TheStreet TV

The Nasdaq ended with losses for the third time this week as a selloff in tech stretched into another day. The Dow closed lower and snapped a two-day record-making streak. Energy also weighed on markets as crude ended under $45 for a second day in a row. Bob Evans Farms Inc. fell after exceeding analysts' estimates for earnings in its recent quarter but reporting sales that missed. Guidance for fiscal 2018 also fell short of estimates. Mattel Inc. declined again as analysts weighed in on the toymaker's decision to slash its quarterly dividend, lower second-quarter sales forecasts, and refrain from issuing annual guidance. Both D.A. Davidson and UBS downgraded the stock. Harley-Davidson Inc. rose after Citi analysts predicted June sales would increase "meaningfully." The firm bases its forecasts on recent dealer checks this month.

Wall Street suffered severe losses as another tech selloff brought out the bears. The Nasdaq was the worst hit as major tech companies Apple, Facebook, Alphabet and Netflix continued to decline. Homebuilder confidence weakened slightly in June, according to the housing market index. The National Association of Home Builders said that builders remain frustrated over an "ongoing shortage of skilled labor and buildable lots." Nike Inc. weighed on the Dow after announcing widespread job cuts. The athletic wear company expects to lay off 2% of its global workforce, roughly 1,400 workers, as part of restructuring plans. Kroger Co. slumped after slashing earnings guidance for the full year. The grocery store chain also matched first-quarter profit estimates and beat on revenue.

Tech stocks took a sharp turn lower late this afternoon as a selloff of the sector's largest names resumed. Stocks had held closer to the flatline earlier before the Fed's announcement in the final hours of the session. The central bank opted to raise rates, as expected, and forecast another before the year is out. Members reiterated their confidence in the U.S. economy, even as recent data showed inflation trends softening. More than 2,000 employees will lose their jobs under the new media company Oath, a combination of Yahoo! and AOL. Cuts have been on the table since Verizon Communication Inc.'s purchase of Yahoo was competed earlier this week. Mattel Inc. was lower after cutting its quarterly dividend and warning of weaker second-quarter sales than anticipated. The toymaker also said it would not offer annual guidance.

Stocks fluctuated on a sudden decline in crude oil prices. Trading was already jittery as investors awaited an afternoon announcement on interest rates from the Federal Reserve. The central bank is expected to introduce its second hike of the year. The Energy Information Administration reported a decline in oil inventories over the past week. Domestic crude oil inventories fell by 1.7 million barrels, not as steep as expected. Gasoline and distillates stocks both increased. H&R Block Inc. was higher following a better-than-expected quarter. The tax preparation firm also hiked its dividend by 9% to 24 cents a share. Hawaiian Holdings Inc. slumped after rival airline United announced plans to add more flights to the 50th state. Hawaiian was also lower after Stifel downgraded its rating to SELL from HOLD and lowered its price target.

The S&P 500 and Nasdaq retreated from records to begin the week, finishing with losses for the first session in eight. Energy stocks led losses even as crude oil prices came off of the day's lows. Zynga set a new 52-week high after Piper Jaffray upgraded its stock rating to OVERWEIGHT from NEUTRAL. Analyst Michael Olson said the social game developer was following the same turnaround playbook as Electronic Arts . Atwood Oceanics rallied after agreeing to be acquired by Ensco in a deal that values the company at a 32% premium to its Friday close. That deal is slated to close in the third quarter. Chipotle was lower after determining that customers could have been compromised by a cyberattack across 48 U.S. states. The burrito chain had its payment systems hacked between March 24 and April 19.

Another decline in crude oil prices threatened to end a seven-day winning streak for the S&P 500 and Nasdaq. The two indexes closed at records on Friday, their second day of record closes in a row. Consumer confidence retreated in May as expectations for future economic conditions weakened. However, the overall mood remains optimistic and most anticipate growth over the summer months. BlackBerry fell after Raymond James downgraded its rating on the stock to MARKET PERFORM from OUTPERFORM. Analysts said they are tapping the brakes after a hefty rise since the last ratings update in August. TiVo jumped after a favorable ruling in a patent case against Comcast . A judge gave an initial ruling that found Comcast, Arris and Technicolor had violated two of TiVo'S patents.

Crude oil rebounded from a massive slump a day earlier even after another increase in U.S. drilling activity. The number of active U.S. rigs drilling for oil increased for the 19th week in a row. The fact that the gain was the smallest so far this year was a silver lining. Costco led the cyclical sector's gains after higher membership fees propelled quarterly profits. Revenue rose 8% and same-store sales increased 5%, 100 basis points above consensus. And Bank of America upgraded Veeva Systems following a solid first quarter. The cloud software developer topped adjusted earnings, while revenue surged 32%.

Major indexes fluctuated within a narrow range ahead of the Memorial Day weekend, putting the S&P 500 and Nasdaq at risk of snapping a six-day winning streak. They closed at fresh records a day earlier. Consumer sentiment ticked higher in May, according to the final reading from the University of Michigan. Views on current economic conditions weakened slightly, while expectations for the future rose. Deckers surged after a better-than-expected fourth quarter and higher full-year guidance. The maker of UGG boots anticipates a narrower first-quarter diluted loss than analysts had expected. GameStop fell despite beating quarterly earnings and revenue consensus. Same-store sales grew just over 2%, largely tied to the launch of a new portable gaming console, the Nintendo Switch.

