Tax Reform Troubles Weight on Markets
Uncertainty in Washington was weighing on Wall Street Friday as stocks retreated for the second consecutive session after the details of the Senate version of the tax reform bill were made public. It doesn't look like tax reform will be a smooth process, and markets responded by sending all three averages lower.
Nvidia (NVDA) - Get Report was able to go against the grain and gain nearly 6% on heavy volume after the chip maker and action alerts plus holding blew analysts earnings expectations out of the water. The company continues to see strength in its video game division while returns from its data center segment are increasing.
JC Penney (JCP) - Get Report shares jumped nearly 15% in the morning session after reporting a narrower loss than analysts expected for the quarter. The company lost 33 cents per share, beating estimates by a dime. Just last month the company lowered its profit expectations. So in essence the company lowered the bar so it could easily jump over it. A strategy that investors are rewarding Friday.
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Video Transcript:
Uncertainty in Washington was weighing on Wall Street Friday as stocks retreated for the second consecutive session after the details of the Senate version of the tax reform bill were made public. It doesn't look like tax reform will be a smooth process, and markets responded by sending all three averages lower.
Nvidia (NVDA) - Get Report was able to go against the grain and gain nearly 6% on heavy volume after the chip maker and action alerts plus holding blew analysts earnings expectations out of the water. The company continues to see strength in its video game division while returns from its data center segment are increasing.
JC Penney (JCP) - Get Report shares jumped nearly 15% in the morning session after reporting a narrower loss than analysts expected for the quarter. The company lost 33 cents per share, beating estimates by a dime. Just last month the company lowered its profit expectations. So in essence the company lowered the bar so it could easily jump over it. A strategy that investors are rewarding Friday.
