Stocks edged down a bit. Here’s the scoreboard:
Dow Jones: 16,419.32, -62.62 (-0.38%)
S&P 500: 1,845.93, -2.45 (-0.13%)
Nasdaq: 4,218.69, +3.81 (+0.09%)
And now the top stories:
- Best Buy got obliterated today after the company announced poor holiday results. Shares dropped about 30%. Analysts called the earnings report “shocking.”
- Nuskin also saw a 30% bloodletting, with trading halted four times this afternoon. The company released a statement that it is conducting an internal probe into its business practices in China after a newspaper report raised questions. Meanwhile, another multi-level marketing company, Herbalife, was off big today too.
- SolarCity shared climbed 13% today after Deutsche Bank slapped it with a “buy” rating and a $US90 price target. “We estimate the company’s market penetration is ~0.2% in existing markets, which implies considerable room for expansion within current markets and into new markets,” Deutsche Bank’s Vishal Shah, Jerimiah Booream-Phelps, and Susie Min write.
- The Philadelphia Federal Reserve’s business outlook index hit 9.7, besting the consensus prediction of 8.7. “Labour market indicators showed some improvement this month. The current employment index increased 6 points from its revised reading in December,” according to the report. “20-three per cent of the firms reported increases in employment in January, which is slightly higher than the 18 per cent that reported increased employment last month.”
- Homebuilder confidence fell to 56 in January, worse than the consensus expectation for the NAHB index to remain at 58 (a reading over 50 shows that most builders think sales conditions are good).
- Weekly jobless claims came in at 326,000. Economists were predicting 328,000. “In our view, this stronger smoothing measure is telling the right story; despite the significant volatility, claims gradually ground lower throughout 2013 and we expect this to continue in the coming year,” wrote Barclays’ economists.
- The consumer price index rose 0.3% in December from the month prior, in line with expectations. Year-over-year, inflation rose to 1.5% from November’s 1.2% print.
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