The markets had a strong day today following remarks from Fed Chair woman Jannet Yellen. The Dow 30 gained 99 points (0.57%), the S&P 500 posted an 18 point gain (0.89%) and the Nasdaq 100 performed the best, up 79 (1.67%) thanks to a strong day by Apple.Popular home builder Lennar (LEN ) popped 3.17% today as they reported first quarter earnings that beat on both the top and bottom lines. Lennar posted earnings per share of $0.63 on revenue of $2 billion. Lennar said the average sales price of homes delivered increased 12% year-over-year to $365,000, while deliveries rose 12% and backlog increased 13%. The sector as a whole today had a great day with most of the other names hitting new short term highs.
Well it looks like the drama surrounding the Department of Justice and Apple (AAPL ) has reached an end as the Department of Justice withdrew legal action against Apple after a third party was able to break into the iPhone of the San Bernardino shooter. Shares of Apple spiked 2.39% today helping the Nasdaq post strong gains.
More bad news for social site LinkedIn (LNKD ) as Barclays analyst Paul Vogel downgraded the company from overweight to equal weight on concerns over revenue growth. Vogel also lowered his price target to $130 from $205. Despite this, shares were able to finish up on the day by 0.83%.
Chipotle (CMG ) lost another 3.22% today as Wedbush Securities downgraded the Mexican food chain's stock to underperform from neutral on concerns over its valuation. The investment firm also lowered its price target on the stock to $400 from $450.
Lastly, Wells Fargo (WFC ) fell today (-1.33%) despite the news that Billionaire Warren Buffett upped his stake in Wthe bank. Buffett's Berkshire Hathaway now owns 10% of Wells Fargo, a level that means the investment could see more federal scrutiny. Berkshire owns 506.3 million shares of Wells Fargo, worth about $24.7 billion.