The markets pulled back slightly today as the Federal Reserve raised rates once again. In the press conference, Janet Yellen did give remarks that were mostly upbeat about the overall economy which leads them to feel that higher rates and balance sheet reductions are warranted. This news sparked a small round of profit taking which tool all the markets lower except the Dow 30 which added 47. The S&P 500 sold off 2, and the Nasdaq 100 was lower by 25. Tomorrow traders will get a look at unemployment claims along with manufacturing numbers, and natural gas inventories.
Starbucks (SBUX ) shares sold off another 1.07% today when Wedbush downgraded the coffee chain to neutral from outperform. The firm pointed out in their note that the coffee chain's "same-store sales are running in-line with second quarter estimates at best." Shares have been straight down since hitting a high just 15 days ago. For the year the stock is still positive by over 8% but has lost half of its gains on the year since the most recent high.
H&R Block (HRB ) shares blasted off 7.93% today, hitting new highs after the tax preparer announced that it beat on both its top and bottom lines for last quarter. Revenue was the only negative which came in flat, but earnings jumped 10% which analysts attribute to cost cutting efforts, such as layoffs and reducing marketing expenses. H&R Block also raised its quarterly dividend by 9% to $0.24 a share. For the year shares have done well, gaining almost 30%.
Boeing (BA ) shares hit a new high today after the company announced it is eliminating 50 executive positions by the end of this year as it "restructures its defense, space and security business into smaller units." Those businesses accounted for almost one-third of Boeing's revenue in 2016, but investors cheered the move and continue to be bullish on the aerospace manufacturer.