Mid-Morning Market Update: Markets Slow Their Fall; McDonald's Posts Lower Than Expected Comp Sales
Following the market opening Thursday, the Dow traded down 0.04 percent to 12,927.54 while the NASDAQ fell 0.15 percent to 2,932.99. The S&P also fell, decreasing 0.06 percent to 1,393.68.
Top Headline McDonald's (NYSE: MCD) shocked some investors this morning after the company announced that its global comp sales had declined 1.8 percent, with US and European comps falling 2.2 percent. The announcement caused McDonald's shares to fall roughly one percent in early trading.
Equities Trading UP Whiting Petroleum (NYSE: WLL) saw an early boost and a subsequent drop, remaining up 3.78 percent to $43.63 on renewed chatter that Statoil (NYSE: STO) had offered $65 per share for the company. Following the rumour, Statoil came out denying the rumour, causing the subsequent drop. Stay tuned to Benzinga for more up to the second news on the possible deal.
Monster Worldwide (NYSE: MWW) traded up 10.86 percent to $6.33 after the company reported an earnings beat Thursday morning and was reported to be seeking the sale of ChinaHR as part of its restructuring.
Shares of SandRidge Energy (NYSE: SD) also gained in early trading Thursday, rising 7.67 percent to $6.46 following a letter from TPG-Axon calling for a realignment of the company's board of directors, resignation of the CEO, and a potential sale of the company.
Equities Trading DOWN Universal Display (NASDAQ: PANL) dropped 16.08 percent to $23.65 following a downgrade at Wedbush Securities.
Windstream (NASDAQ: WIN) also fell, declining 7.01 percent to $8.76 after the company posted an earnings miss Thursday morning.
Shares Monster Beverage (NASDAQ: MNST) dropped in early trading as well, but recovered some of the loss, remaining down 3.70 percent at $43.31 following an earnings miss after the close Thursday.
Commodities In commodity news, oil traded up 0.84 percent to $85.15, while gold traded down 0.06 percent to $1,717.20.
Silver traded down 0.14 percent Thursday to $31.89.
Eurozone In the eurozone, amid sweeping violent protests, Greece passed its latest round of austerity measures, securing a new round of bailout money for the ailing country.
The ECB also made headlines, deciding to leave rates unchanged, despite hints from some economists that they may be coming down. Following the decision, ECB president Mario Draghi made some comments about the expected near future performance of the euro zone economy, and the message was bleak.
Following in the footsteps of the ECB, the Bank of England also decided to hold rates flat.
Economics In economic news, initial jobless claims were reported at 355 thousand, below the forecasted 370 thousand and the prior figure of 363 thousand, while continuing jobless claims came in at 3.127 million, better than the expected 3.253 million, and the previous report of 3.262 million.
Trade balance was also reported, coming in at -41.5 billion, better than the expected -45 billion and the prior figure of -44.2 billion.
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