Markets Gain; J.C. Penney Posts Narrower-Than-Expected Q2 Loss
Following the market opening Friday, the Dow traded up 0.28 percent to 16,760.50 while the NASDAQ surged 0.52 percent to 4,476.34. The S&P also rose, gaining 0.34 percent to 1,961.80.
Leading and Lagging Sectors
In trading on Friday, telecommunications services shares were relative leaders, up on the day by about 0.68 percent. Meanwhile, top gainers in the sector included China Mobile (NYSE: CHL), up 3.5 percent, and ARC Group Worldwide (NASDAQ: ARCW), up 2.2 percent.
Cyclical consumer goods & services shares gained by just 0.12 percent in today’s trading. Meanwhile, top decliners in the sector included Biglari Holdings (NYSE: BH), down 2.4 percent, and Dillard's (NYSE: DDS), off 4.1 percent.
JC Penney reported a quarterly loss of $0.75 per share on revenue of 2.80 billion, versus analysts’ estimates of a $0.93 loss on revenue of 2.79 billion.
The company’s same-store sales climbed 6% in the quarter.
Equities Trading UP
Monster Beverage (NASDAQ: MNST) shares shot up 28.28 percent to $91.91. Coca-Cola Company (NYSE: KO) and Monster Beverage announced a long-term strategic partnership. As part of the deal, Coca-Cola will buy a 16.7% equity stake in Monster.
Shares of Achillion Pharmaceuticals (NASDAQ: ACHN) got a boost, shooting up 14.11 percent to $9.63 on hepatitis C drug study.
SINA (NASDAQ: SINA) shares were also up, gaining 6.81 percent to $51.08 after the company reported upbeat quarterly results.
Equities Trading DOWN
Shares of Weibo (NASDAQ: WB) were down 6.69 percent to $20.02 on Q2 results.
Nordstrom (NYSE: JWN) shares tumbled 4.31 percent to $65.73 after the company reported Q2 results. The company reported earnings of $183 million, or $0.95 per share.
Dillard's (NYSE: DDS) was, falling 4.65 percent to $110.23 after the company reported weaker-than-expected fiscal second-quarter earnings.
In commodity news, <a href="http://www.benzinga.com/
Silver traded down 1.59 percent Friday to $19.59, while copper fell 0.05 percent to $3.11.
European shares <a href="http://www.benzinga.com/
The Empire State manufacturing index fell to 14.7 in August from 25.6 in July.
US producer prices rose 0.1% in July.
US industrial production climbed 0.4% in July, versus economists’ expectations for a 0.3% gain.
The preliminary reading of Reuters/University of Michigan's consumer sentiment index fell to 79.20 in August, versus a prior reading of 81.80. However, economists were expecting a reading of 82.50.
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