The markets traded back and forth between negative and positive today as financials dragged overall. The Dow 30 finished higher on the day by 29, the S&P 500 closed up by 2, but the Nasdaq 100 lost 3 on the day. Focus goes to President Trump this evening when he will address the nation at 9pm New York time. With scheduled news light this week its likely that all eyes will be on Trumps attempts to regain control of his agenda.
Nike (NYSE: NKE) shares suffered another 2.44% down day today as the stock was downgraded by Jefferies. The analysts firm cited "intensive US competitors, Adidas" as one of the driving factors. Jefferies downgraded the retailer to hold from buy which sent shares lower nearly all day. The stock is now lower by over 11% since hitting a high back in mid-July. Though shares are still higher by 4.5% on the year they have now, officially given back all their gains from the earnings pop.
Foot Locker Inc. (NYSE: FL) continued its strong sell off today, losing another 7.45% on the day. Friday investors pushed the stock well into new lows following the companies earnings announcement. Today's continuation of that move sends shares to new lows again, and lower by over 30% in just two trading days. The struggling foot wear retailer is now lower on the year by 55%. Technical traders note that the only resistance is still lower at the $30 area.
Herbalife (NYSE: HLF) shares popped 9.83% today on news that the company would "repurchase up to $600 million of its outstanding common shares priced between $60 and $68 per share." The supplements retailer also announced that it had ended talks with an unnamed investor to take the company private and said that it "had come to an agreement" with billionaire investor Carl Icahn to keep his stake in Herbalife below 50% unless he chooses to buy 100% of the company. Shares of Herbalife are now higher on the year by over 40%.