The markets struggled again for the third day in a row as investors cautiously traded ahead of tomorrows jobs number. The street is expecting the economy to add fewer jobs, but for the unemployment rate to remain at 5%. The numbers will be released one hour before the open tomorrow.
The Dow 30 was off 10 (-0.06%), the S&P 500 was flat (-0.03%) and the Nasdaq 100 sold off 8 (-0.18%)
Merck (MRK ) sold off 1.31% today after reporting mixed first quarter results. In the report, Merck delivered better than expected bottom-line results, while sales fell short of expectations. Merck also slightly boosted its full-year outlook. Short term traders supported the decline today in anticipation of a short term bounce.
Caterpillar (CAT ) closed in the red today (-1.93%) after Greenlight Capital's David Einhorn presented a bear case on shares at yesterday's Ira Sohn conference. Mr. Einhorn made it clear he is short and suggesting the street short Caterpillar.
Shares of Tesla (TSLA ) sold off 4.96% today as investors weighed the earnings release. The popular electric auto marker beat bottom-line estimates for the quarter, but investors were concerned that Elon Musks new plan to reach 500k units per year by 2018 was a little ambitious. Mr. Musk had previously set the 500k cars a year goal to 2020. Shares remain severely extended in the short term.
Lastly, shares of Alibaba Group (BABA ) shot up 3.97% today after the company released their Q1 earnings. The company beat the streets top-line estimates but fell a little light on over all revenue. Investors cheered the performance, sending BABA almost back to the highs of the year.
