Despite a bundle of corporate news and economic data, stocks did almost nothing on Thursday.
All three major indexes were in the red slightly, while oil ended the day up solidly.
This also marks the 34th straight day that the S&P 500 did not move 1% in either direction.
We’ve got the headlines of the day, but first the scoreboard:
- Dow: 18,448.68, -32.80, (-0.18%)
- S&P 500: 2,172.50, -2.94, (-0.14%)
- Nasdaq: 5,212.20, -5.49, (-0.11%)
- WTI crude oil: $46.80, +0.56 (+1.20%)
- Mylan, the maker of EpiPens, made some changes to combat criticism. After critiques from lawmakers, Mylan announced the company would increase its coupon for the allergy-fighting drug to $300 from $100. This does not, however, lower the initial cost of the drug. Mylan’s CEO Heather Bersch also said in an interview with CNBC that the healthcare industry is facing a crisis similar to the housing market in 2007.
- Uber announced it lost $1.2 billion in the first half of 2016. Bloomberg reported that the ride sharing app lost as much as $1.27 billion in the first two quarters. People familiar with the matter told Business Insider that much of the losses came from Uber’s battle, now settled, with rival Didi in China.
- Short seller Carson Block announced a new target and the stock tanked. Block’s Muddy Waters Investments said it is now short medical device maker St. Jude’s Medical because the company has not spent enough to protect its pacemakers from being hacked and tampered with. The stock fell over 5% for the day following the report’s release.
- Tiffany and Co. reported beat earnings, but disappointed on sales. Same store sales at the luxury retailer fell 8%, analysts were only expecting a decline of 6.9%. Earnings per share came in $0.84 versus expectations of $0.72.
- Initial jobless claims unexpectedly dropped. The number of people requesting unemployment insurance fell to 261,000 from last week’s 262,000. This is also lower than economists’ expectations of 265,000.
- Durable goods orders looked strong. Orders for goods built to last rose 4.4% from the month before, higher than the 3.4% increase expected by economists.
- The service sector did not look strong. Markit flash services PMI came in at 50.9, much lower than expectations of 51.8 and July’s print of 51.4. This number is, however, still in expansionary territory.
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