Mid-Day Market Update: US Stocks Slip; Men's Wearhouse Shares Tumble On Weak Outlook
Midway through trading Thursday, the Dow traded down 0.19 percent to 15,296.87 while the NASDAQ declined 0.17 percent to 3,718.60. The S&P also fell, dropping 0.30 percent to 1,684.02.
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 13.61 percent to $24.29 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 11.89 percent to $34.16 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 1.27 percent to $108.93, while gold traded down 2.41 percent to $1,331.00.
Silver traded down 3.98 percent Thursday to $22.25, while copper fell 1.38 percent to $3.21.
European shares were mixed today. The Spanish Ibex Index surged 0.55 percent, while Italy's FTSE MIB Index fell 0.23 percent. Meanwhile, the German DAX dropped 0.02 percent and the French CAC 40 dropped 0.30 percent while U.K. shares rose 0.01 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.
Natural-gas supplies rose 65 billion cubic feet for the week ended September 6, the US Energy Information Administration reported. However, analysts were expecting a gain of 64 billion cubic feet to 68 billion cubic feet.
Data on money supply will be released at 4:30 p.m. ET.
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