The markets continued their wild ride today with the F.A.N.G. stocks selling off even more. This took the other markets lower as well. The Dow 30 was lower by 34, the S&P 500 was lower by 2, and the Nasdaq 100 lost another 32. Tomorrow it is likely that the markets only respond to individual news as investors will be looking forward to Wednesday and the Federal Reserves decision to raise rates or leave them steady.
General Electric (NYSE: GE) was one of the dominant media stocks today as CEO Jefferey Immelt is retiring. Shares popped 3.58% on the news as investors welcomed the new CEO John Flannery. Shares have been an under performer this year and in years past but investors seem optimistic about the future for growth at the firm. Even with today's move higher, shares are still down over 7% for the year.
Amazon (NASDAQ: AMZN) lost another 1.38% as the "F.A.N.G." stocks continued to sell off. Despite the two day decline, Piper Jaffray remains bullish on the stock and even raised its price target by $150 to $1,200 a share. The analyst firm maintained its overweight rating and said it expects "little to no slowdown in unit growth for the second quarter." Even though shares have been volatile for the past two days, the stock is still higher by 27% on the year.
Time Warner (NYSE: TWX) was a focus in the media today as their Warner Bros' "Wonder Woman" movie was the top winner at the box office for a second week in a row. The weekend brought in an estimated $57.2 million in North American sales, which was well past its closest competitor. Shares of the company were higher higher today but not quite able to make new highs. Shares have under performed this year, only up 3%.