News Summary (EBAY, KSS)
Natural-gas futures have trimmed their losses after tumbling due to an Energy Information Administration (EIA) report showing a bit higher-than-expected rise in supplies. The EIA has reported a rise in the nation's storage by 37 billion cubic feet for the week ended August 6, while the analysts were expecting a rise between 32-36 billion cubic feet.
Shares of eBay Inc (NASDAQ: EBAY) moved up after the analyst Mark Mahaney at Citigroup upgraded the company to “buy.” He has maintained the price target of $28 for the company to reflect the fall in the stock’s value this year, setting up a "valuation entry point" for the shares. He mentioned, "We remain skeptical of the ability of eBay Marketplace to grow in-line with overall eCommerce growth rates, a goal eBay established in early '09. But we believe our skepticism is now widely shared and more than reflected in eBay's valuation." EBAY’s shares gained more than 2% following the upgrade.
US Retail stocks moved down today after Kohl's Corp (NYSE: KSS) issued weaker-than-expected projections for the third quarter and full year. The S&P Retail Index (RLX) lost more than 2% following the unexpected rise in the weekly jobless claims to their highest level since February.
Read more from Benzinga's Markets.
