The markets closed flat with the Dow slipping 2 points to 21,080 as the nation's economy expanded at a modest rate in the first quarter. Nasdaq added 4 points to 6,210.


On the upside


Shares of NII Holdings (Nasdaq: NIHD) surged on no news.


First quarter earnings surged for Veeva Systems (NYSE: VEEV) as revenue climbed.


Rayonier Advanced Materials (NYSE: RYAM) will acquire Tembec in a cash and stock transaction valued at approximately $807 million including the assumption of debt.


On the downside


Investors locked in profits on BioCryst Pharmaceuticals (Nasdaq: BCRX).


Citigroup downgraded JinkoSolar Holding (NYSE: JKS) from a Neutral rating to a Sell rating while Morgan Stanley downgraded the solar power company from an Overweight rating to an Underweight rating.

 

Profit taking weighed down shares of Sears Holdings (Nasdaq: SHLD).


The broader S&P 500 held steady at 2,415. Bitcoin plummeted $232 to $2220.


The markets opened mixed with the Dow slipping 15 points to 21,067 while Nasdaq held steady at 6,205 as the nation's economy expanded at a modest 1.2% rate in the first quarter on the heels of a stronger 2.1% growth rate in the fourth quarter.


On the upside


Nutanix (Nasdaq: NTNX) reported a smaller than expected loss for the third quarter and forecast current quarter revenue ahead of estimates.


Deckers Outdoor (NYSE: DECK) reported a loss that was smaller than expected and lifted its full year forecast.


AmTrust Financial Services (Nasdaq: AFSI) raised $300 million through a private placement.


On the downside


Zoe's Kitchen (NYSE: ZOES) disappointed with sharply lower first quarter earnings.


GameStop (NYSE: GME) reported better than expected first quarter earnings and revenue but the stock price fell.

 

Splunk (Nasdaq: SPLK) narrowed losses for the first quarter as revenue rose but the stock price dropped.


The broader S&P 500 held steady at 2,415. Bitcoin plummeted $136 to $2316.


Upbeat earnings lift markets

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Upbeat earnings lifted the markets to a higher close with the Dow climbing 70 points to 21,082. Nasdaq gained 42 points to 6,205.


On the upside


Bargain hunters snapped up shares of SPI Energy (Nasdaq: SPI).


Modine Manufacturing (NYSE: MOD) reported better than expected earnings for the fourth quarter as revenue soared.


Guess? (NYSE: GES) narrowed first quarter losses more than expected.


On the downside


Genesco (NYSE: GCO) disappointed with sharply lower first quarter earnings that missed expectations.


Hornbeck Offshore Services (NYSE: HOS) will be replaced on the S&P SmallCap 600 by Time (NYSE: TIME).

 

Shares of Bristow Group (NYSE: BRS) extended its losses.


The broader S&P 500 climbed 10 points to 2,415. Bitcoin tumbled $44 to $2401.


OPEC extends production cuts

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The markets traded higher during the midday with the Dow rising 64 points to 21,077. Nasdaq soared 41 points to 6,204.


The Organization of the Petroleum Exporting Countries agreed to extend its temporary production cut by nine months. OPEC Conference president Khalid A. Al-Falih said that oil prices were beginning to rebalance due to the production cuts that were implemented in December 2016 and that additional inventory reductions were necessary to continue stabilizing the markets. However, crude oil prices slipped after the announcement.


Worksafe reported that worker injury rates at Tesla in 2015 were 31% higher than industry average while more serious injuries were nearly double the industry average. The overall rate in 2015 was 8.8 injuries per 100 workers. Tesla said that the rate has improved over the past two years to 8.1 injuries per 100 workers in 2016 and 4.6 in the first quarter of 2017.


A class action lawsuit was filed against General Motors for allegedly installing emissions cheating devices in GM Duramax diesel trucks. Owners claim that GM installed the devices in model years 2011 through 2016 Chevrolet Silverado Duramax and GMC Sierra Duramax trucks. GM said that there was no merit to the lawsuit.


The broader S&P 500 climbed 10 points to 2,414. Bitcoin dropped $21 to $2424.


First time applications for unemployment benefits rose less than expected last week to lift the markets to a higher open with the Dow gaining 70 points to 21,082. Nasdaq climbed 27 points to 6,190.


On the upside


BioCryst Pharmaceuticals (Nasdaq: BCRX) reported additional positive data from a second interim analysis of its Phase 2 APeX-1 clinical trial.


Best Buy (NYSE: BBY) reported first quarter earnings that beat expectations.


Sears Holdings (Nasdaq: SHLD) reversed year ago losses to post an unexpected profit for the first quarter.


On the downside


International Game Technology (NYSE: IGT) reported a greater than expected loss for the first quarter.


Costamere (NYSE: CMRE) priced its public offering of 13.5 million common shares at the discounted price of $7.10 per share.

 

Hormel Foods (NYSE: HRL) disappointed with lower second quarter earnings and revenue that fell short of expectations.


The broader S&P 500 gained 8 points to 2,412. Bitcoin leaped $264 to $2710.


The Federal Reserve indicated that more upbeat economic data was needed before raising interest rates. The markets closed higher with the Dow climbing 74 points to 21,012. Nasdaq gained 24 points to 6,163.


