After 4 days of considerable news and earnings reports the market finally couldn't take it anymore. The Dow 30 lost 220 (-1.22%), the S&P 500 lost 19 (-0.92%), and the Nasdaq 100, led by Apple (AAPL ) lost 57 (-1.19%). The news isn't over yet as some big names like Amazon (AMZN ), and Baidu (BIDU ) will be reporting earnings after the close.
Facebook (FB ) popped 7.20% today as the social networking giant reported earnings. Facebook posted a big beat on both the top and bottom lines for its first-quarter earnings, posting adjusted earnings per share of $0.77 on revenue of $5.38 billion. Facebook also beat on monthly active users, bringing its total to 1.65 billion. Although the day finished positive, the weak markets pulled Facebook well off its highs of the day.
Amazon (AMZN ) started positive, but the weak market pulled the e-commerce giant back into the red, closing down (0.75%). Amazon is scheduled to report first-quarter earnings after the bell. Amazon made big strides last year, topping $100 billion in sales, so investors are anxious to see how the new year has started.
DreamWorks (DWA ) was all over the headlines today as NBCUniversal, a division of Comcast Corp. (CMCSA ), announced it has reached an agreement to buy DreamWorks Animation in a deal valued at $3.8 billion. The studio will become part of the Universal Filmed Entertainment Group. This news sent shares of DWA up a whopping 24.08%.
Hitting the headlines early today was the news that Priceline (NASDASQ: PCLN) CEO Darren Huston resigned following an investigation overseen by independent members of the board. According to the company the investigation is "surrounding a personal relationship with an employee." Priceline appointed former CEO and current chairman Jeffery H. Boyd as interim CEO and president. Shares closed down 2.67% today.
Lastly, shares of Bristol-Myers (BMY ) soared to new 2016 highs today (2.89%) after reporting earnings. The pharmaceutical company's first-quarter revenue rose 8.7% from one year ago to $4.39 billion, driven by the expansion of the pharmaceutical company's Opdivo cancer immunotherapy. Bristol-Myers' adjusted earnings per share of $0.74 topped Wall Street estimates, and the company raised its 2016 guidance.
