The markets ended their win streak today thanks to earnings announcements and weak oil. The Dow 30 fell 78, the S&P 500 lost 7, and the NASDAQ 100 fell 16. Going into Friday news is light so the focus will remain on any information traders can get from earnings announcements.
Southwest Air (NYSE: LUV)held the airlines back today as it lost 11.21%. The company lowered its third-quarter revenue per available seat mile estimates to between -3.0% and -4.0% year-over-year. Shares plummeted to new monthly lows on higher than average volume.
Intel (NASDAQ: INTC) fell 3.98% today after reporting weaker-than-expected top-line growth and issuing conservative guidance. Specifically, revenue results from its data center business and Internet of Things disappointed. Shares remain in an uptrend but today's decline caused above average profit taking from the bulls.
In the same space Qualcomm (NASDAQ: QCOM) jumped 7.45% after beating analysts' estimates for the quarter. This didn't help the sector though as the PHLX Semiconductor Index (NYSE: SOX) lost 0.73%.
Biogen (NASDAQ: BIIB) saw a nice 7.64% pop today after the company beat top- and bottom-line estimates for the quarter and increased its outlook for the year. The move today almost completely fills the gap left back on June 7th.
Humana (NYSE: HUM) shot up 8.40% today and was briefly halted as the company increased its outlook for the year. The sub-group was hit earlier in the day after the Department of Justice announced that it filed lawsuits to block mergers between Anthem (NASDAQ: ANTM) & Cigna (NYSE: CI), along with Aetna (NYSE: AET) & Humana.