The market was higher yet again today as tech stocks helped push two of the three major indices to record highs. The Dow 30 added 60, the S&P 500 added 16, and the Nasdaq 100 closed higher by 79.
Investors had a few bullish headlines to focus on today, including the new trade discussions with Canada regarding the NAFTA deal with Mexico. The Commerce Department reported that they raised their projection on GDP growth to 4.2% from 4.1%, citing stronger business investments in software and other areas. For the moment investors have put aside their political worries and are focusing on the fundamentals of the economy.
Tilray (TLRY ), the Canadian medical cannabis company, announced their first earnings report since going public and showed a loss of $0.17 per share, which was much more than expected. Investors weren't concerned that the company still operates at a loss or that it's currently valued at over $4.12 billion with sales of only $23 million. Instead, investors focused on revenues, which came in at $9.7 million - a spike of over 100% from last year. Shares added 20% today and are now higher by over 130% since going public last quarter.
American Eagle (AEO ) shares plummeted 6.5% today as the company was the latest retailer to report earnings. Though earnings came in much better than expected (+0.34 vs. +0.30), and revenue beat by $30 million the company guided lower for the third quarter, commenting that they are seeing lower-than-expected sales for their Aerie line of lingerie. Same store sales were also lower.
Dick's Sporting Goods (DKS ) was another retailer that traded lower today as the company reported lower revenue than hoped. While earnings were $0.15 better than expected, revenue missed by $50 million, sending shares lower by 2% on the day. Store sales also showed slowing which investors noticed. The company expects sales trajectories to improve next year.
Under Armour (UA ) traded lower on the disappointing report from Dick's. Dick's also blamed them for their sales miss. Express (EXPR ) initially started the day higher on positive earnings results but fell to the pressure of the weak retail sector on the day.