Wall Street fell pray to the sellers on Friday as retail continues to put a damper on the overall market. Much of the retail sector has missed earnings this quarter and not just by a little. This was one of the sectors that caused the Dow 30 to sell off 185 (-1.05%), the S&P 500 to lose 17 (-0.85%) and the Nasdaq 100 to lose 19 (-0.41%).
Nordstrom (JWN ) lost an astonishing 13.42% today after the company reported a severe earnings miss. Nordstrom missed both top and bottom line estimates for the quarter and during the conference call, lowered their guidance going forward. This sent shares to all new lows on above average volume.
Dillards (DDS ) was yet another retail company to report an earnings miss causing a decline of 1.29% today. The company missed Wall Street expectations and announced that revenue also fell 4.5% year over year. Shares broke to new lows on above average volume today.
Recent IPO Shake Shack (SHAK ) popped 9.75% today after reporting earnings above Wall Streets expectations. Shares traded almost all day near the highs as the company raised their earnings guidance going forward. Shares are still lower on the year but many analysts either upgraded SHAK today or provided hints of upcoming, favorable ratings.
In the tech space, Nvidia (NVDA ) soared to new 52 week highs today (15.21%) after beating earnings estimates for the prior quarter. Nvidia has fared well this year and after today boasts over a 25% gain for 2016.
