Mid-Afternoon Market Update: Gold Rallies Hard on Egypt Turmoil, Mankind Drops

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Toward the end of trading Thursday, the Dow traded down 1.54 percent to 15,098.21 while the NASDAQ declined 1.82 percent to 3,602.54. The S&P also fell, dropping 1.54 percent to 1,659.35.
Top Headline
Wal-Mart Stores
WMT
reported a
rise in its fiscal second-quarter profit
and lowered its full year earnings forecast. Wal-Mart now estimates full year earnings of $5.10 to $5.30 per share, versus its earlier outlook of as much as $5.40 per share. It expects Q3 profit of $1.11 to $1.16 per share, versus analysts' estimates of $1.17 per share. Wal-Mart's quarterly profit surged to $4.07 billion, or $1.24 per share, from $4.02 billion, or $1.18 per share, in the year-ago period. Excluding one-time items, Wal-Mart earned $1.25 per share, versus analysts' estimates of $1.25 per share. Its revenue increased 2.3% to $116.9 billion from $114.3 billion, while same-store sales dropped 0.3%.
Equities Trading UP
Volterra Semiconductor
VLTR
shot up 54.59 percent to $22.88 after the company agreed to be
acquired by Maxim
Integrated
MXIM
for $23 per share. Shares of IAMGOLD
IAG
rallied steadily throughout the session Thursday, gaining 10.84 percent to $6.46 as gold rose throughout today's session on the turmoil in Egypt. Kohl's
KSS
was also up, gaining 5.39 percent to $53.60 on
Q2 results. Equities Trading DOWN
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Shares of Renren
RENN
were down 12.50 percent to $3.67 on Q2 results. Analysts at
Jefferies downgraded the stock
from Hold to Underperform. E-Commerce China Dangdang
DANG
shares tumbled 11.00 percent to $9.13 after the company posted a Q2 net Loss of RMB63.9 million ($10.4 million). MannKind
MNKD
was down as well, falling 10.18 percent to $6.82 as traders looked to take profits from its rally yesterday, sending it down to pre-rally levels.
Commodities
In commodity news,
oil traded up 0.41 percent
to $107.29, while gold traded up 2.42 percent to $1,365.80. Silver traded up 5.31 percent Thursday to $23.04, while copper rose 0.69 percent to $3.36.
Euro zone
European shares were
lower on weak sentiment
from Asia and some poor earnings reports while Italy's market was closed.The Spanish Ibex Index dropped 0.66 percent. Meanwhile, the German DAX declined 0.74 percent and the French CAC 40 dropped 0.51 percent while U.K. shares fell 1.57 percent.
Economics
US jobless claims declined 15,000 to 320,000 in the week ended August 10. However, economists were projecting claims to total 333,000 in the recent week. US consumer prices increased 0.2% in July, while the core CPI gained 0.2%. The Empire State manufacturing index declined to 8.2 in August, versus 9.5 in July. However, economists were expecting a reading of 9.5 in the month. Industrial production came in flat in July, versus economists' expectations for a 0.2% growth. The Bloomberg Consumer Confidence Index declined to -26.60 for the week ended August 11, versus a prior reading of -23.50. The NAHB housing market index increased 3 points to a reading of 59 in August. Economists were expecting a reading of 57. The Philadelphia Fed Manufacturing Index dropped to 9.30 in August, versus a prior reading of 19.80. However, economists were estimating a reading of 15.00. Natural gas supplies rose 65 billion cubic feet for the week ended August 9, the US Energy Information Administration reported. However, analysts were expecting an increase between 68 billion cubic feet and 72 billion cubic feet. Data on money supply will be released at 4:30 p.m. ET.
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Posted In: EarningsNewsGuidanceEurozoneCommoditiesForexGlobalEcon #sEconomicsHotIntraday UpdateMarketsMoversTech
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