Editor
Market close
Amazon.com (NASDAQ:AMZN), Facebook (NASDAQ:FB), and Microsoft (NASDAQ:MSFT) closed higher, while Apple (NASDAQ:AAPL) and Alphabet (NASDAQ:GOOGL) were flat.
IBM (NYSE:IBM), however, slumped nearly 9% after third-quarter revenue fell short of expectations amid a weakness in its legacy technology services business.
Energy stocks threatened to spoil the record-setting day on Wall Street, falling about 2% after oil prices reversed course as investors appeared to take profit on prices.
Baker Hughes (NYSE:BKR), Halliburton (NYSE:HAL), Kinder Morgan (NYSE:KMI) were down sharply, with the latter down more than 6% following quarterly results a day earlier that surprised to the upside.
Tesla (NASDAQ:TSLA) accelerated 3% after Wall Street cheered the automaker’s record quarter, which topped analysts’ estimates on both the top and bottom lines, underpinned by rising margins.
“Auto gross margin was 30%+ and roughly 250 bps ahead of Street expectations which highlights the massive leverage in the Tesla story now starting to take hold with Giga China front and center…,” Wedbush said in a note as it upgraded its price target on the stock to $1,100 from $1,000.
Tractor Supply (NASDAQ:TSCO) also supported consumer discretionary stocks after delivering better-than-expected quarter results, led by a double-digit climb in comparable store sales.
Tractor Supply reported fiscal Q3 EPS of $1.95, up from $1.62 a year earlier, and well ahead of Wall Street estimate of $1.67. Its shares were up more than 4%.
