Stocks extended their September surge today. They moved higher on a report showing China's industrial output rising. Investors also reacted positively as the chances of a military strike on Syria seemed to fade. Bashar al-Assad's regime has agreed to an alternative resolution to the crisis: putting its chemical weapons under international control. Russia formally proposed the idea after U.S. Secretary of State John Kerry mentioned it as an option in off-the-cuff remarks. President Obama is set to address the nation on the crisis at 9pm est tonight. You can watch the address live at Yahoo.com.
Three stocks climbed today on news they're being added to the Dow Jones Industrial Average: Goldman Sachs (GS), Visa (V) and Nike (NKE). The companies being booted from the index all moved fractionally. They're Alcoa (AA), Bank of America (BAC), and Hewlett-Packard (HPQ). The changes are set to take place September 23rd.
Five Below (FIVE) skyrocketed more than 17% on its quarterly earnings. The Philly-based discount chain says it made 11-cents a share excluding items when estimates were for 9-cents. Revenue also topped forecasts at more than $117 million versus $112.7 million. Sales were up 35% in the past year since the company first went public. That's due to both a 6.6% increase in same-store sales and a jump in the number of locations. Even prior to today's spike, shares were up 10% over the past month.
Sears (SHLD) jumped another 7% today after climbing more than 12% yesterday for no apparent reason. In fact, at around 3pm CNBC's John Carney tweeted, "What the heck is going on with Sears today? Up more than 13%." We at Yahoo Finance did some checking and found the rise could be due to an ongoing short squeeze. Even before today's gains, Sears stock was up 28% over the past month.
Netflix (NFLX) rose more than 6% today to hit a new all-time high. The move up came on news that Netflix struck a deal with U.K. cable company Virgin Media for its streaming service to be integrated into cable subscriptions. It also comes just two days ahead of the company's release of the new original series "Derek" which stars Ricky Gervais. The stock's new high shatters one which was set more than two years ago. Shares later tanked on a variety of poorly received headlines including a raise in subscription fees and a plan to separate the company's DVD and streaming services.
Blackberry (BBRY) dropped 5% today giving up the majority of a 6% gain yesterday. The move lower came on news in the Wall Street Journal that several dozen members of the company's sales staff were laid off. The paper says the cuts are part of a larger downsizing that's been going on for weeks. BlackBerry's climb yesterday stemmed from talk that a large shareholder has approached the company about a buyout.
Green Mountain Coffee Roasters (GMCR) fell 3% as the company held its first-ever investor meeting today. The lead-up to the event brought scrutiny from New York Times columnist Jesse Eisinger who asked questions about how many K-Cups the company is really selling, plus what former employees describe as unusual movements in inventory. Also of note, hedge fund manager David Einhorn has shorted the stock, raising questions about Green Mountain's prospects and its bookkeeping. At this point, the stock has nearly doubled in 2013.
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