The markets started the day mostly higher as investors digested some more news out of China that some tariffs on certain vehicles would come down. Retail earnings were also a focal point today as a slew of names reported results. By the end of the day however the markets sold off as investors worried the meeting between North Korea and Trump would not happen. The Dow 30 closed lower by 178, the S&P sold off 8, and the Nasdaq 100 closed lower on the day by 15.
TJ Maxx (NYSE: TJX) shares popped to new highs today (+3.32%) thanks to strong earnings results as well as positive guidance going forward. Earnings showed growth of 24% while revenue was higher by 9%. The CEO said that “customer traffic was the primary driver” of the beat. Shares are higher by almost 15% on the year.
Kohls (NYSE: KSS) shares were lower by 7.42% today despite reporting strong profits and revenue. Same store sales were also higher on the quarter but comments about a weaker than expected “second half” sent shares lower on the day.
AutoZone (NYSE: AZO) shares had a wild day of trade as shares initially were higher by 5% thanks to earnings results that were better than Wall Streets expectations. Earnings came in at .42 per share and analysts were expecting .92. Revenue was the focal point today though as those numbers came in well below expectations. Shares ultimately closed down on the day by 9.49%.
In other news, Micron (NYSE: MU) was your best performer in the Nasdaq 100 today as shares popped 6.4% on news that the company’s buying back billion worth of stock. Added to the buyback news was a report that they would be working with Intel (NASDAQ: INTC) to make new chips. This comes just one day after the company issued positive guidance going forward.
Stocks lower as Trump and Kim Jong meeting in jeopardy.