Mid-Afternoon Market Update: JC Penney Falls on Massive Volume Following Imperial Capital Price Target
Toward the end of trading Monday, the Dow traded down 0.08 percent to 15,386.29 while the NASDAQ surged 0.07 percent to 3,917.29. The S&P fell, dropping 0.08 percent to 1,743.05.
McDonald's (NYSE: MCD) reported a 4.6% rise in its third-quarter profit. McDonald's quarterly profit surged to $1.52 billion, or $1.52 per share, from $1.46 billion, or $1.43 per share, in the year-ago period. Its revenue climbed 2.4% to $7.32 billion.
However, analysts were expecting earnings of $1.51 per share on revenue of $7.34 billion. Its same-store sales in the US increased 0.7%.
Shares of First Solar (NASDAQ: FSLR) were also up, gaining 6.76 percent to $53.39 after Bank of America gave Solar City, a peer play, a $70 price target this morning.
Equities Trading DOWN
Shares of Osiris Therapeutics (NASDAQ: OSIR) were down 17.01 percent to $14.64 on 8-K announcing agreement with the FDA on regulatory pathway for Grafix and Ovation.
Gannett Co (NYSE: GCI) shares tumbled 2.29 percent to $26.86 after the company reported a fall in its Q3 profit.
JC Penney (NYSE: JCP) was also down, falling 7.27 percent to $6.50 after Imperial Capital issued a report on the company dropping its price target from $5 to $1.
In commodity news, oil traded down 1.42 percent to $99.67, while gold traded down 0.02 percent to $1,314.80. Silver traded up 1.32 percent Monday to $22.22, while copper rose 0.11 percent to $3.30.
European shares were mixed today. The Spanish Ibex Index rose 0.36 percent, while Italy's FTSE MIB Index dropped 0.04 percent. Meanwhile, the German DAX rose 0.02 percent and the French CAC 40 declined 0.21 percent while U.K. shares climbed 0.48 percent.
US existing home sales declined 1.9% to an annual rate of 5.29 million in September, versus 5.39 million in August. However, economists were expecting sales to fall to a rate of 5.30 million last month.
Crude stockpiles climbed 4 million barrels for the week ended October 11, the US Energy Information Administration.
However, analysts were expecting a rise of 2.25 million barrels. The Treasury is set to auction 3-and 6-month bills.
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