The markets were slightly higher on the day today as earnings, and Fed news continues to dominate headlines. The Dow 30 added 28, the S&P 500 gained 2, and the Nasdaq 100 was higher by 28. Tomorrow investors will get the latest in interest rate decisions from the Federal Reserve along with earnings reports. Manufacturing numbers are also due out in the morning which can be a market mover as well.
Under Armour (NYSE: UA) shares plummeted 21.81% today, making new lows in the process. As many expected, the athletic apparel maker released a disappointing earnings report and cut its full year sales and earnings forecasts which tanked their shares. The company said that weak demand in North America was the culprit which analysts had appropriately predicted. CEO Kevin Plank did his best to stop the bleeding, saying that the company is "evolving its strategy" to try and garner more interest in the Under Armour brand. Shares are now lower by 50% on the year.
Qualcomm (NASDAQ: QCOM) was also a big loser today,falling 6.68% as it was reported that Apple (NASDAQ: AAPL) may be moving on without them. The report said that Apple is designing iPhones and iPads without Qualcomm's chips. Instead, its considering the services of other companies. Intel (NASDAQ: INTC) was one of those names cited in the report. Shares of Qualcomm continue to suffer this year, losing almost 25% so far.
Aetna (NYSE: AET) continues to be in the news as it issued a beat on earnings. The company also took the opportunity to raise its outlook for the year. The only miss was on revenue which pushed shares lower on the day. The company blamed lower health care premiums and membership in the company's Affordable Care Act products. No updates on the reports that CVS (NYSE: CVS) is interested in buying Aetna for more than $66B.