Mid-Day Market Update: Restoration Hardware Falls Following Earnings Miss; Jaguar Animal Health Shares Jump

Midway through trading Thursday, the Dow traded down 0.37 percent to 17,938.28 while the NASDAQ declined 0.39 percent to 4,955.46. The S&P also fell, dropping 0.43 percent to 2,110.12. Leading and Lagging Sectors On Thursday, the non-cyclical consumer goods & services sector proved to be a source of strength for the market. In trading on Thursday, basic materials shares fell by 2 percent. Meanwhile, top losers in the sector included Companhia Siderurgica Nacional (ADR) (NYSE: SID), down 8 percent, and Vale SA (ADR) (NYSE: VALE), down 8 percent. Top Headline J M Smucker Co (NYSE: SJM) reported stronger-than-expected earnings for its fourth quarter and offered upbeat forecast for the fiscal year 2017. J.M. Smucker Company reported net income of $191 million or $1.61 a share compared to a net loss of $90.3 million or a loss of $0.82 a share in the year-ago quarter. On an adjusted basis, it would have earned $1.86 a share, sharply up from $0.41 a share in the same quarter preceding year. Street analysts expected $1.20 a share.The company's top line grew 25 percent to $1.81 billion from $1.45 billion in the previous year quarter. This was higher than the analysts' prediction of $1.75 billion.Going forward, J.M. Smucker expects adjusted earnings to be $7.60-$7.75 a share for the fiscal year 2017 with adjusted sales expected to grow one percent. Street expects earnings of $6.37 a share and sales fall of 0.10 percent.Equities Trading UP Jaguar Animal Health Inc (NASDAQ: JAGX) shares shot up 89 percent to $2.49 as the company reported $15 million stock purchase agreement with Aspire Capital Fund, LLC.Shares of Staffing 360 Solutions Inc (NASDAQ: STAF) got a boost, shooting up 30 percent to $2.60. Staffing 360 expects Q4 sales of $44 million and FY16 revenue of $165 million. Sarepta Therapeutics Inc (NASDAQ: SRPT) shares were also up, gaining 9 percent to $21.23 after the company announced a proposed offering of approximately $37.5 million in common stock.Equities Trading DOWN Restoration Hardware Holdings Inc (NYSE: RH) shares dropped 21 percent to $28.57 as the company reported weaker-than-expected earnings for the first quarter and lowered its full-year forecast. Deutsche Bank downgraded Restoration Hardware from Buy to Hold and lowered the price target from $50.00 to $35.00.Shares of FuelCell Energy Inc (NASDAQ: FCEL) were down 14 percent to $6.30 after the company reported downbeat results for its second quarter. SCYNEXIS Inc (NASDAQ: SCYX) was down, falling around 27 percent to $3.01 as the company reported top-line results in its proof-of-concept Phase 2 study of SCY-078.Commodities In commodity news, oil traded down 0.94 percent to $50.75 while gold traded up 0.67 percent to $1,270.80. Silver traded up 1.38 percent Thursday to $17.22, while copper fell 1.60 percent to $2.03. Eurozone European shares were lower today. The eurozone's STOXX 600 fell 0.84 percent, the Spanish Ibex Index dropped 0.54 percent, while Italy's FTSE MIB Index slipped 0.64 percent. Meanwhile the German DAX declined 1.14 percent, and the French CAC 40 fell 0.86 percent, while U.K. shares fell 0.89 percent. Economics Initial jobless claims dropped 4,000 to 264,000 in the latest week. However, economists were expecting new claims to reach 270,000 in the week.U.S. wholesale inventories rose 0.60 percent for April, versus economists' expectations for a 0.10 percent growth.Supplies of natural gas increased 65 billion cubic feet for the week ended June 3, the U.S. Energy Information Administration reported. However, analysts were projecting a rise of 78 billion cubic feet.