The markets showed signs of weakness today taking many tech and transportation stocks along for the ride. Oil pulled back 1.6% today as well, and trading volume in the Volatility products was slightly above average. The Dow 30 closed lower by 101 (-0.56%), the S&P 500 lost 10 (-0.52%), and the Nasdaq 100 lost 2 (-0.05%)
Under Armour (NYSE: UA) popped 6.80% today as the sports apparel and accessories company topped Wall Street earnings expectations and revised its full-year revenue guidance slightly higher. Under Armour's much anticipated footwear revenue numbers were up 64% to $264 million from one year ago, driven by demand for Steph Curry's basketball line. The stock is now trading at fresh 2016 highs.
Apple (NASDAQ: AAPL) had a rough day (-1.08%) as investors concerns about earnings next week cause volatility. Raymond James lowered its outlook for iPhone unit sales saying its move comes after Qualcomm's (NASDAQ: QCOM) chip unit guidance of 185 million provided further evidence of "continued weakness in iPhone builds."
General Motors (NYSE: GM) continued its week long rally today up another 1.46%. The auto giant topped Wall Street estimates, reporting record first quarter earnings amid stronger results in North America and Europe. First-quarter net income more than doubled to $2 billion.
Lastly, shares of Verizon (NYSE: VZ) sold off 3.34% today as the telecom giant posted earnings per share in line with estimates in the first quarter but revenue missed slightly. Verizon posted EPS of $1.06 on revenue of $32.17 billion.