The markets saw what many technical traders will call a reversal day today. Starting off the day, the S&P 500 as well as the Dow surged to new highs. Selling persisted into the close which caused the Dow 30 to break its 9 day win streak, losing 7. The S&P 500 reversed course as well and closed lower by 2. The Nasdaq 100 was able to hold on to its gains of the day as it added 7. Tomorrow traders will likely be focused in on crude oil numbers which are due out in the morning.
Avis (NYSE: CAR) shares suffered a steep, 9.40% decline today as the car rental company announced earnings that missed on both its top and bottom lines for the second quarter. Investors also responded to the news that the company would be cutting its profit outlook for the year. Its top competitor, Hertz (NYSE: HTZ) is set to report quarterly results after the close today.
Michael Kors (NASDAQ: KORS) was one of the big gainers on the day today as shares popped 22.16%. The bulls jumped in first thing today after the clothing and accessories company raised its revenue outlook for the year. This good news was able to overshadow quarterly profits and revenue which were lower compared to a year ago. The move today puts shares back into positive territory for the year. In other news the company is still on track to buy the luxury shoemaker Jimmy Choo.
Twilio (NASDAQ: TWLO) shares were higher today by 10.20% as the company reported earnings. The results came in with a smaller than expected loss for the quarter which analysts praised. Revenue was also a bright spot on the report as it came in better than expected, rising 49% from a year ago. The earnings numbers showed that the company signed up more companies to use its platform. Shares are now positive on the year by over 36% but still lower than its IPO price.