The markets continued their bullish run again today hitting new highs in almost every major index. The Dow 30 suffered a 2 point loss, the S&P 500 gained 6, and the Nasdaq 100 added 52.
Netflix (NASDAQ: NFLX) was the big story today which helped the Nasdaq hit new records. The stock soared nearly 10% on earnings and subscriber numbers. The firm hit $100 billion market cap today as they announced an addition of 8.3 million more subscribers globally. This was many more subscribers than expected. Shares are now higher by over 30% on the year.
Johnson and Johnson (NYSE: JNJ) held back the Dow today as shares fell 4%. The company got some bad news from the judicial system which ruled that it invalidated a patent on it's drug Remicade. This means that they will be limited in the damages it can seek from it's rival Pfizer (NYSE: PFE). This comes just one week after patent courts invalidated another patent on their drug Zytiga. The news overshadowed their earnings report which was mostly in line or above expectations. Shares are still higher by about 2% on the year.
General electric (NYSE: GE) found some contertrend buyers today as the stock bounced 4.5% after a nasty downgrade yesterday. Despite many calling this trade the "catch a falling knife" trade, investors took their shot at picking a bottom. Shares are still lower on the year but have stopped hitting new lows for the moment.
In other news, Tesla (NASDAQ: TSLA) shares gained another 0.34% today as the company agreed that CEO, Elon Musk will not receive compensation of any kind until he hits the boards pre-set milestones. There was also a video posted on youtube that exposed the new Tesla semi truck being tested in the public for the first time.
Disney (NYSE: DIS) announced late in the day that it will give 125,000 employees a $1000 bonus and launch a $50 million education program for employees.