The markets ended the last day of trade for the week slightly in the red as options expiration caused some choppy trading. The Dow 30 lost 42, the S&P 500 lost 3, and the Nasdaq 100 only lost 1. Traders continue to look for volatility, but with no bad news in focus, and low volume the markets continue to chop around. Next week traders will look to home sales numbers and a possible speech from Federal Reserve chair, Janet Yellen.
Applied Materials (NASDAQ: AMAT) was a big winner today as it popped to a 52-week high, gaining 7.02%. The maker of chip equipment used to manufacture memory chips lifted its outlook for the current quarter after reporting stronger than expected earnings for its fiscal third quarter. The company reported that profit and orders surged to a record thanks to demand for new technology used in mobile phones. The only negative that analysts reported was revenue, which came in slightly below estimates.
Gap (NYSE: GPS) lowered its profit outlook for the year as sales declined in its second quarter. Gap continues to struggle to attract customers and improve margins by offering fewer promotions and controlling its inventories. Investors continue to see value in the stock though as it high new 2016 highs today, gaining 3.90%.
Deere (NYSE: DE) was the biggest winner on the list as it gained a whopping 13.49%. The company boosted its profit outlook for the year after turning in an earnings announcement that topped analysts' estimates. One analyst said "it appears that the company's cost-cutting efforts paid off." However, profit fell from a year ago and revenue did miss analyst expectations.
Viacom's (NASDAQ: VIAB) was in the headlines today as it appears that Sumner Redstone may get what he wants. The media giant's CEO Philippe Dauman is leaving the company, according to various reports. In part of a settlement, both sides will drop individual lawsuits, and Dauman will get an astonishing $72 million severance package. The stock finished slightly in the green, up 1.52%.