The markets headed lower today as the healthcare bill struggled to make it through the house. After delaying the vote yesterday it seemed that there would not be enough votes to get it passed which caused the President to pull the bill. The Dow 30 responded with a rally from lows but still closed lower by 54, the S&P 500 lost only 1, and the Nasdaq 100 was able to gain 11. Next week begins with speeches from Federal Reserve members and consumer confidence numbers.
Under Armour (NYSE: UA) shares popped 4.19% today as news encouraged investors to step into the beaten down stock. The athletic apparel company announced that it would be launching a new sneaker next week that will be priced at a whopping $300. In exchange for the $300 the company says that these sneakers will not have laces and have a 3D printed sole. Shares remain near lows of the year, down almost 30%.
GameStop (NYSE: GME) was a big loser today (-13.61%) as the video game store was yet another retail chain that said it would "close 150 stores and expand its non-gaming businesses". The announcement comes after revenue for its holiday quarter missed estimates and sales fell 14% from a year ago. Profit also declined by more than 12% as more people download digital games online. Every rally in the stock has been sold and today is no exception.
Micron Technology (NYSE: MU) shares blasted off to a new 52-week high today adding another 7.40% when the chip maker raised its outlook for the current quarter. Earnings came in better than the streets estimates, and revenue was in line with expectations. The company also showed sales growth of almost 59% from a year ago thanks to "rising prices and strong demand for memory chips used in cloud computing and smartphones." Micron continues to be a clear out performer in the market.