For lack of a better phrase, the markets were all over the place today. Overnight futures were lower, but as the market opened buyers stepped in and helped fuel a modest rally. All of this was erased at 2pm EST as the Federal Reserve released their meeting minutes. This sent the markets immediately in the red, but towards the close they almost recovered again. The Dow 30 did finish lower by 17 (-0.10%), the S&P 500 closed flat (0.02%) and the Nasdaq 100 was able to finish in the green, up 23 (0.50%).
Tesla Motors (NASDAQ: TSLA) popped 3.18% today after Goldman Sachs (NYSE: GS) upgraded the electric car maker to buy from neutral and raised its six-month price target to $250. In a note to clients on Wednesday, Goldman said "following a 23% decline in the share price post the Model 3 unveil, we do not believe Tesla shares are fully capturing the company's disruptive potential."
More disappointment from the retail space today as Target (NYSE: TGT) reported a higher-than-expected quarterly profit, but slowing sales fell below estimates. Sales at stores open for at least a year climbed 1.2%, less than the street's consensus of 1.6%. This bad news sent shares of TGT down 7.62% on the day. All eyes will now shift to Wal-Mart (NYSE: WMT) which will report first-quarter earnings before the opening bell on Thursday.
Charter Communications (NASDAQ: CHTR) gained 11.83% today and can now claim it is the second largest cable company after completing its $55 billion takeover of Time Warner Cable (NYSE: TWC). Charter's deal comes 13 months after Comcast (NASDAQ: CMCSA) was forced to drop its bid to buy Time Warner Cable due to regulatory concerns.
Lastly, Verizon (NYSE: VZ) lost 1.00% today as the company announced it will hold contract talks in Washington, D.C. this week with the striking unions. The talks come after approximately 40,000 workers in the company's Fios unit walked off the job last month.