The markets rallied again today breaking the reversal curse that has been seen all month. The curse was that when the markets added 1% or more one day, it was all erased the very next day. Today the Dow 30 closed up 145 (0.82%), the S&P 500 added 14 (0.69%) and the Nasdaq 100 added 33 (0.70%). Tomorrows unemployment claims will be the center of attention as we begin to wrap up the week.
Shares of Microsoft (NASDAQ: MSFT) got a 1.03% boost today as the software giant announced it will lay off up to 1,850 workers. These cuts come largely from what's left of its mobile phone operations acquired from Nokia. Microsoft says it will take an accounting charge of $950 million related to the cuts.
Whole Foods (NYSE: WFM) saw a 1.20% pop today as the company gained media attention for opening its first "365 store", aimed at urban millennials, in Los Angeles. This is the first of several 365 stores. Whole Foods plans to open two in Washington and Oregon later this year, with 10 more locations planned for 2017.
Michael Kors (NASDAQ: KORS) saw a small bounce today (0.58%) despite the luxury retailer being featured in a report from Wedbush that says Nordstrom (NYSE: JWN) is removing Michael Kors handbags from its stores at a rapid pace. This comes as Macy's (NYSE: M) offers discounts on Kors handbags due to oversupply.
Monsanto (NYSE: MON) broke to new highs agian today adding another 2.10% as Jefferies upgraded the stock to a buy from hold with a $132 stock price target. The investment firm says it's "highly likely" that Bayer will reach a deal to acquire the company at $130 per share or greater. Is that a hint? Shares closed at $111.59.
Lastly, HP Enterprise (NYSE: HPE) soared 6.74% today as the company announced it is spinning off its enterprise services business, and merging it with Computer Sciences Corporation (NYSE: CSC). The deal, which is expected to close in March 2017, prompted two price target hikes, one from Mizuho (NYSE: MFG) and the other from FBN Securities.