Stocks were mixed again today as investors had a decent amount of news to digest. Trade concerns surrounding the President's address to the UN along with pending Federal Reserve rate announcements had many investors adjusting portfolios. The Dow 30 was lower on the day by 66, the S&P 500 closed lower by 3, and the Nasdaq 100 was able to close positive once again, adding 14 points. All eyes will be focused on tomorrow's rate announcement and any comments at the press conference following.
Sector News
Semiconductors (SMH ) were one of the weaker areas today as shares of Intel (INTC ) held the sector back. Intel made headlines after Raymond James (RJF ) downgraded the stock, citing issues in their chip manufacturing process.
Utilities continued lower today as rates crept higher ahead of tomorrow's rate announcement. The area, which is especially sensitive to interest rates, has been taking a bit of a hit this week, as it is widely expected that the Fed will raise rates tomorrow.
Stock News
Square (SQ ) shares blasted off today, hitting new highs as an analyst raised his price target to $125 and says the company deserves to be the S in Fang popular acronym. This news overshadowed the company's announcement of a new payroll service app, which investors also cheered.
Dunkin' Donuts (DNKN ) shares showed nice gains on the day as the company joined the latest trend in rebranding. Dunkin' Donuts would now like to be called just Dunkin'. The name change is part of a recent trend; Weight Watchers recently moved to be called just "WW," and Dine Brands' IHOP changed to temporarily to IHOb earlier this year.
Starbucks (SBUX ) shares were slightly higher today as the company announced "significant changes" to company structure, including job cuts and executive changes. In a company note, CEO Kevin Johnson said that more needs to be done to boost sales and speed up the decision-making process.
Pandora (P ) shares were flat on the day as an analyst reported that the stock takeover by SiriusXM was "unlikely to be approved" by shareholders given the selloff in shares of SirriusXM yesterday. The analyst commented that the deal would likely be revisited at higher price points or not happen at all. Shares of SiriusXM (SIRI ) continued their selloff today.
Match Group (MTCH ) shares were higher on the day following an announcement of a tweak in its Tinder dating app. The company said they are testing a new feature in India that would afford women more scrutiny and security before allowing men to converse with them. Shares of Match are higher by over 85% this year alone.
