Afternoon Market Update

Shares of California Pizza Kitchen

were down by more than 9% following the revision in its Q2 earnings guidance. CPKI has now forecast a 7% decline in sales at its comparable full service restaurants. The company had originally projected a 6% fall in sales. German sportswear group Adidas

is expecting a minimum of €1.5 billion ($1.9 billion) of sales in its soccer category for this year following the rise in sales due to the FIFA World Cup. The ADDYY forecast represents a sales growth in soccer-related products from the figure achieved in 2008. The company’s sales of soccer products jumped 26% in Q1. The crude oil futures rose today following the plans of China's central bank to slowly remove the cap from the yuan’s valuation against the US dollar. Crude for August delivery gained 1.7% at $79.62 per barrel on the New York Mercantile Exchange (NYMEX). Read more