The markets sold off for a change today as earnings season gets ready to launch. The Dow 30 was lower by 13, the S&P 500 sold off 4, and the Nasdaq 100 lost 10 on the day. Tomorrow's scheduled news includes economic optimism, and speeches from two Federal Reserve members.
Viacom (NYSE: VIA) shares sold off 4.10%% today, hitting new lows in the process. This comes after a downgrade from Citi where they lowered their price target as well. The analyst cited distribution concerns from Charter which could hurt stock prices going forward. The new price target was adjusted to $24 from $33. Shares of the stock are lower on the year by 12% and have sold off almost 11% since the start of September.
Tesla (NASDAQ: TSLA) was lower on the day by 3.91% as a tweet from CEO, Elon Musk announced that debut of the much anticipated Tesla semi truck would be delayed until November 16. Musk attributed the delay to a backlog of Model 3 orders and "efforts to restore power in Puerto Rico". Shares are still quite positive on the year, up 61%.
General Electric (NYSE: GE) was a big loser today, down 3.94% as the company announced more changes to it's board of directors. The company announced that Ed Garden will replace Robert Lane effective today. Mr. Lane is retiring after spending 12 years on the board. Ed Garden said in a statement, "Like other GE shareholders, I am disappointed by the recent performance of GE's stock. But I continue to believe that GE represents an attractive long-term investment opportunity with significant upside." Shares are trading at lows for the year, down over 25%.