NASDAQ Leads Wednesday's Recovery
In overseas trading, Germany's DAX rose 150 points and closed at 11,771.13. London's FTSE was up 85 points. The Hang Seng in Hong Kong fell by -170 points to close at 28,079.71.
Michael Kors Holdings (KORS) Plunges to Multiyear LowA poor sales outlook has Michael Kors Holdings (KORS) hovering near record lows.
Tech Boosts the NASDAQThe NASDAQ lead in real progress today, with a 1.34% surge that nearly doubled the Dow's own gains. The reason for the NASDAQ's performance in trading today is the index's tech-heavy portfolio. Apple (AAPL) was up nearly 2% on the day, gaining 2.42 points to close at $132.04. Microsoft (MSFT) made money too, up 2.19% to $47.61. Google (GOOG) posted 1.30% gains, rising 7.12 points to close at $554.31.
Broadcom (BRCM) Up on Buyout OfferMobile chipmaker Broadcom (BRCM) shot up 22% today on rumors that there might be a buyout offer on the table. The company has struggled under increasing competition lately, the days where its modem chipsets ruled the marketplace long behind it. Avago Technologies (AVGO) is said to be in late-stage talks to buy the company. Broadcom was up 10.24 points to close at $57.16 today. Avago jumped 7% to close up 10.20 points at $141.50.
Today's Luxury UpgradesTiffany & Co. (TIF) and Kate Spade (KATE) were both given upgrades by Dawson James analysts today, among others. This led to a big rush on buying. Tiffany's numbers were helped along by a big earnings beat this quarter, with sales that are rising faster than they have in the past 5 years. Tiffany & Co. gained 10%, or 9.01 points, to close the day's trading at $94.54 per share.
Other luxury brands like Kate Spade (KATE) and ULTA Salon (ULTA) were mixed on news of the upgrade. Kate Spade lost -1.24 points on the day, closing down -4.66% to $25.39 per share. ULTA was up 3.08% to $154.78, a gain of 4.62 points on the day.
Oil Off Another PointOil has been essentially stangnant since a surge over $60 last week. The recovery in the price of oil will likely be a long one, especially as futures prices are staying low going into the summer demand boom. Oil dropped -0.90% today, and closed at $57.51 per barrel.
Published on May 27, 2015By Aaron Phillips