The markets were higher today as the Federal Reserve raised interest rates by a quarter of a percent. They also seem to still be on track to rise rates three times next year. The Dow 30 was higher by 85, the S&P 500 closed flat on the day, and the Nasdaq 100 gained 13 on the day. The focus now returns to tax reform where investors are curious if the latest bill includes the FIFO adjustment that congress is trying to sneak by. This will have a huge impact on investors and could cause investors to close positions before year end if so.
Western Digital (WDC) shares popped 2.27% today as the company announced that it has reached a global settlement agreement with Toshiba to settle all ongoing litigation related to their flash memory businesses. The maker of hard disk and memory systems has been moving higher since last weeks report that they would announce this settlement. Shares are higher by 7% since that report and up 22% on the year.
Apple (NASDAQ: AAPL) announced today that they will add another $390 million to their investment in Finisar Corp. (NASDAQ: FNSR) a manufacturer of optical communications. Apple's Advanced Manufacturing fund will make the investment in the company which sent shares of Finisar up by over 20%. Shares of Apple were higher by 0.33% on the day.
Twenty First Centry Fox (NASDAQ: FOXA) was lower by 3.96% today as Comcast (NASDAQ: CMCSA) officially dropped out of the race for the company, leaving Disney (NYSE: DIS) as the sole bidder. This likely means that they have won the deal and reports say that they could announce it as soon as Thursday for some of Fox's largest assets. Shares of Disney were slightly higher on the day.