Mid-Afternoon Market Update: Tailored Brands Tumbles On Downbeat Results; Sarepta Therapeutics Shares Spike Higher

Toward the end of trading Thursday, the Dow traded down 0.27 percent to 17,956.77 while the NASDAQ declined 0.47 percent to 4,951.13. The S&P also fell, dropping 0.34 percent to 2,112.01. Leading and Lagging Sectors Thursday afternoon, the utilities sector proved to be a source of strength for the market. Leading the sector was strength from Ameren Corp (NYSE: AEE) and Great Plains Energy Incorporated (NYSE: GXP). In trading on Thursday, basic materials shares fell by 1.9 percent. Meanwhile, top losers in the sector included Companhia Siderurgica Nacional (ADR) (NYSE: SID), down 9 percent, and Vale SA (ADR) (NYSE: VALE), down 9 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 73 percent to $2.29 as the company reported $15 million stock purchase agreement with Aspire Capital Fund, LLC.Shares of Christopher & Banks Corporation (NYSE: CBK) got a boost, shooting up 15 percent to $2.32 as the company reported better-than-expected Q1 results. Sarepta Therapeutics Inc (NASDAQ: SRPT) shares were also up, gaining 11 percent to $21.49 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 20 percent to $28.92 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. Tailored Brands Inc (NYSE: TLRD) was down, falling around 20 percent to $12.36 as the company reported downbeat Q1 results.Commodities In commodity news, oil traded down 1.42 percent to $50.50 while gold traded up 0.81 percent to $1,272.50. Silver traded up 1.80 percent Thursday to $17.29, while copper fell 1.16 percent to $2.04. Eurozone European shares closed lower today. The eurozone's STOXX 600 fell 0.96 percent, the Spanish Ibex Index dropped 0.70 percent, while Italy's FTSE MIB Index slipped 0.81 percent. Meanwhile the German DAX declined 1.25 percent, and the French CAC 40 fell 0.97 percent, while U.K. shares fell 1.10 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.