The markets posted a small gain on the day which helped the Dow 30 end its 7 day losing streak. The Dow 30 finished slightly higher (+28). The S&P 500 added 6, and the Nasdaq 100 finished up 22 on the day. Oil was a strong supporter today as it took a break from its recent waterfall decline, adding 3%. The strength came early this morning following the crude inventory reports. Tomorrow the focus will be on the unemployment claims which are due out before the open.
American International Group (NYSE: AIG) enjoyed a healthy gain today, jumping 7.33% after beating bottom-line estimates for the quarter and adding $3 billion to its share buyback program. The move today sends shares of AIG back to highs set in May on above average volume.
Etsy (NASDAQ: ETSY) also finished higher today (8.89%) despite reporting a mixed quarter. The company beat top-line estimates for the quarter, but missed bottom-line expectations. The e-commerce site also raised its revenue guidance for the full-year, but estimates still remain below analysts' expectations. Shares are now comfortably at new 2016 highs.
Time Warner (NYSE: TWX) briefly broke to new 2016 highs today on reporting a mixed quarter, and announcing a deal to acquire a 10.0% stake in Hulu. Sellers persisted today though and shares closed up only 2.71%.
Kate Spade (NASDAQ: KATE)was hit hard by the sellers today (-18.27%) after reporting more than disappointing guidance. The company lowered its full-year earnings estimates to between $0.63 and $0.70 per share from $0.70 and $0.80 per share. The cautious outlook pressured the rest of the retail sector today as well.
Pfizer (NYSE: PFE) was one of the weakest names in the Dow 30 again today (-2.24%) for the second consecutive session after reporting earnings yesterday morning. The company beat top- and bottom-line estimates for the quarter, but continues to consider the possibility of a split up.
Williams Cos (NYSE: WMB) held strong all day today, gaining 7.14% after being upgraded to "Outperform" from "Market Perform" at Raymond James. Shares were supported by the bulls all day long with the stock closing near session highs.