Another wild day for markets today as the broad indices were split at the close. The Trump rally sort of continued today as the Dow 30 was up 218, and the S&P 500 was up 4. The Nasdaq 100 however was lower by 42 as tech stocks showed concern over a Trump Presidency. Going forward the media continues to focus on the Trump transition to the White House and how the new President will affect the markets. Disney may help markets get back to normal as they are set to report earnings after the close. Tomorrow we also are getting some consumer sentiment numbers early that could drive the morning market activity.
Shake Shack (NASDAQ: SHAK) shares popped over 10% today as the restaurant chain raised its revenue outlook for the year. They did this after delivering a beat on both its top and bottom lines for the third quarter. According to the report, revenue was up a whopping 40% from a year ago thanks to "better than expected same-store sales." The rally today pushed shares to a new 2 month high.
Macy's (NYSE: M) made headlines today as shares popped 5.63%. Traders flocked to the retail chain despite the company announcing earnings that missed Wall Street expectations for the third quarter. Revenue was basically in line with forecasts even though sales fell 4.6% from a year ago to $5.6 billion. The department store chain also announced a partnership with real estate investor Brookfield Asset Management as it continues to look for ways to monetize its properties. The positive move today briefly pushed shares to new 7 month highs.
Taser (NASDAQ: TASR) shares blasted off over 13% today after the stun gun maker reported earnings and revenue that topped analysts' estimates for the third quarter. Investors focused on the company's profit which more than doubled from a year ago as sales surged 42%.
Disney (NYSE: DIS) will be a major focus after the close as they release their earnings. Wall Street expects profits for the theme park operator to decline slightly from a year earlier, while revenue stays at the same level. As is typical with Disney earnings, analysts will be focused on the struggles that continue to haunt ESPN along with the sloping ratings for Monday Night Football. If that is not a big issue then investors will continue to focus on Disney film studios record year.