The markets showed some signs of weakness today as Oil numbers held down the broad based indices. The Dow 30 lost 47, the S&P 500 fell off 6, and the Nasdaq 100 lost 20. Oil markets dominated that headlines this morning as traders responded to the oil inventory reports, along with concerns about Venezuela's production future. Going into tomorrow traders will be looking towards unemployment claims.
Michael Kors (KORS ) had a pretty rough day today, losing 2.79%. Despite reporting better-than-expected earnings and revenue for its fiscal first quarter, the issue with traders was the same-store sales which fell more than expected. Add to that the company gave a weak sales outlook for the current quarter as it expects lower mall traffic and less tourism to continue to put pressure on sales.
SunPower (SPWR ) shares made headlines early today as they opened lower by over 28%. The solar panel maker announced that it had lowered its revenue outlook for the year and said it would eliminate about 1,200 jobs, which translates to 15% of its workforce. The company said "aggressive pricing by new market entrants has hurt near-term economic returns", even though it reported stronger-than-expected second quarter results. Shares closed lower by 30.24% on volume never before seen.
Disney (DIS ) popped 1.23% today as the company announced an earnings beat on both its top and bottom lines for its fiscal third quarter. Box office hits like "Finding Dory" and "Captain America: Civil War" helped lift revenue at its film division by 40% to nearly $3 billion. Separately, the company announced it will spend $1 billion to own a 33% stake in BAMTech. That's the streaming media unit created by Major League Baseball.
Yelp (YELP ) blasted off today hitting new highs (12.84%) as the online business review site raised is revenue forecast for the year, saying that it has moved to a profit in the second quarter. Sales soared more than 29% from a year ago as its spending on marketing paid off.