The markets were unable to hold on to yesterday's gains today as all the major indices were slightly in the red. The Dow 30 was off by 57, the S&P 500 lost 11, and the Nasdaq 100 fell 34. Tomorrow traders will look to the much anticipated FOMC Minutes, which are scheduled to be released later in the afternoon.
Home Depot (NYSE: HD) released their second-quarter earnings today. The popular retailer announced revenue numbers that matched analysts' estimates. Sales rose 6.6% from a year ago, and the company raised its profit guidance for the year. The weak markets today didn't help Home Depot though. Shares tried to head to new highs but were met with pressure causing shares to lose 0.61% on the day.
Apple (NASDAQ: AAPL) shares were in the morning news today as Warren Buffett's Berkshire Hathaway announced that it had increased its stake in the iPhone maker by 55%. Berkshire now owns over 15 million shares of Apple, which are worth over $1.4 billion. No word if Buffett himself or his portfolio managers are investing in the tech giant. This good news had little effect on the already strong stock though. Shares closed down slightly (0.08%).
In the energy space, BHP Billiton (NYSE: BHP), the world's biggest mining company, announced a loss of $6.4 billion dollars due to the prolonged commodity slump, a costly dam disaster in Brazil and a bad bet on the US shale industry. Analysts noted that this was its worst-ever full-year loss, however, the company gave an upbeat growth and cash flow outlook for its next fiscal year which led to a rally that added 1%. Nice save BHP.
Shares of sports retailer Dick's Sporting Goods (NYSE: DKS) blasted off this morning and closed up 7.05% after the company raised its outlook for the year. The company released earnings that beat on both its top and bottom lines for the second quarter. Revenue jumped more than 8% from a year ago thanks to better-than-expected same-store sales growth.