The markets were unsure of themselves today as there was very little in the way of news. With most of the economic news coming later in the week, and the summer trading season starting to get underway the Dow 30 closed lower by 37, the S&P 500 lost 2, and the Nasdaq 100 gained 17. Volatility was a focus today as well, hitting a new 15-year low. Tomorrow traders will get a look at weekly oil inventory reports along with an early morning speech from the European Central Bank President Draghi.
Pandora (NYSE: P) made headlines today which sent shares on a wild ride, ultimately closing lower by 4.52%. Reports surfaced that the internet, music streaming company may be in the beginning stages to put itself up for sale after it received $150 million from private equity firm KKR. Further fueling the speculation, two of its board members stepped down. Shares of the company were lower today and do remain lower on the year by over 20%. Their most recent earnings announcement did show that the losses have been slowing though.
Hertz (NYSE: HTZ) shares sold off to new lows today, losing 14.15% in the process. The car rental company announced earnings which showed a loss that was much more than any analyst had expected. Revenue also was lower than expectations as "lower pricing in the US weighed on results." Shares have not performed well this year losing 40%.
Valeant Pharmaceuticals (NYSE: VRX) shares blasted off 24.10% today as the Canadian drug company announced earnings that finally showed a profit last quarter, reversing a year ago loss. The positive results come "thanks to an income tax benefit", though the company also raised its earnings outlook for the year. Revenue was the only negative which was just below analysts forecasts.