Mid-Morning Market Update: Markets Open Lower; Sears Reports Quarterly Profit

Following the market opening Thursday, the Dow traded down 1.21 percent to 17,139.38 while the NASDAQ slipped 1.20 percent to 4,958.99. The S&P also fell, dropping 1.04 percent to 2,057.96.

Leading and Lagging Sectors
Basic materials shares slipped by just 0.09 percent in the US market on Thursday. However, top gainers in the sector included Gold Fields Limited (ADR) GFI, Seabridge Gold, Inc. (USA) SA, and AngloGold Ashanti Limited (ADR) AU.
In trading on Thursday, cyclical consumer goods & services shares dipped by 1.33 percent. Meanwhile, top losers in the sector included Stage Stores Inc SSI, down 31 percent, and Kirkland's, Inc. KIRK, off 13 percent.

Top Headline
Sears Holdings Corp SHLD reported a profit in the second quarter on Thursday.
The Hoffman Estates, Illinois-based company posted quarterly net profit of $208 million, or $1.84 per share, versus a year-ago loss of $573 million, or $5.39 per share. Excluding non-recurring gains, the company lost $2.40 per share, versus a year-ago loss of $2.76 per share.
Its total revenue declined 22.5 percent to $6.21 billion. However, analysts were expecting a loss of $2.50 per share on revenue of $5.72 billion.
Equities Trading UP
Tech Data Corp TECD shares shot up 16 percent to $65.50 after the company reported stronger-than-expected results for its second quarter.

Keysight Technologies Inc KEYS shares were also up, gaining 11 percent to $32.74 after the company reported upbeat Q3 results.

Shares of Lumber Liquidators Holdings Inc LL got a boost, shooting up 7 percent to $15.23. Cantor Fitzgerald upgraded Lumber Liquidators from Hold to Buy and raised the price target from $15.00 to $18.00.
Equities Trading DOWN
Stage Stores Inc SSI shares tumbled 29 percent to $11.98 after the company reported weaker-than-expected earnings for the second quarter and lowered its forecast for the full year.
Shares of Jumei International Holding Ltd(ADR) JMEI were down 25 percent to $12.61. Jumei Int'l reported Q2 sales of $308.1 million and adjusted earnings of $0.13 per share.
Kirkland's, Inc. KIRK was down, falling 14 percent to $23.00. Kirkland's reported a Q2 loss of $0.13 per share on revenue of $115.3 million.
Commodities
In commodity news, oil traded up 0.22 percent to $40.89, while gold traded up 1.18 percent to $1,141.20.
Silver traded up 1.83 percent Thursday to $15.50, while copper rose 1.60 percent to $2.31.

Euro zone
European shares were lower today. The eurozone’s STOXX 600 fell 0.85 percent, the Spanish Ibex Index declined 0.44 percent, while Italy’s FTSE MIB Index dropped 1.04 percent. Meanwhile, the German DAX slipped 0.35 percent, and the French CAC 40 dropped 0.80 percent while UK shares fell 0.02 percent.

Economics
US initial jobless claims increased 4,000 to 277,000 in the week ending August 15. However, economists were expecting claims to reach 272,000.
US Philadelphia Fed manufacturing index rose to 8.30 in August, versus a July reading of 5.70. However, economists were expecting a reading of 7.00.
The Conference Board’s leading economic index slipped 0.20 percent in July, versus economists’ expectations for a 0.20 percent growth.
US existing home sales increased 2 percent to an annual rate of 5.59 million in July. However, economists were projecting a sales rate of 5.42 million.