(As of 7:30 am PST)
US stocks opened lower this morning as investors paused
after four straight sessions of gains. The
S&P500 rose yesterday to an all-time high closing above 1900 on a record
day. Earnings related news is dominating
the headlines today as investors had little economic data to trade on. Most notably a report from Michael Kors
showed the luxury retailer beating quarterly estimates. Shares of DSW, the discount shoe retailer, plummeted
25% after cutting its forecast for its full-year earnings results. In other
company news, shares of Twitter jumped 3.5% after an analyst upgraded the stock
to buy from neutral. Also, McDonald’s
made headlines early after the company reportedly is planning to return between
$18 billion and $20 billion to shareholders in the form of dividends or stock
repurchases. Shares were down almost 1%
in early trade. European markets are
posting small losses at the end of the trading day while Asian markets saw
gains from yesterday’s up day on Wall St.
Gold and oil are down again on the day while interest rates also fell as
investors bought up treasuries. It looks
like some small profit taking may be the order of the day today, as a light
news flow gives the market a chance to catch its breath.
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