The markets jumped into the green today as news came out late in the day that OPEC has reached a deal to cut their oil production. This sent the markets, along with the price of oil into positive territory. The Dow 30 was up 109, the S&P 500 added 11, and the Nasdaq 100 gained 12. Tomorrow investors will look to unemployment numbers along with a speech from Janet Yellen.
Nike (NKE ) shares fell 3.74% today despite an earnings beat yesterday after the close. Investors focused on the future orders number which was weaker than expected. Concern over the company's future growth prospects fueled the decline today. The whole earnings report revealed a beat on both its top and bottom lines as revenue jumped nearly 8% from a year ago.
Wells Fargo (WFC ) were flat on the day (0.53%) day but remain in the headlines as news came out that the company will claw back $41 million in unvested equity awards from CEO John Stumpf in the wake of the phony account scandal. In addition it was announced that Stumpf won't get a bonus this year. Also, the executive in charge of the unit where the allegedly illegal sales practices took place will forfeit unvested stock awards worth about $19 million. This caused the executive to leave the bank earlier than her planned retirement in December.
BlackBerry (BBRY ) shares shot up over 5% this morning after the Canadian smartphone maker raised its outlook for the year, reporting that earnings broke even in the second quarter. However, revenue missed estimates as sales plunged 28% from a year ago. BlackBerry also announced it is getting out of the hardware business and will outsource the production of its handsets as it shifts its attention to software. The news caused shares to close up 5.58% on the day.
AB InBev (BUD ) shares closed at new highs (1.16%) as the brewer's $100 billion plus takeover of rival SABMiller has been approved by shareholders of both companies. The deal is expected to be completed by October 10th.
