As earnings continue to flood the markets this week, traders struggle to find any consistent trend. The markets were mixed yet again today as earnings beats and misses play tug of war with the broad based indices. The Dow 30 was down 25, the S&P 500 was flat, and the Nasdaq 100 added 12.
The big focus from here that will steal the media headlines will be Apples (AAPL ) earnings release scheduled for after the close today. There are many opinions as to the results and analysts opinions are basically split between bullish and bearish.
Texas Instruments (TXN ) soared 7.85% today as the company beat analysts' estimates for the quarter. Investors continued to chase the stock higher as TXN received several upgrades following the positive quarter. Trading volume was the highest its been all year today and shares finished at new highs.
Gilead Sciences (GILD ) held the biotech sector back today as the company beat bottom-line estimates for the quarter, but lowered its sales guidance for the full year. Investors seem to have grown impatient with the lack of performance this year from Gilead as trading volume was the highest its been in over a year. Shares closed the session down 8.47%, near 52 week lows.
In the oil space, Valero Energy (VLO ) gained 4.73% closing near its highs of the session. The company beat top- and bottom-line estimates for the quarter and reported that demand for refined products remained strong in the second quarter. Investors cheered the strong results with impressive buying all day long.
Netflix (NFLX ) shot up 4.28% right from the open after insider buying sparked buying interest in the name. Netflix Director Hoag disclosed the purchase of 600,000 shares, totaling roughly $51.9 million. Netflix is still down 7.2% since reporting earnings on July 18.
McDonald's (MCD ) suffered a 4.47% decline today on above average trading volume after reporting that global second quarter comparable store sales grew by 3.1%, which was below expectations. However, the popular restaurant chain operator did beat bottom-line estimates for the quarter, so it wasn't all bad news.
