Stock Market Retreats Off Record Highs as Facebook Prepares to Report Financial Results
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The stock market retreated off all-time highs set yesterday with the major stock indexes posting small declines today.
The S&P 500 and Dow indexes were both down 0.22 percent while the Nasdaq Composite index fell 0.23 percent. The Entrepreneur Index™ had a loss of 0.19 percent on the day.
The technology sector was generally weak with the exception of semiconductor chipmakers Analog Devices and NVIDIA Corp. Both were up after strong earnings from Texas Instruments today lifted the entire chip sector. Analog Devices, up 2.79 percent, set a 52-week high today. Chipmakers have had a strong recovery from the plunge at the end of last year. Analog's stock is up 36.7 percent this year while NVIDIA is up 43.2 percent.
Gap Inc. and L Brands both had strong days in the market, rising 3.31 percent and 3.24 percent respectively. L Brands, which recently struck a deal with activist investor Barington Capital to support the company's independent board of director nominees, has risen sharply in the last two sessions, putting its return for the year-to-date (1.79 percent) in positive territory. Gap, up just 0.47 percent so far this year, plans to split off its Old Navy brand from the rest of the company.
Rollins Inc. shares got pummeled after the company reported financial results that missed estimates for the second consecutive quarter. The stock was down 10.06 percent -- the biggest loss on the Entrepreneur Index™ today. The pest control company missed earnings estimates by a penny and posted quarterly revenues more than one percent below expectations. The stock is still up 8.8 percent this year.
Oil and gas producer Hess Corp. fell 2.39 percent after inventories of U.S. crude oil increased by more than expected last week. Hess is the hottest stock on the Entrepreneur Index™ this year, rising 62.6 percent as the price of oil has rebounded.
Tesla was also down sharply, falling 1.99 percent ahead of the company reporting financial results after the market close today. A CFRA analyst suggested that first quarter numbers "could be a disaster" for the company. Tesla reported profits in the last two quarters.
Four other companies on the Entrepreneur Index™ will report financial results after the market close today:
The Entrepreneur Index™ collects the top 60 publicly traded companies founded and run by entrepreneurs. The entrepreneurial spirit is a valuable asset for any business, and this index recognizes its importance, no matter how much a company has grown. These inspirational businesses can be tracked in real time on Entrepreneur.com.