The markets saw some weakness today as a few retail names struggled after earnings. The Dow 30 was lower by 23, the S&P 500 lost 5, and the Nasdaq 100 sold off 13. Though there was some weakness today most of the day was pretty choppy leaving technical traders to wait for tomorrows news which includes retail sales, consumer sentiment, and a speech from an FOMC member.
Snap (NASDAQ: SNAP) dominated the headlines today as shares sold off 21.45%. The move came after the creators of the popular mobile app Snapchat reported a $2.2 billion loss in its first quarterly report which was way more than the street had expected. The results seemed to show that user growth slowed which had many questioning whether Facebook (NYSE: FB) may be eating into their user base. The move today in Snap sent shares well below IPO prices and down 25% since the IPO open.
Whole Foods (NYSE: WFM) shares added another 2.15% to their recent rally after the company announced it's making some changes. The grocery chain announced changes to five directors and named a new chair of the board and a new CFO. That news came in conjunction with their earnings announcement which was just as everyone expected. They also included a bump in their quarterly dividend by 29% and announced a new 1.25 billion stock buyback. Many analysts feel that the change in leadership is the first step in them selling themselves.
Yum Brands (NYSE: YUM) moved higher by 0.42% today almost making new highs. The move came as Goldman Sachs upgraded the fast food chain to neutral from sell and raised its price target to $65 a share. The investment firm said the "upgrade is based in part on the strong performance of its Taco Bell brand in the first quarter." Shares have been on a nice run in the past thirty days, up over 8% and holding near highs.