Stocks broke new ground today with the Dow moving past the 16,000-point threshold during intraday trading, before pulling back to finish at 15,975. The S&P 500 also eclipsed 1,800 before retreating to 1,791, ending fractionally lower for the day. The initial gains in the market seemed to have been erased after billionaire investor Carl Icahn warned he was "very cautious" on equities, and feared stocks could suffer a "big drop." Market technicians suggested the market could see selling as stocks surpassed milestones like 16,000 on the Dow and 1,800 on the S&P 500.
Tyson Foods (TSN) moved 2% higher on its earnings. The company narrowly beat estimates for the quarter earning 70-cents a share on $8.894-billion when expectations were for 69-cents a share on $8.89-billion. Going beyond the headline numbers, Tyson says its sales were up 7% over last year to a record high. The company cited strength in its chicken business and says it was helped by a bigger supply of cattle. Even before today's move higher, Tyson was up 44% year-to-date.
Boeing (BA) ascended nearly 2% on news out of the Dubai Airshow over the weekend. The plane-maker has inked more than $100-billion in sales for its upcoming 777x. Emirates is buying 150 of the planes. Qatar Airways is among other airlines that have placed smaller orders. The design of the jet won't be complete until 2016, and deliveries won't begin until 2020. Boeing stock was already trading at an all-time high heading into today's session.
Sony (SNE) pushed 1% higher on initial sales figures for its new PlayStation 4 console. The company says it sold more than 1-million of the game consoles on Friday, the day of the device's debut. Sony has said it wants to sell 5-million PS4s by March. Its biggest obstacle may come this Friday when Microsoft (MSFT) begins selling its Xbox One. Microsoft shares fell nearly 2% lower today as Bank of America downgraded the stock to underperform from neutral.
Supervalu (SVU) plunged more than 8% today on an analyst downgrade. Goldman Sachs downgraded the stock to sell from neutral citing cuts to the federal food stamp program. It also pointed to growing competition. Prior to today's drop, Supervalu had been up 175% year-to-date.
Zulily (ZU) dropped more than 4% on its second day of trading as a public company. Shares of the online retailer climbed 71% on Friday in the company's debut on the Nasdaq. The climb since the offering has given Zulily a market capitalization above $4-billion.
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