Stocks slammed on corporate tax cut delay
Stocks slammed as details of the Senate tax plan come out, and huge after hours earnings await. Plus – Big earnings reports with Disney and Nvidia coming up, we’ll have those for you. And – Sean Parker says social media sites are exploiting you – is Washington listening? Plus – despite today’s jitters, does the current bull market have more room to run? We check the charts. Catch The Final Round at 3:55 p.m. with Jen Rogers and Yahoo Finance markets correspondent Nicole Sinclair.
Winners and losers
Stocks getting hit today include IAC/Interactive Corp as the College Humor and Daily Beast parent missed on profit as expenses rose in the quarter, Canadian Solar as the panel maker missed on the bottom line, and Snap – shares of the Snapchat parent down again as Morgan Stanley downgrades the stock to ‘underweight’ citing monetization challenges.
Stocks getting a boost include 21st Century Fox as higher ad sales led to a revenue beat, specifically in its cable unit, Macy’s as earnings beat forecasts, and did not lower its holiday forecast as some expected, and Roku – shares popping here as the streaming device maker reported a much lower loss than expected with revenue beating as well.
Searching for yield
Fixed income, as an asset class, especially high quality government debt has been over-loved according to our next guest. Henry Peabody is a Portfolio Manager at Eaton Vance and joins us now.
