The markets showed some red today after the Dow hit new records early on. After five days in a row of positive gains, sellers to the time to lock in some profits sending the markets all lower on the day. The Dow 30 was off by 67, the S&P 500 lost 10, and the Nasdaq 100 lost 19 at the close. Tomorrow investors will have to look to Washington news or stock specific news as there is very little in the way of scheduled news events.
Disney (NYSE: DIS) shares popped 2.85% on the official announcement that the company will pay $52 billion for most of 21st Century Fox's (NASDAQ: FOXA) film and TV assets. The company has agreed to take on about $13 billion in debt to close the deal. Though the deal was widely expected to be announced today, shares were still higher on the day which puts the stock up about 6% on the year.
Pier 1 (NYSE: PIR) shares sold off a whopping 29.45% today after reporting weaker than expected guidance for the current quarter. The home goods retailer cited "ineffective promotions and merchandising challenges." Shares haven't performed that well this year as the company continues to show its inability to attract and retain customers. For the year the stock has lost just over half of its value.
Tiffany (NYSE: TIF) shares broke out to new highs today, adding 3.38% on the day thanks to an upgrade to Buy from Neutral at Citi. Analysts cited "tailwinds from foreign exchange and tax reform" as the driving factors. Technical traders will note the breakout of almost a year long base as an important move. Shares have added over 27% on the year.