Dollar Tree Is One of the Few Winners on the Entrepreneur Index™ Today
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A day after comments from Fed Chairman Jerome Powell sent stocks soaring, the market trended sideways for most of the day. The Entrepreneur Index™ closed down 0.3 percent. The three major stock indexes also posted small losses on the day.
Dollar Tree Inc., the discount retailer that has struggled this year, had the biggest gain on the Entrepreneur Index™ today. The stock was up 6.13 percent after the company reported earnings before the market opened. Dollar Tree beat earnings estimates but missed revenue targets and lowered guidance for the rest of the year. For much of this earnings season, that has been a recipe for a share price beat-down. Not this time. The retailer's stock was down sharply in pre-market trading, but took off after the opening bell. The shares are still down 18 percent so far this year.
Specialty retailer Bed Bath & Beyond also had a good day, rising 2.82 percent. It too has been disappointing investors with financial results of late. The stock is down 42 percent on the year.
All retailers have been grappling with the "Amazon effect," as sales migrate online. The world's biggest retailer was down 0.25 percent today after rising nearly 12 percent over the last three trading sessions. Technology stocks were quiet as a whole. Netflix posted the biggest gain in the sector, up 2.16 percent. It is also up sharply in the last three days and despite a more than 30 percent decline since the beginning of October, it is still up 50 percent for the year.
J.M. Smucker Company had a 2.11 percent bounce today after suffering the biggest loss (-7.2 percent) on the Entrepreneur Index™ yesterday. Tyson Foods, also down yesterday, recovered 1.28 percent today.
Twitter posted the biggest decline on the index today, falling 4.37 percent, despite no significant news out of the company. The social media network did suspend an account yesterday for apparently impersonating Russian President Vladimir Putin. Ironic. Twitter's stock is down about 30 percent since peaking in July, largely because of the company's ongoing battle with automated bots and trolls on the network -- many of them created by the Russian internet Research Agency organization.
Wynn Resorts was also down sharply, falling 4.15 percent. The casino operator's stock has been wildly volatile this year as the market tries to determine if China and the global economy are headed downward. Wynn operates three casinos in Macau.
Like many investors, Wynn shareholders will be focused on the G20 economic summit that begins tomorrow in Argentina. The market is looking for some progress on trade negotiations between the world's two biggest economies. U.S. President Donald Trump and Chinese President Xi Jinping plan to have dinner together and will be joined by Peter Navarro, the most hawkish trade advisor in the administration.
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.