Mid-Morning Market Update: Markets Open Higher; Conn's Profit Misses Estimates
Following the market opening Thursday, the Dow traded up 0.25 percent to 14,968.17 while the NASDAQ surged 0.29 percent to 3,659.75. The S&P also rose, gaining 0.29 percent to 1,657.81.
Conn's quarterly profit surged to $19.2 million, or $0.52 per share, from $11.6 million, or $0.35 per share, in the year-ago period.
Its revenue rose 30% to $270.7 million, while same-store sales increased 18%. However, analysts were estimating earnings of $0.60 per share on revenue of $260 million.
Shares of Louisiana-Pacific (NYSE: LPX) got a boost, shooting up 8.85 percent to $16.61 after the company announced its plans to buy Ainsworth Lumber Co of Canada for $1.1 billion. Analysts at Deutsche Bank upgraded the stock from Hold to Buy.
Equities Trading DOWN
Shares of Conns (NASDAQ: CONN) were down 12.72 percent to $59.62 after the company reported downbeat fiscal second-quarter profit.
Greif (NYSE: GEF) shares tumbled 4.36 percent to $53.46 on weak Q3 results.
Bazaarvoice (NASDAQ: BV) was down, falling 12.20 percent to $9.86 after the company reported fiscal first-quarter results.
In commodity news, oil traded up 0.20 percent to $107.44, while gold traded down 0.29 percent to $1,385.90.
Silver traded down 0.13 percent Thursday to $23.39, while copper fell 0.23 percent to $3.23.
European shares were higher today. The Spanish Ibex Index gained 0.34 percent, while Italy's FTSE MIB Index rose 0.52 percent. Meanwhile, the German DAX gained 0.29 percent and the French CAC 40 climbed 0.57 percent while U.K. shares rose 0.71 percent.
Monthly job cuts rose 56.50% y/y in August, outplacement consultancy Challenger, Gray & Christmas reported.
The private sector added 176,000 jobs in August, according to Automatic Data Processing Inc. However, economists were expecting a gain of 184,000 jobs.
US jobless claims fell by 9,000 to 323,000 in the week ended August 31. However, economists were projecting claims to decline to 330,000.
Productivity increased 2.3% in the second quarter, versus a prior reading of 0.9%. However, economists were expecting productivity to rise 1.6%.
The Bloomberg Consumer Confidence Index declined to -32.30 for the week ended September 1, versus a prior reading of -31.70.
The ISM non-manufacturing index rose to 58.60 in August, versus a prior reading of 56.00. However, economists were expecting a reading of 55.00.
US factory orders declined 2.40% in July, versus economists' expectations for a 3.40% drop.
The Treasury is set to auction 3- and10-year notes.
Data on money supply will be released at 4:30 p.m. ET.
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