The market regrouped a little today as the Dow gained 14 points and closed at 21,858 for the week. More specifically, it was the large cap companies, such as those in the Dow and the S&P 500, that regained their form and showed their resiliency during this political unrest, whereas small cap companies were still off.
While many of the big boys rebounded today, Snapchat and J.C. Penney got snapped because their reports were worth pennies. Snapchat, which now has a new feature with dancing hot dogs, reported after the bell yesterday and showed lower than expected results in daily average users (DAU). This caused the stock to plunge in the after-hours market, reaching a price at one point almost 20% lower than its closing price. J.C. Penney also reported another poor quarter, driving its stock price down nearly 17%, totaling a little more than a 50% negative return for the year.
Day 2 of “Wild Bill” at Philmont: all is well. Yesterday was mostly just getting there and getting settled. More to come next week.