Stocks Slip, Wholesale Sales Rise, Oil Drops
Stocks ended their 5 day winning streak today with the major indexes slipping slightly into negative territory. Positive news that Wholesale Sales climbed while Inventories fell prevented further profit taking thus cushioning the fall. Oil prices dropped depressing the energy sector and weighing on the entire market. The DJIA slipped -22.07 to 9605.41, the tech heavy Nasdaq dipped -3.12 to 2080.90, and the broad based S&P 500 fell -1.41 to 1042.73.
FedEx
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PowerRating): Shares soared higher by 6.41% or $4.66 to $77.32 after it stated it plans to beat forecasts for the first quarter.
Schlumberger
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PowerRating): The world’s larges oil field services company was upgraded to “buy” at Goldman Sachs, sending shares higher by 3.35% or $1.96 to $60.39.
CBS Corp
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PowerRating): The U.S. broadcaster was downgraded to “underperform” at Cowen & Co. Shares fell 1.59% or 19 cents to $11.76 as a direct result.
Best Buy
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PowerRating): Oppenheimer cut the company to “market perform”, sending shares lower by 3.14% or $1.29 to $39.76.
Oil fell $2.65 to $69.20, gold climbed $9.60 to $1006.00 and the VIX index climbed 2.55% to 24.15.
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