Markets Open Higher; Wal-Mart Lowers Earnings Forecast
Following the market opening Thursday, the Dow traded up 0.11 percent to 16,670.20 while the NASDAQ surged 0.18 percent to 4,441.97. The S&P also rose, gaining 0.19 percent to 1,950.34.
Leading and Lagging Sectors
In trading on Thursday, healthcare shares were relative leaders, up on the day by about 0.57 percent. Meanwhile, top gainers in the sector included TearLab (NASDAQ: TEAR), up 9.3 percent, and NewLink Genetics (NASDAQ: NLNK), up 10 percent.
Basic materials shares dropped by 0.08 percent in today’s trading. Meanwhile, top decliners in the sector included Sinopec Shanghai Petrochemical Co (NYSE: SHI), down 3.1 percent, and Molycorp (NYSE: MCP), off 2.3 percent.
The Bentonville, Arkansas-based company posted quarterly profit from continuing operations of $3.92 billion, or $1.21 per share, compared to $4.06 billion, or $1.23 per share, in the year-ago quarter.
Its sales rose 2.8% to $119.34 billion. However, analysts were expecting earnings of $1.21 per share on revenue of $118.98 billion.
Equities Trading UP
Plug Power (NASDAQ: PLUG) shares shot up 7.18 percent to $6.28 after the company posted in-line second-quarter loss. The company also reported upbeat quarterly revenue.
NetApp (NASDAQ: NTAP) shares were also up, gaining 2.16 percent to $40.15 after the company reported upbeat fiscal first-quarter results. Needham upgraded NetApp from Hold to Buy.
Equities Trading DOWN
Noodles & Company (NASDAQ: NDLS) shares tumbled 21.82 percent to $19.71 on disappointing Q2 results and an outlook below expectations.
Energy XXI (Bermuda) (NASDAQ: EXXI) was down, falling 11.88 percent to $17.32 after the company reported a Q4 loss of $0.06 per share.
In commodity news, oil traded down 0.48 percent to $97.12, while gold traded down 0.09 percent to $1,313.30.
Silver traded up 0.13 percent Thursday to $19.87, while copper fell 0.39 percent to $3.10.
European shares were mostly higher today. The eurozone’s STOXX 600 rose 0.34 percent, the Spanish Ibex Index dropped 0.09 percent, while Italy’s FTSE MIB Index climbed 0.35 percent. Meanwhile, the German DAX rose 0.35 percent and the French CAC 40 surged 0.27 percent while UK shares gained 0.48 percent.
US jobless claims increased 21,000 to 311,000 in the week ended August 9. However, economists were expecting jobless claim to reach 295,000 in the week.
US Import price index dropped 0.2% in July, versus economists’ expectations for a 0.3% decline. However, export prices were unchanged in the month.
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.
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