Market Overview

Mid-Morning Market Update: Markets Flat; Lululemon Cuts 2013 Outlook

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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.

Top Headline
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.

Shares of Sterling Financial (NASDAQ: STSA) got a boost, shooting up 6.80 percent to $28.36 after Umpqua Holdings (NASDAQ: UMPQ) announced its plans to buy Sterling Financial in a $2 billion deal.

The Kroger Co (NYSE: KR) was also up, gaining 2.53 percent to $38.62 after the company reported a 14% rise in its fiscal second-quarter earnings.

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.

Lululemon Athletica (NASDAQ: LULU) shares tumbled 6.75 percent to $64.36 as the company reported a drop in its second-quarter profit and lowered its 2013 earnings forecast.

Brady (NYSE: BRC) down, falling 5.98 percent to $30.64 after the company posted a loss in the fiscal fourth quarter.

Commodities
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.

Eurozone
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.

Economics
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.

Posted-In: Mid-Morning Market UpdateEarnings News Guidance Eurozone Futures Commodities Forex Global Econ #s Economics Hot Intraday Update Markets Movers Tech

 

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