Nordic American Tankers Cashes In, CSX Stumbles on Cautious Guidancehttp://www.fool.com/investing/general/2014/01/16/nordic-american-tankers-cashes-in-csx-stumbles-on.aspx John Divine
January 16, 2014
Although we don't believe in timing the market or panicking over daily movements, we do like to keep an eye on market changes -- just in case they're material to our investing thesis.
Just as investors were starting to regain their confidence in retailers, after holiday sales data topped estimates earlier this week, that confidence was instantly shattered. The cause for today's 180-degree sentiment swivel was Best Buy, which disclosed its own holiday sales figures -- figures that caused investors to dump the stock and run for the hills en masse. With declining same-store sales and operating profits now likely to slump in the fourth quarter, Best Buy stock was the first major casualty of 2013's uber-competitive retail price wars. Weak results from the financial sector also pressured stocks, and the Dow Jones Industrial Average (INDEX: ^DJI) finished down 64 points, or 0.4%, to end at 16,417.
Wal-Mart Stores (NYSE: WMT) closed as one of the Dow's worst performers Thursday, shedding 1.2% by the ring of the closing bell. The pessimism surrounding retailers, on top of federal allegations that the company mistreated protesting employees in 2012, made Wal-Mart stock particularly vulnerable today. Shares lost ground yesterday, as well, after the National Labor Relations Board charged Wal-Mart with making "coercive statements" again