The markets were lower today in a choppy day of trade ahead of tomorrow's rate announcement. This type of trade is common and likely to continue until tomorrow afternoon. Most stocks remained relatively flat with the exception of the financial sector (XLF ). The Dow 30 was down 79 (-0.45%), the S&P 500 lost 3 (-0.18%), and the Nasdaq 100 was off by 4 (-0.10%).
Alibaba (BABA ) shot up 3.07% today as the Chinese e-commerce giant released an annual revenue forecast for the first time ever. Alibaba projects a 48% increase in revenue growth for the fiscal year ended in March. Shares remain in the middle of a 3 month range.
Xerox (XRX ) fell another 1.32% today as the company announced that they have appointed Ashok Vemuri as its new CEO of the business process outsourcing company. This new unit will make its public debut after a spin-off from Xerox later this year. This marks the sixth straight losing day for Xerox.
Staples (SPLS ) lost another 0.93% today despite announcing that it will launch a same-day delivery service called "Staples Rush." The service will cost $14.99 per delivery. Analysts still claim that retailers will have a hard time competing with the ever growing Amazon (AMZN ).
Chipotle (CMG ) was able to stop a 5 day losing streak even though Deutsche Bank's (DB ) Brett Levy wrote in a research note Monday that "Chipotle's food crisis last year has permanently damaged the company's business". Levy noted that some of its previous customers may be "lost for good" and lowered the price target on the stock by $20 to $340. Despite these comments and a weak market, Chipotle was able to outperform today, gaining 0.32%.