The markets sold off today in an attempt to erase all of yesterdays gains. The Retail sector was one of the worst performers thanks to Macys, Office Depot, and Staples. This caused the S&P 500 to lose 19 (-0.95%), the Dow 30 lost 216 (-1.21%) and the Nasdaq 100 lost 49 (-1.02%)
Disney (DIS ) lost 4.04% today after the media giant reported second-quarter earnings and revenue that fell short of Wall Street estimates. Disney announced adjusted earnings per share of $1.36 on revenue of $12.97 billion. Disney's cable networks business saw its revenue decline 2% to $4 billion.
Office Depot (ODP ), Staples (SPLS ) both sold off today as the companies called off their plans to merge. A federal judge granted a preliminary injunction requested by the FTC, which opposed Staples' plan to acquire Office Depot for $6.3 billion. The companies originally made the deal on hope that it would boost their fortunes after years of sinking revenue. Staples lost 18.34%, and Office Depot lost 40.39%
Macy's (M ) lost an astonishing 15.17% today as the department store reported earnings before the bell. The retailer posted an earnings beat but shares sold off after lowering its guidance. The miss weighed on other stocks in the sector like Kohl's (KSS ), J.C. Penney (JCP ), and Nordstrom (JWN ) which all traded lower. Nordstrom reports after the close today.
Chipotle (CMG ) made headlines today as reuters reported that the company has hired two leading food safety experts, including a critic of Chipotle's early response to the outbreaks last year. According to the article the company said that David Acheson, a former official at the U.S. Food and Drug Administration and the U.S. Department of Agriculture, was brought on as an adviser, and that its company is working with David Theno, a food safety consultant who is credited with fixing Jack in the Box's food safety following a deadly E. coli outbreak in the 1990s. Shares started the day strong but a weak market caused a selloff that closed Chipotle in the red (-0.35%)