The markets finished the week positive again thanks to investors continuing to feel the China-US trade talks are moving along well. The Dow 30 closed above 26,000 again, adding 181 points on the day. The S&P 500 closed higher by 17, and the Nasdaq added 67.
Sector News
Gold miners (GDX ) enjoyed a strong day partially supported by a small gain in gold, but also due to some potential M&A news out of a few bigger gold miners in the space. The sector is higher by about 10% so far for the year.
Semiconductors (SMH ) were higher today mostly in a broad-based way. The sector has enjoyed a rally similar to the overall markets this year and has very nearly recovered all of its declines since last October.
Stock News
Kraft Heinz (KHC ) shares plummeted today on a slew of bad news. First, the company reported earnings that were 10 cents less than expected. Revenue was also below expectations. Next, the company announced the receipt of a subpoena from the SEC regarding its procurement operations. Finally, the company announced a $15.4 billion write down on lower valuations for some of its brands thanks to changing consumer tastes. It was the biggest one-day decline in over a decade.
Wayfair (W ) shares blasted to new highs today, adding about all that KHC lost as the company announced earnings per share showing a loss of only $1.12. Investors were expecting the company to lower by $1.28. Revenue was also higher than expected and the company's total active customer count was higher by 15%. Shares are now higher by about 70% on the year.
Stamps.com (STMP ) shares sold off around 50% today as the company announced it had ended its exclusive partnership with the United States Postal Service. The company also announced a much weaker forecast for 2019, which further fueled the decline.
Newmont Mining (NEM ) shares were higher today as it was reported that Barrick Gold (GOLD ) was considering a hostile takeover bid for the company. According to reports, the bid could be for around $19 billion in stock.
