The markets were confused yet again today as the presidential race tightens. Investors have been cautious to take more risk ahead of the elections as Trump has been mounting a late comeback. Its unclear if he can gather enough states to win the election but the market is taking no chances. Next week all eyes will be focused on the elections so expect the first part of the week to be a wild one. The U.S. election is Tuesday evening.
Starbucks (SBUX ) shares were quite strong today, gaining over 2%. The popular coffee chain announced earnings that were a little better than expected Revenue for the quarter was also slightly better than expected. Investors chose to focus on revenue, which compared to a year ago jumped 16%. One blemish on the earnings release was that the company gave cautious outlook for its holiday quarter.
Herbalife (HLF ) lost another 2% today after news was released that billionaire investor Carl Icahn upped his stake in the nutritional supplements company. The SEC filing showed that Icahn brought his total position to 23.1%. Herbalife stock fell sharply on Wednesday after the company reported third quarter revenue that missed estimates and announced that Chief Executive Michael Johnson will step down in June.
GoPro (GPRO ) shares fell almost 10% today as the action camera maker cut its revenue outlook for the year. They made the announcement after releasing a wider than expected loss for the third quarter. Revenue was also well below analysts' estimates. The company once again blamed the shortfall on "production issues with the new GoPro Hero-5 camera and GoPro Karma drone."
CBS (CBS ) gained over 2% today after the company announced a beat on both its top and bottom line for the third quarter. Revenue rose more than 4% from a year ago thanks to "higher fees from its affiliated stations, as well as growth from digital distribution platforms." More good news out of the broadcasting company came from the CEO that mentioned they're still in the early stages of exploring a merger with Viacom (VIAB ).
