Mid-Day Market Update: Guess Shares Jump On Upbeat Results; The Fresh Market Slips
Midway through trading Thursday, the Dow traded up 0.50 percent to 14,898.12 while the NASDAQ surged 1.08 percent to 3,632.08. The S&P also rose, gaining 0.60 percent to 1,644.83.
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 12.38 percent to $30.69 after the company reported better-than-expected second-quarter results. Jefferies lifted its price target on the stock from $27.00 to $29.00.
Verizon Communications (NYSE: VZ) was also up, gaining 3.46 percent to $48.17 as the company is in talks to buy out Vodafone.
Equities Trading DOWN
Shares of The Fresh Market (NASDAQ: TFM) were down 10.03 percent to $48.83 after the company lowered its full year earnings view. Analysts at UBS downgraded the stock from Buy to Neutral.
Genesco (NYSE: GCO) was down, falling 9.50 percent to $62.94 after the company issued weak Q2 outlook.
In commodity news, oil traded down 0.86 percent to $109.15, while gold traded down 0.97 percent to $1,405.00.
Silver traded down 2.35 percent Thursday to $23.87, while copper fell 1.65 percent to $3.26.
European shares were higher today. The Spanish Ibex Index gained 0.40 percent, while Italy's FTSE MIB Index gained 0.97%. Meanwhile, the German DAX rose 0.45 percent and the French CAC 40 climbed 0.65 percent while U.K. shares surged 0.82 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 Bloomberg Consumer Comfort Index declined to -31.7 for the week ended August 25, versus -28.8 in the previous week.
Natural-gas supplies rose 67 billion cubic feet for the week ended August 23, the US Energy Information Administration reported. However, analysts were expecting a rise between 61 billion cubic feet and 65 billion cubic feet.
The Treasury is set to auction 7-year notes.
Data on money supply will be released at 4:30 p.m. ET.
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