Another Down Day for the Dow

In trading today, all three major indices were down. More and more earnings reports are being released, and the news isn't great. Lower than average consumer spending is taking a toll. The Dow dropped 119.12 points to close the day at 17.731.92. The S&P 500 dipped 12 points to close at 2,102.15. The NASDAQ fell by 25.36 points to end the day down to 5,146.41.

A dip in blue chips helped to push the Dow downward, but overall the biggest problem of the day was earnings misses and revised forecasts for the coming quarter This was most prevalent in the Consumer Durables and Consumer Non-Durables sectors, which were hit especially hard.

SanDisk (SNDK) Spikes on Upgrade and Earnings

It was a double whammy for SanDisk (SNDK) today, as their stellar earnings report earned them an upgrade by analysts at Craig Hallum.
The stock shot up more than 17% on the news, gaining 9.52 points and closing at $63.70 per share.

The upgrade came about right before SanDisk made their earnings report public, but it was obvious that it was coming SanDisk has improved their corporate sales quarter after quarter by pushing new products and innovating in solid-state storage technologies.

United Rentals (URI) Drops 13% After Missed Guidance

United Rentals fell big today, after missing on guidance and posting weaker-than-expected profits. Share prices of United Rentals fell by 10.65 points, and the company closed the day at $66.98. The biggest downward pressure was the fact that sales numbers are being revised going forward, not the fact that the company missed on profits.

Tech Overtakes Health Services as 3-Month Leader

For the first time in almost a year, the Technology sector as a whole is growing faster than Health Services. The data, which is measured over the trailing 3 months, shows that the Technology sector has grown, on average, 6.1% over the past quarter. The Health Services sector is up 5.75%, followed by Finance at 4.72%. Consumer products and Retail Trade are lagging but still in the green.

Freeport-McMoRan (FCX) Can't Buy a Break

Precious metals miner and refiner Freeport-McMoRan (FCX) is suffering from the low cost of its products, this latest earnings report says. That's no surprise, since the price of metals has been falling steadily. Freeport fell 10% on the news, dropping 1.42 points to close the day at $13.64 per share.
Published on Jul 23, 2015
By Aaron Phillips
Aaron Phillips is a financial researcher and journalist based out of Michigan. He regularly writes the IG Daily and IG Weekly columns.

Copyrighted 2016. Content published with author's permission.

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