On the upside


Triumph Group (NYSE: TGI) narrowed losses for the fourth quarter.


The Food and Drug Administration's Oncologic Drugs Advisory Committee recommended approval of Puma Biotechnology's (Nasdaq: PBYI) breast cancer treatment neratinib.


Tilly's (NYSE: TLYS) narrowed first quarter losses more than expected.


On the downside


Bristow Group (NYSE: BRS) widened losses for the fourth quarter.


Neurocrine Biosciences (Nasdaq: NBIS) reported disappointing results from a Phase II Tourette syndrome T-Force Green study of Ingrezza.

 

Tiffany (NYSE: TIF) reported an unexpected drop in same store sales.


The broader S&P 500 added a point to 2,399. Bitcoin leaped $240 to $2466.


The markets extended its gains during the midday with the Dow climbing 65 points to 21,002. Nasdaq rose 14 points to 6,153.


Target agreed to pay an $18.5 million settlement with 47 states and the District of Columbia for a 2013 data breach that affected over 41 million customer accounts. Cyberattackers stole confidential customer information such as names, phone numbers, email addresses, credit card numbers and verification codes. The states will use their portion of the settlement to pay attorney and investigator fees in addition to funding consumer protection programs and consumer education.


Microsoft introduced its monthly Xbox Game Pass that will allow users online access to over 100 games. The $9.99 per month subscription service is available to Xbox Live Gold members beginning today and will be made available to all Xbox One owners on June 1. Xbox Game Pass members will receive a 20% discount on any games that they purchase that are part of the Game Pass program.


Grace Children's Products issued a recall of more than 25,000 car seats that have weak webbing. Harness webbing on the My Ride 65 convertible car seats that were made on July 22, 2014 with model numbers 1871689, 1908152, 1813074, 1872691, 1853478, 1877535, 1813015, and 1794334 and with code 2014/06 on the webbing tag may break during a crash. A free replacement harness will be provided to owners of the car seat.


The broader S&P 500 rose 3 points to 2,401. Bitcoin rocketed $185 to $2411.


The markets opened modestly higher with the Dow rising 20 points to 20,958 ahead of the release of minutes from the Federal Reserve's May meeting. Nasdaq added 4 points to 6,142.


On the upside


The Container Store (NYSE: TCS) reported sharply higher fourth quarter earnings that beat expectations.


Inovio Pharmaceuticals (Nasdaq: INO) reported upbeat preliminary results from a clinical study of its PENNVAX-GP HIV vaccine.


CF Corp (Nasdaq: CFCO) will pay a premium of approximately $1.835 billion in cash to acquire Fidelity & Guaranty Life (NYSE: FGL).


On the downside


Aegean Marine Petroleum Network (NYSE: ANW) disappointed with sharply lower first quarter earnings that missed expectations.


First quarter earnings and revenue fell short for Chico's FAS (NYSE: CHS).

 

Dycom Industries (NYSE: DY) reported higher third quarter earnings and revenue but forecast current quarter results below expectations.


The broader S&P 500 added a point to 2,399. Bitcoin leaped $134 to $2360.


Sales of new single family homes fell in April but the markets closed modestly higher with the Dow gaining 43 points to 20,937 as investors reviewed President Donald Trump's budget plan. Nasdaq rose 5 points to 6,138.


On the upside


Glencore reportedly made an offer to acquire Bunge (NYSE: BG).


Shares of Puma Biotechnology (Nasdaq: PBYI) extended its gains.


Bargain hunters lifted shares of Endo International (Nasdaq: ENDP).


On the downside


Third quarter earnings and revenue for AutoZone (NYSE: AZO) fell short of analyst expectations.


Second quarter earnings fell for Nordson (Nasdaq: NDSN) even as revenue climbed.

 

DSW (NYSE: DSW) disappointed with lower first quarter earnings that missed expectations.


The broader S&P 500 rose 4 points to 2,398. Bitcoin soared $79 to $2226.


Kodak Ektra launches in U.S.

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The markets traded mixed during the midday with the Dow gaining 46 points to 20,941. Nasdaq eased a point to 6,132.


Kodak partnered with Bullitt Group to develop the Kodak Ektra smartphone that looks and feels like a camera. The Android phone boasts a 13-megapixel front facing camera with Google's Snapseed photo editing app preloaded. Kodak launched Ektra in Europe last year and has released the Ektra today in the U.S. with software upgrades.


The Organization of the Petroleum Exporting Countries will meet on Thursday to discuss a possible extension of the output cut agreement that was made in December 2016. OPEC nations along with 11 nonmember countries committed to lowering output by approximately 1.8 million barrels per day for the first six months of 2017 in order to boost prices. The oil producing nations are expected to extend the output cut by nine months.


Rumors continued to swirl about a possible merger between Sprint and T-Mobile US. The two wireless carriers had previously engaged in conversations to combine their businesses but abandoned discussions when regulators appeared poised to block a potential merger. With a new business friendly president in office, a consolidation of the nation's third and fourth largest wireless services providers may win regulatory approval.


The broader S&P 500 rose 5 points to 2,399. Bitcoin soared $72 to $2218.


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