Stocks (^DJI, ^GSPC, ^IXIC) are treading water today with traders edge following the last night’s White House bombshell. Catch The Final Round at 4 p.m. with Jen Rogers and Yahoo Finance markets correspondent Myles Udland.
Winners and losers
Stocks getting hit today include Toyota as the automaker forecast profit would slide 20% in the current year; US Steel as Cowen downgraded shares to ‘market perform’ citing risks from its multiyear revitalization plan, and Time Inc., with shares of the publisher sliding after it announced it will sell non-core assets and is hiring a consultant to reduce costs. Time’s Executive Chairman Joe Ripp will also retire.
Stocks getting a boost today include Coty as the beauty products maker beat on profit and revenue; Electronic Arts as the game publisher saw strong traction in video game downloads; and Nvidia—check this out—shares are surging near all-time highs as the chipmaker saw strong demand and capitalized on its forays into machine learning and driverless tech markets.
Abercrombie for sale?
Abercrobie & Fitch stock is taking off today. The teen retailer hasn’t had this good of a day since LFO’s hit song “Summer Girls” and it’s shout out to “girls that wear Abercrombie & Fitch” was climbing the charts back in 1999. The news: a potential takeover. Yahoo Style’s Alex Mondalek joins us to discuss.
At 8:30 a.m. ET, we’ll get jobless claims for the week. The Street is expecting 244,000 initial claims.
Also at 8:30 a.m., we’ll get the producer price index for April. The consensus estimate for PPI less food and energy prices is 0.2% month over month.
Finally it will be a big day for retail earnings with Nordstrom, Macy’s and Kohl’s all reporting.