Markets fell today in slightly heavier than usual trading. The Dow dropped -40.31 points to settle in at 17,678.23 by the end of trading today. The NASDAQ was down another -13.16 points after yesterday's punishing losses. The S&P 500 also dropped, losing just -4.90 points to close at 2,056.16. In overseas trading, markets were down across the board. The big loser of the day was Japan's Nikkei, which fell -271.25 after a solid week of gains. The Nikkei closed at 19.471.12.
Red Hat Up On Profits Beat. Enterprise Linux support provider Red Hat (RHT) beat profits expectations by 2 cents per share this quarter, and as a result saw their share prices rise over 10%. Red Hat gained 6.91 points in trading today, and closed out at $74.36 per share.
SanDisk Down Big On Goldman Downgrade. Digital storage solutions manufacturer SanDisk (SNDK), which is responsible for a large chunk of smartphone and digital camera memory cards, was downgraded by Goldman Sachs (GS) today. The company saw share prices plummet 19%, losing -14.97 points on the day in order to close at $66.20 per share. SanDisk had seen a recent rise in share prices due to some new enterprise storage offerings, but prices had risen high enough that Goldman recommended their investors to sell.
Keurig Falls Over Saturation Worries. Keurig Green Mountain (GMCR) is notable for having essentially revolutionized at-home coffee, tea, and cocoa brewing. As the company's sales slow down, they have partnered with other corporations like Campbell's (CBP) in order to diversify their product offerings. Still, with Keurig sales slowing, many investors are beginning to sell. Keurig lost -4.16 points to close at $113.54 per share.
Coach Rallies Toward Sell Point, Drops Today. Shares of luxury goods manufacturer Coach (COH) had been on the rise lately, but the stock price hit a tipping point today as investors divested themselves from the stock. Coach fell -1.51 points in trading today, and closed at $40.69 per share.
Bond Yields Rise, Oil Tops $50. Both bond yields and oil have been fluctuating over the past two weeks, but today they both made their first steps toward a comeback. Oil rose almost 5% to $51.43 per barrel, up from lows this week of around $43. Of course, investors have seen $50 oil before, only to watch prices tumble as demand can't match the current supply glut. Bond yields, a key indication of the strength of the US Dollar, were back up over 2% today. 10-year treasury notes rose 0.09% to close at yields of 2.01%. Bond prices were driven lower early last week when the Fed wrapped up a meeting by making small changes to the language of their report, which spurred worries by some analysts that a rate hike might come sooner than expected.
Accenture Spikes On Earnings. IT infrastructure management company Accenture (ACN) saw a big boom in share prices today after news broke that it would exceed expected earnings for the previous quarter. Accenture gained 5.96 points over the course of the day, and closed out trading at $94.17 per share.