The S&P 500 and Nasdaq surged to fresh intraday records after a series of positive retail earnings boosted consumer stocks. The S&P was on track to close with its sixth straight session of gains. Best Buy rallied after posting unexpected growth in same-store sales over its recent quarter. The electronics retailer cited a strong performance in gaming and improving sales trends tied to tax refunds as reasons for its solid quarter. Nasdaq component Sears rocketed higher after reporting its first GAAP profit since its second quarter of last year. Investors overlooked a wider adjusted loss and its 11th straight quarter of declining same-store sales. Netflix traded at records after a bullish note from Piper Jaffray analysts. The firm believes current estimates for international profitability are too conservative.

Lowe's says it missed earnings expectations because it paid down a lot of debt. Stock of the home improvement retailer is down sharply in the pre-market. Sales at Lowe's also missed expectations. 3 more people have been arrested in Manchester, England related to the bombing at a Ariana Grande concert Monday night. British Prime Minister Theresa May says another attack could be imminent but gave no indication of the intelligence that led her to say that. Meanwhile, President Donald Trump met with Pope Francis at the Vatican in a trip that has taken the president to the homes of the World's main Abrahamic religions-Islam, Judaism and Christianity. A potential liquor merger is in the works. Constellation Brands has reportedly made an offer to buy Brown-Forman Constellation brands owns Corona beer and Svedka Vodka. Brown-Forman owns Jack Daniels brand.

The S&P 500 stretched its gains into day four, its longest streak since mid-February. Stocks rose after the Trump White House released a budget proposal heavy on cuts to social programs.U.S. agribusiness company Bunge spiked this afternoon after reportedly receiving a takeover bid from Swiss miner Glencore . It not clear whether deal talks have advanced beyond initial discussions. Nokia shares surged after settling an intellectual dispute with Apple , while simultaneously signing a multi-year patent license agreement. The deal sees Nokia provide infrastructure products to the iPhone maker. Take-Two Interactive jumped after far exceeding profit estimates. The earnings win overshadowed disappointing news that the release of its widely anticipated Red Dead Redemption 2 would be delayed until spring 2018.

Defense stocks lifted Wall Street to begin the week after Donald Trump's first leg of a trip abroad resulted in billions of dollars' worth of deals. Crude oil also rallied after of an OPEC meeting later in the week. Dow Jones Industrial Average component Boeing boosted the blue-chip index after Trump's weekend of deals. Saudi Arabia has agreed to buy a series of new aircraft, weapons systems and helicopters. Qualcomm rose after JPMorgan raised its rating to OVERWEIGHT from NEUTRAL. The firm has high hopes for its pending $47 billion acquisition of NXP Semiconductor . That deal is expected to close by the end of the year. Barclays upgraded its rating on Mylan to OVERWEIGHT from EQUAL WEIGHT and increased its price target by $3 to $50. The firm is optimistic its generic version of a multiple sclerosis treatment will be approved.

President Donald Trump has begun the 2nd leg of his foreign trip. He arrived in Tel Aviv and gave a speech on collaboration between the United States and Israel. In his address he said "the United States and Israel have a rare opportunity to bring security and stability and peace to the region, defeat terrorism and create a future of harmony." Several reports out overnight indicate that Ford Motor Company's board will replace Chief Executive Mark Fields. Fields has been criticized for the company's result, lower stock price and lack of specific vision. Jim Hackett, who runs the company's self-driving vehicle operation, will take the reins. Oil is higher today as OPEC prepares to meet Thursday. Crude prices climbed to the highest in a month as Saudi Arabia's energy minister said all producers participating in a deal to limit output agree on extending the cuts by 9 months.

Stocks retreated from the day's highs on new developments in the Trump-Russia saga. A Washington Post report alleges a senior White House adviser is now a person of interest, while a New York Times story said Donald Trump told Russian officials last week that firing FBI Director James Comey had relieved pressure on the investigation. Crude oil ended higher, driving gains in the energy sector. The commodity held in the green even as the number of active oil rigs in the U.S. rose for an 18th week in a row. Oil rigs climbed by eight. Autodesk rallied after positive earnings over its recent quarter. The stock also got a boost after Bank of America and RBC each lifted their price targets. Gap surpassed analysts' estimates over its first quarter. Revenue held flat, though exceeded targets, while first-quarter same-store sales increased by 2%.

Stocks continued to claw back from a mid-week selloff thanks to another jump in crude oil. West Texas Intermediate recaptured its $50-a-barrel level earlier in the session, while the energy sector enjoyed some of the best of the day's gains. Foot Locker reported a decline in quarterly profit and meager growth in sales. Same-store sales growth of 0.5% missed consensus of more than 1%. The sports shoe retailer blamed a slow start in February tied to a delay in income tax refunds. Salesforce gained after a better-than-expected quarter and outlook. The cloud-software developer reported a nearly 25% jump in quarterly revenue. Deere boosted both profit and sales over its recent three-month period as demand strengthened. The company more than doubled its full-year equipment sales growth outlook.