Afternoon Market Update (DHI, DAL, AMR, UAUA, SKYW, CWTR, AEO)
Shares of DR Horton Inc (NYSE: DHI) rose about 2.71% after the analyst Stephen East of Ticonderoga Securities upgraded the company from “neutral” to “buy.” Stephen East said, "The fundamental outperformance of this company combined with an attractive equity entry point makes this story one of the most interesting in our universe." He added, "We've been patiently waiting for an opportunity to enter the shares on the long side."
US Airline stocks fell for a 5th day, with Delta Air Lines (NYSE: DAL) and American Airlines parent AMR Corp (NYSE: AMR) losing the most in the list. DAL’s shares lost about 2.7%, while shares of AMR fell about 3.6%. The other stocks that are also falling are UAL Corp (NASDAQ: UAUA) down 2.89% and SkyWest Inc (NASDAQ: SKYW) down about 0.2%. The NYSE Arca Airline Index (XAL) lost about 1.90%.
US Retail stocks moved down after the weaker-than-expected rise in the US durable goods orders, along with drop to a new all-time low in the US new home sales in July. The S&P Retail Index (RLX) was down about 1.31%. However, Coldwater Creek Inc (NASDAQ: CWTR) and American Eagle (NYSE: AEO) are moving in upward direction. Shares of CWTR gained about 20.60% after the company swung to Q2 profit. AEO’s shares moved up about 5.2% after the company announced its plans for 50 to 100 store closings in order to cut expenses. The company’s Q2 earnings fell, while the sales moved up on year-over-year basis.
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