The markets were mixed today as investors focused mainly on Oil. News from OPEC sparked a sharp 9% rally in crude oil. As for the markets the Dow 30 closed up by 8, the S&P 500 lost 5, and the Nasdaq 100 was the weakest of the day, losing 56. Tomorrow traders will look towards unemployment numbers, along with manufacturing data due out in the morning.
GoPro (GPRO ) got some much needed support from investors today as it gained 1.53%. The struggling, handheld camera maker announced that the company would restructure by eliminating 200 jobs, or about 15% of its workforce. GoPro also announced that it would be closing down its struggling entertainment division. Investors cheered the action to cut costs. The company said that this will "help lower operating expenses as it tries to return to profitability next year." Additionally, the company made note of Black Friday camera sales which rose over 35% from a year ago.
Autodesk (ADSK ) reported earnings today which caused a 3.45% decline today. The software company announced an outlook for the current quarter that was negative, saying that "it continues its transition to a subscription-based business." The earnings report showed a smaller than expected loss for the third quarter and revenue that also beat estimates. Shares are still up over 20% on the year.
Royal Bank of Scotland's (RBS ) held back some of the global banking stocks today as the UK based bank said it plans to cut costs and sell assets to raise about $2.5 billion in capital. This comes after the company, which is majority owned by the British government, announced that they failed the Bank of England's stress test. Shares were lower by 1.22% and continue to hold in a range near their lows of the year.