Dow Dips Over 200 Points; Vistaprint Shares Surge On Strong Results

Journal Communications JRN shares were also up, gaining 29.79 percent to $11.37. The E.W. Scripps Company SSP and Journal Communications have agreed to merge their broadcasting operations and spin off their newspapers businesses into a separate publicly held company.

Leading and Lagging Sectors

In trading on Thursday, non-cyclical consumer goods & services shares dropped by just 1.11 percent. Meanwhile, top gainers in the sector included Bunge BG, up 7.2 percent, and Avon Products AVP, up 4.2 percent.

Technology sector was the top decliner in the market on Thursday. Top losers in the sector included QuickLogic QUIK, Glu Mobile GLUU, and L-3 Communications Holdings LLL.

Top Headline

Kellogg Co K reported in-line earnings for the second quarter and cut its full-year forecast.

The Battle Creek, Michigan-based company posted quarterly earnings of $295 million, or $0.82 per share, down 15% versus the year-ago quarter. Excluding special items, it earned $1.02 per share.

Its sales declined 0.8% to $3.7 billion. However, analysts were expecting earnings of $1.02 per share on revenue of $3.705 billion.

Equities Trading UP

Vistaprint NV VPRT shares shot up 28.49 percent to $48.48 after the company reported better-than-expected quarterly results and issued a strong FY15 outlook.

Shares of LivePerson LPSN got a boost, shooting up 16.73 percent to $11.86 after the company reported upbeat quarterly results and issued a strong revenue forecast.

Equities Trading DOWN

Shares of A10 Networks ATEN were down 11.06 percent to $11.50 on downbeat Q2 results.

On Assignment ASGN shares tumbled 23.52 percent to $26.69 after the company reported Q2 earnings of $0.56 per share on revenue of $468.60 million. Baird downgraded the stock from Outperform to Neutral.

L-3 Communications Holdings LLL was down, falling 16.17 percent to $100.29 after the company reported weak Q2 results and lowered its FY14 earnings guidance. L-3 Communications also reported that it had fired 4 employees on accounting misconduct at aerospace business.

Commodities

In commodity news, oil traded down 0.93 percent to $99.34, while gold traded down 0.68 percent to $1,288.10.

Silver traded down 0.30 percent Thursday to $20.54, while copper fell 0.15 percent to $3.24.

Eurozone

European shares were lower today. The eurozone’s STOXX 600 fell 1.31 percent, the Spanish Ibex Index tumbled 2.10 percent, while Italy’s FTSE MIB Index declined 1.52 percent. Meanwhile, the German DAX declined 1.85 percent and the French CAC 40 dropped 1.52 percent while UK shares fell 0.64 percent.

Economics

US jobless claims increased by 23,000 to 302,000 in the week ended July 26. However, economists were estimating claims to reach 308,000 in the week.

The Chicago PMI declined to 52.6 in July, versus 62.6 in June. Economists were expecting a reading of 63.5.

US natural-gas supplies increased 88 billion cubic feet for the week ended July 25, according to the Energy Information Administration. However, analysts were estimating a gain of 90 billion to 94 billion billion cubic feet.

Data on farm prices for July will be released at 3:00 p.m. ET.

Data on money supply will be released at 4:30 p.m. ET.

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Posted In: EarningsNewsGuidanceDowngradesEurozoneFuturesCommoditiesM&AHotMarketsAnalyst Ratings
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