets into the green. Tomorrow traders will look to close out their February options positions which may cause some extra volatility into the weekend.
Kraft Heinz (NYSE: KHC) shares fell hard today (-4.19%) even though the company announced earnings revenue for last quarter that were better than expected. Lower costs were one of the metrics that the company cited as a reason for the spike in profits but sales fell about 4% from a year ago. Despite the otherwise good earnings report investors chose to take profits as the future seems a little unclear from the forward guidance of the company. The move today takes Kraft all the way back to break even for the year.
Cisco (NASDAQ: CSCO) blasted off to new 52-week highs today (+2.38%) as the popular Nasdaq name reported a slight beat on both its top and bottom lines for the fourth quarter. The company said that "strong demand for its security products" was a driving factor in the positive report. The only real blemish was revenue which fell nearly 3% from a year ago as sales of core products, such as switching and routing systems remained weak. The positive move today sends Cisco up over 11% on the year.
MGM Resorts (NYSE: MGM) fell to new lows on the year after reporting their earnings. Investors fled the stock all day long as volume was the highest its been in over a year. Technical traders noted the breakdown out of a 3 month range as a part of the reason for the decline. Shares lost 9.26% today alone and are now lower by 7% on the year.