Mid-Morning Market Update: Markets Flat; Lululemon Cuts 2013 Outlook
Following the market opening Thursday, the Dow traded up 0.01 percent to 15,326.99 while the NASDAQ gained 0.03 percent to 3,726.21. The S&P fell, dropping 0.06 percent to 1,688.19.
Lululemon Athletica (NASDAQ: LULU) reported a drop in its second-quarter profit and lowered its 2013 view.
Lululemon's quarterly profit declined to $56.5 million, from $57.2 million, in the year-earlier period. Its per-share earnings came in unchanged at $0.39.
Its net revenue surged to $344.5 million from $282.6 million, while same-store sales increased 8%. However, analysts were estimating earnings of $0.35 per share on revenue of $344 million.
Lululemon lowered its 2013 earnings outlook to a range of $1.94 to $1.97 per share.
Equities Trading UP
Pandora Media (NYSE: P) shot up 9.17 percent to $23.34 after the company appointed ex-aQuantive head Brian McAndrews as its new chief executive.
Equities Trading DOWN
Shares of The Men's Wearhouse (NYSE: MW) were down 7.53 percent to $35.85 as the company reported a 28% drop in its fiscal second-quarter earnings and lowered its full-year forecast.
In commodity news, oil traded up 0.39 percent to $107.99, while gold traded down 2.46 percent to $1,330.20.
Silver traded down 4.13 percent Thursday to $22.22, while copper fell 1.84 percent to $3.20.
European shares were mixed today. The Spanish Ibex Index surged 0.42 percent, while Italy's FTSE MIB Index fell 0.12 percent. Meanwhile, the German DAX gained 0.02 percent and the French CAC 40 dropped 0.26 percent while U.K. shares rose 0.07 percent.
US jobless claims fell by 31,000 to 292,000 in the week ended September 7. However, economists were projecting claims to increase to 330,000.
Import prices came in unchanged in August. However, economists were expecting a 0.4% rise. US export prices fell by 0.5% in August.
The Treasury is set to auction 3-month, 6-month and 52-week bills.
Data on money supply will be released at 4:30 p.m. ET.
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