The markets started the day off with their worst day in months but as the day progressed the major indices came off their lows. Tax reform delay by the senate sent the Dow 30 lower by 100, the S&P 500 down 9, and the Nasdaq 100 off 39. Tomorrow scheduled news is light so investors will focus in on Washington news as well as remaining earnings reports.
Disney (NYSE: DIS) is up today to report earnings after the close. Analyst consensus is for earnings per share of $1.15 on revenue of $13.34 billion. The earnings call will also be a big focus in light of recent reports of deal talks with 21st Century Fox. Though shares were higher today by 1.55%, they have struggled this year, trading right around flat.
Macy's (NYSE: M) shares blasted off 10.98% today after announcing a profit for the previous quarter that was well above analyst expectations. Macy's boasted earnings of 23 cents a share when analysts had only expected 19. The company also reaffirmed its sales and earnings guidance for full-year 2017 which further fueled the fire today. The only real negatives in the report was revenue which came in at $5.28 billion, and same-store sales which fell 3.6%. A statement be the CEO Jeff Gennette said, "We expect continued improvement in our trends in the fourth quarter, including a solid lift from loyalty and digital, and intend to head into 2018 with momentum." This was good enough for investors as they gobbled up shares sending it to have its best day this year.
Snap (NASDAQ: SNAP) suffered more losses today (-4.22%) as the company was downgraded yet again. Morgan Stanley lowered its rating on the stock to Underweight from Equal weight and cut its price target to $11 a share from $14. This follows the slew of downgrades that came yesterday following the companies disappointing results. In a note to clients, Morgan Stanley analyst Brian Nowak cited "monetization challenges" as the driving factor for the downgrade. Shares continue to hover near all time lows.