The broader stock market was flat.
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Stocks opened higher but fell through most of the day. The indexes ended the session with declines of less than 0.1 percent. The Entrepreneur Index™ fared slightly better, closing the day with a gain of 0.08 percent.
Tesla had another good day, posting the biggest gain on the Entrepreneur Index™. It was up 1.98 percent after Morgan Stanley analyst Adam Jonas suggested that investors were undervaluing the company’s potential upside from its autonomous driving technology. Earlier this year, CEO Elon Musk said that autonomous driving fleets of Teslas would eventually give the company a market cap of $500 billion. The shares are up more than twenty percent in June after losing nearly fifty percent of their value in the first five months of the year.
The technology sector once again had mixed performance. Facebook (1.88 percent) and chip-maker NVIDIA Corp. (1.56 percent) had good gains while software-makers Adobe Systems Inc. (-1.55 percent) and salesforce.com (-1.73 percent) had losses. Salesforce’s drop comes on the heels of a more than five percent loss yesterday when it announced a $15.3 billion deal to buy data software firm Tableau. Analog Devices, up nearly six percent yesterday after getting an upgrade from a Goldman Sachs analyst was down 1.3 percent today.
Clothing retailers had a decent day. Under Armour Inc. (1.55 percent) and L Brands (1.65 percent) were up nicely while Gap Inc. (0.83 percent) and Ralph Lauren Corp. (0.18 percent) had more modest gains.
D.R. Horton Inc. was down 1.36 percent today. Demand for new homes has been spotty of late but shares of the country’s biggest homebuilder are up nearly 30 percent this year as investors expect multi-year low 30-year mortgage rates will spur demand.
The REITs were mixed today with five of nine stocks on the Entrepreneur Index™ falling today. Macerich Company (-1.17 percent) and Boston Properties (-0.7 percent) had the biggest declines in the sector. Essex Property Trust (1.02 percent) had the biggest gain.
Other declines on the Entrepreneur Index™ included pest-control company Rollins Inc. (-1.78 percent), Fedex Corp. (-1.48 percent), Cerner Corp.(-1.42 percent) and Intercontinental Exchange (-1.32 percent).
The Entrepreneur Index™ collects the top 60 publicly traded companies founded and run by entrepreneurs. The entrepreneurial spirit is a valuable asset for any business, and this index recognizes its importance, no matter how much a company has grown. These inspirational businesses can be tracked in real time on Entrepreneur.com.
Author: Andrew Osterland