The markets started the day with a little sell off but that decline was quickly bought, sending markets back to highs. The Dow 30 was higher by 22, the S&P 500 added 7, and the Nasdaq 100 gained 49 thanks to an earnings beat by Apple. Going into next week investors will start with a look a mortgage delinquencies as well as a speech by an FOMC member. Don't forget that the U.S. will set its clocks back this weekend.
Apple (NASDAQ: AAPL) was one of the big gainers today as earnings sent the stock to new highs. The tech giant handily beat Wall Streets earnings expectations, and investors also paid close attention to the iPhone X launch which officially hit the shelves today with a $999 price tag. One analyst wrote that, "Apple delivered what we would characterize as robust September results and more importantly gave December guidance which indicates that iPhone X demand is off to a 'white hot' start in our opinion." At one point in the day Apple also officially hit a $900 billion market cap. Shares are now higher on the year by around 50%.
Starbucks (NASDAQ: SBUX) shares sold off after releasing their earnings, but investors took the selloff as a buying opportunity. Shares closed the day higher by 2.75%. The company reported a profit of 55 cents on revenue of $5.7 billion, missing analyst expectations for sales of $5.8 billion. Same-store sales was one of the initial disappointments, climbing just 2% compared to 3.3% projected growth. Starbucks also said it would be selling its Tazo tea brand to Unilever for $384 million. Thanks to the move today, shares are only down slightly on the year.
Pandora (NYSE: P) shares tanked today after the music-streaming company reported its "number of active listeners declined on a year-over-year basis." This came after the company announced third quarter revenue and current-quarter sales guidance that missed analyst expectations. The company also announced that it sold 62 million shares of common stock after Thursday's close, likely in an effort to raise more capital. Shares finished the day lower by 24.56%, hitting new, all time lows.