The markets were higher once again today as investors responded to comments from Federal Reserve chairwoman, Janet Yellen. She made comments about raising rates sooner rather than later, and also mentioned that she would stay on as the leader of the Fed until her term was up. This sent the Dow 30 up 31, the S&P 500 up another 10, and the Nasdaq 100 up 39. Tomorrow we end the week with monthly options expiration as well as some speeches from other fed members.
Cisco Systems (NASDAQ: CSCO) reported earnings after the close yesterday and shares sold off 4.81% today on the news. The earnings weren't all that bad actually. The company announced a beat on both its top and bottom lines for its fiscal first quarter. Investors seemed to respond to earnings and revenue which fell from a year ago. The company also added that its revenue would decline in the current quarter due "to weak demand from carriers." Shares were previously near 2016 highs but today's decline takes prices all the way back to recent lows.
Walmart (NYSE: WMT) also suffered an earnings loss today as the retailing giant announced mixed results for the third quarter. Earnings were above analysts' estimates but revenue was the one area that missed. The retailer said that they "saw store traffic improve", but same store sales were a touch lower than what the street expected. Due to this mixed result shares lost 3.08% on the day but did close well off their lows of the session.
First Solar (NASDAQ: FSLR) was a big loser today as well as shares lost another 5.06%. The selloff came as the solar company announced a cut of over 1,600 jobs, which is roughly 27% of its total workforce. First Solar also lowered its outlook for next year, as it deals with "price declines and lower demand from China." This couldn't come at a worse time for the price of the stock as it made new 2016 lows today on well above average volume.