The markets reversed yesterdays reversal day as investors piled out of stocks. Volume was heavy and consistent to the downside causing the Dow 30 to lose 248, the S&P 500 to lose 31, and the Nasdaq 100 to drop 58. Tomorrow traders will focus on crude oil numbers as their only source of scheduled news.
Wells Fargo (WFC ) suffered a steep 3.26% decline today as the company said it would eliminate all product sales goals in the retail banking business, starting next year. This comes after regulators fined the bank $185 million dollars for allegedly allowing its employees to open deposit and credit card accounts without customers' knowledge. It also has to return $5 million to customers affected by the scam. Later in the day news came out that the CEO John Stumpf will face lawmakers next week at a Senate Banking Committee hearing. However, as is usual, the bank has not admitted or denied any wrongdoing.
Weight Watchers (WTW ) plummeted 6.56% today after news came out late yesterday that chief executive James Chambers is leaving the company at the end of September after three years at the helm. Media mogul Oprah Winfrey will help the diet company find a new CEO. Weight Watchers shares took off last October after Oprah announced she was taking a 10% stake in the company. But the stock has fallen more than 50% since the start of the year as it struggles to reverse a slide in membership and revenue.
Anadarko Petroleum (APC ) was able to stave off the decline in oil today as the oil and gas company said late Monday it's buying Freeport- McMoran's (FCX ) deep water Gulf of Mexico assets from its subsidiary for $2 billion. Anadarko is hoping the deal will more than double its US Gulf production within five years. Investors cheered the good news, supporting the stock to only a 0.35% loss on the day.
Intersil (ISIL ) shares blasted off over 9% early today. The US semiconductor company is being bought by Japanese rival Renesas Electronics for about $3.2 billion, or $22.50 a share, in cash. The deal will help Renesas expand into chip technology used for cars as automobiles become more loaded with tech gadgets and add self-driving features.