The markets headed lower today as the consumer sentiment numbers concerned some investors. The Dow 30 was lower by 54, the S&P 500 lost 4, and the Nasdaq 100 lost 9. Tomorrow, as the month comes to an end traders will be looking towards employment numbers, crude oil inventories and pending home sales for more information.
United Continental (UAL) blasted off 8.60% today as investors respond positively to how the company is dealing with an executive shuffle. Scott Kirby left his job as president of American Airlines (AAL ) to take on the same role at rival United. The change will take place immediately. United said Kirby will be in charge of "operations, marketing, sales, alliances, network planning and revenue management" at the airline. Shares we positive all day today, closing near their session highs.
Southwest Airlines (LUV ) anjoyed a nice 2.00% gain as well today as they reached a tentative agreement with its pilots' union following four years of talks. Under the new contract, 8,000 pilots will get a 15% raise. The deal includes retroactive pay increases from 2013 and a compensation package comparable to pilots of other major airlines. Shares closed near their high of the day on above average volume.
Apple (AAPL ) continued its recent down trend after the European Union hit the US tech giant with a $14.5 billion tax bill. European regulators say Ireland illegally slashed Apple's tax bill. CEO Tim Cook says, "This claim has no basis in fact or in law." Both Apple and Ireland have vowed to fight the decision. Last week US Treasury officials said the EU is overreaching its authority. Either way, investors took some risk off as shares were lower by 0.77%.
Hershey (HSY ) investors turned sour today as shares fell 10.76%. The stock gapped lower before the open on news that Oreo-maker Mondelez (MDLZ ) ended its pursuit of the US chocolate maker. This comes after Hershey turned down its $23 billion offer two months ago. Shares are now all the way back where they started back in July.