The markets were higher today as investors responded to the slew of companies that announced pay increases or bonuses to employees following the passage of the tax reform bill. The Dow 30 was higher by 55, the S&P 500 added 5, and the Nasdaq 100 gained 4 on the day. The only news that could have an effect tomorrow would be out of Washington regarding the government shutdown. While they are widely expected to fund a new bill, the media might make it seem like it could go either way, causing a little pre-Christmas volatility tomorrow.
E*Trade (NASDAQ: ETFC) shares were higher by 0.85% today as the brokerage firm was just the latest to announce their bitcoin trading ability. eTrade announced it will let its futures customers trade Cboe bitcoin futures, joining other firms like TD Ameritrade, Interactive Brokers, and TradeStation, among others. The stock is higher by 43% on the year thanks in part to their latest marketing efforts to attract the active trader.
Allegiant (NASDAQ: ALGT) shares popped 5.01% today after getting an upgrade with a buy rating at Deutsche Bank. The firm's analysts commented to their clients that "a strong position for the entire airline industry in 2018, in part due to gains from tax cuts and increasing demand" was the reason for the upgrade. Shares of the discount airline are higher by 47% since hitting a low back in September, but are still lower on the year by about 3%.
Bed Bath & Beyond (NASDAQ: BBBY) shares continue to suffer, losing another 12.47% today when the home goods retail chain announced an earnings decline of over 50% since the previous quarter, along with store sales, which also slid. Shares have been hit hard this year as the company continues to struggle. The stock is now lower by almost 50% on the year.
Finally, news came out mid-day that Boeing (NYSE: BA) was in talks to acquire Embraer (NYSE: ERJ), which caused ERJ stock to be halted. Investors should note that this is not like the other M&A deals in the works right now. This is not an immediate deal, and the Brazilian government owns shares in ERJ, which could cause further delay, or altogether change the deal.