The markets soared higher yet again today which sent the S&P 500 and the Nasdaq to new all time highs again. The Dow 30 was higher by 68, the S&P 500 added 10, and the Nasdaq 100 added 42 as the big tech stocks helped support the overall markets. As we finish the week traders will be focused on the G7 meetings, GDP numbers and consumer sentiment numbers all due out in the morning.
Abercrombie & Fitch (NYSE: ANF) shares blasted off today as the company found buyers after announcing their quarterly results. Though same store sales saw a decline it was less than expected and Wall Street cheered the good, bad news. The company says that demand for its Hollister brand was a driving factor. Revenue was better than expected but overall the earnings per share showed a $0.72 loss which was more than Wall Street was looking for. Despite the seemingly negative report shares moved right back to the 200 day moving average. Shares are up over 19% and the company is still seeking a buyer.
Best Buy (NYSE: BBY) shares shot up to new highs today adding over 20% on the day as electronics retail chain announced earnings that were far better than expected. Revenue was also beyond expectations as same store sales rising 1.6% seemed to be the driving factor. Shares closed at new highs and are now higher by 44% on the year.
HP (NYSE: HPQ) shares had a wild day of trading today. The stock started the day higher after the company announced a beat on both its top and bottom lines for last quarter. Sales were higher by 7% from a year ago as its "printer and PC business grew for the first time in seven years." The bulls didn't stay for long though as shares sold off all day long, eventually closing in the red by over 3%.