Mid-Morning Market Update: Markets Rise; Campbell Soup Adjusted Profit Surpasses Estimates
Following the market opening Thursday, the Dow traded up 0.14 percent to 14,844.92 while the NASDAQ surged 0.49 percent to 3,611.05. The S&P also rose, gaining 0.18 percent to 1,637.93.
Campbell Soup posted a quarterly loss of $158 million, or $0.50 per share, versus a year-earlier profit of $127 million, or $0.40 per share. Its adjusted earnings climbed to $142 million, of $0.45 per share, versus $130 million, or $0.41 per share.
Its net sales surged to $1.72 billion from $1.52 billion, while adjusted sales gained 13% to $1.82 billion. However, analysts were projecting earnings of $0.42 per share on sales of $1.84 billion.
Shares of Guess? (NYSE: GES) got a boost, shooting up 10.73 percent to $30.24 after the company reported better-than-expected second-quarter results. Jefferies lifted its price target on the stock from $27.00 to $29.00.
Equities Trading DOWN
Shares of The Fresh Market (NASDAQ: TFM) were down 8.82 percent to $49.49 after the company lowered its full year earnings view. Analysts at UBS downgraded the stock from Buy to Neutral.
Raptor Pharmaceuticals (NASDAQ: RPTP) was down, falling 4.56 percent to $12.14. Gravity Research initiated coverage on the stock with a Strong Sell rating.
In commodity news, oil traded down 0.62 percent to $109.42, while gold traded down 0.66 percent to $1,409.50.
Silver traded down 1.33 percent Thursday to $24.12, while copper fell 0.86 percent to $3.28.
European shares were mixed today. The Spanish Ibex Index dropped 0.44 percent, while Italy's FTSE MIB Index gained 0.11%. Meanwhile, the German DAX fell 0.14 percent and the French CAC 40 declined 0.03 percent while U.K. shares surged 0.53 percent.
US jobless claims fell by 6,000 to 331,000 in the week ended August 24. However, economists were projecting a claims level of 330,000.
The US economy expanded at a 2.5% annual rate in the second quarter, according to revised estimates.
The Treasury is set to auction 3- and 6-month bills.
Data on money supply will be released at 4:30 p.m. ET.
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