Mid-Morning Market Update: Markets Edge Higher, Smucker Posts Higher Profit
Following the market opening Thursday, the Dow traded up 0.25 percent to 14,997.30 while the NASDAQ surged 0.39 percent to 3,414.74. The S&P also rose, gaining 0.34 percent to 1,614.38.
J.M. Smucker Co (NYSE: SJM) reported a 25% rise in its fourth-quarter profit.
Smucker's quarterly profit surged to $130.3 million, or $1.22 per share, versus $104.1 million, or $0.93 per share, in the year-ago period. Its adjusted earnings came in at $1.29 per share.
Its revenue declined to $1.34 billion from $1.36 billion. However, analysts were projecting earnings of $1.16 per share on revenue of $1.35 billion. Smucker expects 2014 adjusted earnings of $5.65 to $5.75.
Equities Trading UP
Ciena (NASDAQ: CIEN) shot up 13.98 percent to $18.59 after the company posted a profit in the second quarter.
Shares of Conns (NASDAQ: CONN) got a boost, shooting up 3.82 percent to $50.31 after the company reported a 92% rise in its fiscal first-quarter earnings..
SodaStream International (NASDAQ: SODA) was also up, gaining 6.78 percent to $74.05. PepsiCo (NYSE: PEP) is in talks to buy SodaStream for $2 billion, according to the Calcalist financial newspaper. But PepsiCo denied a report that it is in talks to buy the company.
Equities Trading DOWN
VeriFone Systems (NYSE: PAY) was down, falling 17.90 percent to $18.02 after the company reported downbeat second-quarter results and issued a weak forecast.
Shares of Vera Bradley (NASDAQ: VRA) were down 11.80 percent to $19.81 after the company announced the resignation of its CEO Michael Ray. The company also lowered its fiscal year profit and sales forecast.
Francesca's Holdings (NASDAQ: FRAN) shares tumbled 9.94 percent to $27.10 on Q1 results.
In commodity news, oil traded up 0.76 percent to $94.45, while gold traded down 0.07 percent to $1,397.50.
Silver traded down 0.52 percent Thursday to $22.36, while copper fell 1.78 percent to $3.31.
European shares were mostly lower today. France's unemployment rate rose to 10.8 percent in the first quarter but was better than the expected 10.9 percent. Further, the fourth quarter's reading was revised lower to 10.5 percent from 10.6 percent, although the numbers still remain high in absolute terms.
The Spanish Ibex Index rose 0.61 percent and the Italian FTSE MIB Index dropped 0.54 percent. Meanwhile, the German DAX declined 0.34 percent and the French CAC 40 fell 0.21 percent while U.K. shares dropped 0.45 percent.
US jobless claims declined by 11,000 to 346,000 in the week ended June 1. However, economists were expecting claims to decline to 345,000.
Monthly job cuts dropped 41% y/y in May, outplacement consultancy Challenger, Gray & Christmas reported.
The Bloomberg Consumer Comfort Index came in at -29.70 in the week ended June 2, versus a prior reading of -29.70.
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