The markets sold off slightly today as volume remains well below average. The Dow 30 lost 22, the S&P 500 lost 4 and the Nasdaq 100 lost 24. Tomorrow the only news available to those who are trading is new home sales. Those numbers are due out in the morning. Volume is expected to continue to be light.
Bed Bath & Beyond (BBBY ) sold off hard today after the retailer reported earnings that missed third quarter expectations. The company posted earnings per share of 85 cents on revenue of $2.96 billion which was a big disappointment to investors. The street chose to focus on comparable sales which fell 1.4% during the quarter. Analysts had foretasted a bump higher of 0.5%. Shares plummeted 9.17% today on the news.
Weight Watchers (WTW ) enjoyed a nice 5.32% gain today after the company announced that Oprah Winfrey is launching an ad campaign about losing more than 40 pounds since joining Weight Watchers. Oprah Winfrey is a member of Weight Watchers' board and owns a 10% stake in the company.
Micron Technology (MU ) blasted off 12.68% today, making new highs in the process as the company reported quarterly earnings that handily beat Wall Street expectations. The company announced earnings per share of 32 cents on revenue of $3.97 billion. The company also issued a strong outlook for its current quarter, forecasting revenue between the range of $5.35 billion and $4.70 billion, and earnings per share between $0.58 - $0.68.
Red Hat (RHT ) suffered a 13.89% loss today as the company reported a mixed earnings. The company missed on revenue but beat on earnings estimates. Investors seemed to focus in on the announcement that its CFO would be stepping down in late January, along with weak revenue guidance.
