Mid-Afternoon Market Update: Markets Continue to Rise as Sprint Shares Inexplicably Gain Momentum
Toward the end of trading Thursday, the Dow traded up 0.64 percent to 16,003.84 while the NASDAQ surged 1.15 percent to 3,966.29. The S&P also rose, gaining 0.77 percent to 1,795.28.
Dollar Tree's quarterly profit declined to $125.4 million, or $0.58 per share, from a year-ago profit of $155.4 million, or $0.68 per share. Its net sales climbed to $1.88 billion from $1.72 billion. However, analysts were estimating earnings of $0.60 per share on sales of $1.91 billion.
Dollar Tree's same-store sales increased 3.1% in the quarter. Dollar Tree projects full-year earnings of $2.72 to $2.78 per share on sales of $7.86 billion to $7.92 billion. For the fourth quarter, it expects earnings of $1.01 to $1.07 per share.
Equities Trading UP
Green Mountain Coffee Roasters (NASDAQ: GMCR) shot up 13.76 percent to $70.34 after the company reported upbeat fiscal fourth-quarter results. However, the company issued weak forecast for the current quarter. Janney Capital upgraded the stock from Neutral to Buy.
Shares of Sprint (NYSE: S) were also on the rise Thursday, gaining 11.02 percent to $8.16 despite being ranked last place in a list of major carriers by consumer reports as institutional buyers piled into the name.
Equities Trading DOWN
Shares of Liquidity Services (NASDAQ: LQDT) were down 18.27 percent to $21.25 after the company reported downbeat Q4 earnings and issued weak outlook.
Bazaarvoice (NASDAQ: BV) shares tumbled 17.10 percent to $7.37 after the company reported a FQ2 GAAP net loss of $14.2 million. The company also reported that Stephen Collins will step down as CEO.
GameStop (NYSE: GME) was down, falling 6.80 percent to $48.88 after the company issued downbeat Q4 profit forecast.
In commodity news, oil traded up 1.47 percent to $95.23, while gold traded down 1.27 percent to $1,242.00.
Silver traded up 0.50 percent Thursday to $19.97, while copper rose 0.90 percent to $3.19.
European shares were mixed today. The Spanish Ibex Index rose 0.42 percent, while Italy's FTSE MIB Index gained 0.49 percent. Meanwhile, the German DAX fell 0.02 percent and the French CAC 40 dropped 0.27 percent while U.K. shares gained 0.03 percent.
US jobless claims declined by 21,000 to 323,000 in the week ending November 16. However, economists were projecting claims to drop to 334,000.
US wholesale prices dropped 0.2% in October, versus economists' expectations for a 0.2% fall. However, core wholesale prices climbed 0.2%, versus economists' expectations for a 0.1% rise.
The preliminary reading of the Markit's flash manufacturing PMI climbed to 54.3 in November, versus a final reading of 51.8 in October. However, economists were expecting a reading of 52.3.
The Bloomberg Consumer Comfort Index declined to -34.60 in the week ending November 17, versus a prior reading of -33.90.
The Philadelphia Fed's manufacturing index declined to 6.5 in November, versus 19.8 in October. However, economists were estimating a reading of 15.
Supplies of natural gas declined 45 billion cubic feet for the week ending November 15, the US Energy Information Administration reported. However, analysts were projecting a fall of 36 billion cubic feet to 40 billion cubic feet.
Data on money supply will be released at 4:30 p.m. ET.
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