The markets traded in a range most of the day today between negative and positive. A late day rally put the major averages in the green but by the close the slumped just into the negative.. The Dow 30 closed lower by 12, the S&P 500 lost 3, and the Nasdaq closed lower on the day by 1. Tomorrow investors will be focused on a few retail names reporting earnings including Abercrombie & Fitch (NYSE: ANF) and Dollar Tree (NASDAQ: DLTR).
Sector News
Retail was a strong area today thanks to positive results from some big names in the retail space. The retail sector recently broke out of a small range but has been struggling to attract the bulls after the weakest retail sales numbers since the financial crisis.
Financials were a lagging area of the market again as technical traders are waiting for the next catalyst to push it over the 200-day moving average. For now the sector remains in a choppy range just under the threshold.
Stock News
Target (NYSE: TGT) shares were higher today, breaking out of a multi-month base as the company reported earnings that were just better than expected. Revenue was also better than expected thanks to an uptick in sales, which came in at 5.3% versus expectations of only 5.1%. The company was also positive going forward, announcing a full year forecast that was better than Wall Street's expectations. Technical traders note the approaching 200-day moving average.
Kohl's (NYSE: KSS) shares also had a strong day from their earnings results. The company reported a beat by 6 cents with revenue higher than expected as well. The company also saw same-store sales increase more than analysts expectations, which further fueled the bulls today. Technical traders note the resistance overhead in the form of price and the 200-day moving average.
Salesforce.com (NYSE: CRM) shares traded a little lower today despite the company easily beating earnings expectations along with better-than-expected revenue. The company saw weakness in share price as they announced Q1 forecasts that were less than expected. Shares are still one of the relatively strong stocks over the last 12 months.
Limited Brands (NYSE: LB) shares were slightly higher today as the company has been reportedly pressured to split Bath & Body Works from its Victoria's Secret brands. The Wall Street Journal reported the news that a hedge fund investor will be pushing the issue in the form of a letter of intent to the CEO.