Market Overview

Mid-Afternoon Market Update: Dow Rises Over 400 Points; SpartanNash Shares Plummet


Toward the end of trading Thursday, the Dow traded up 1.71 percent to 25,591.51 while the NASDAQ climbed 0.66 percent to 7,825.61. The S&P also rose, gaining 0.95 percent to 2,845.09.

Leading and Lagging Sectors

Thursday afternoon, the telecommunication services shares rose 1.93 percent. Meanwhile, top gainers in the sector included Cincinnati Bell Inc. (NYSE: CBB) up 5 percent, and IDT Corporation (NYSE: IDT) up 4 percent.

In trading on Thursday, information technology shares rose by just 0.4 percent.

Top Headline

Walmart Inc (NYSE: WMT) reported upbeat Q2 results and raised its FY19 earnings forecast.

Earnings came in at $1.29 per share, beating estimates of $1.22 per share. Sales came in at $128 billion, beating estimates of $126.04 billion. Walmart's U.S. segment saw comps rise 4.5 percent, the strongest growth in more than 10 years and is attributed to strong performance in grocery, apparel and seasonal. Sam's Club comp sales rose 5 percent, which marks the strongest growth in six years.

Equities Trading UP Inc. (NYSE: WUBA) shares shot up 13 percent to $66.00 after the company beat Q2 earnings estimates.

Shares of Walmart Inc. (NYSE: WMT) got a boost, shooting up 10 percent to $98.72 after the company reported upbeat Q2 results and raised its FY19 earnings forecast.

Lifevantage Corporation (NASDAQ: LFVN) shares were also up, gaining 16 percent to $10.98 after reporting a big jump in earnings.

Equities Trading DOWN

J. C. Penney Company, Inc. (NYSE: JCP) shares dropped 25 percent to $1.815 after the company missed Q2 earnings estimates and issued weak 2018 EPS guidance.

Shares of SpartanNash Company (NASDAQ: SPTN) were down 16 percent to $20.03 after the company reported weaker-than-expected Q2 earnings and issued downbeat 2018 EPS guidance.

Pain Therapeutics, Inc. (NASDAQ: PTIE) was down, falling around 46 percent to $1.05 after the company announced a $11.3 million direct offering with several institutional investors.


In commodity news, oil traded up 0.55 percent to $65.37 while gold traded down 0.23 percent to $1,182.30.

Silver traded up 1.36 percent Thursday to $14.65, while copper rose 1.95 to $2.61.


European shares closed mostly higher today. The eurozone’s STOXX 600 climbed 0.46 percent, the Spanish Ibex Index rose 0.43 percent, while Italy’s FTSE MIB Index declined 1.82 percent. Meanwhile the German DAX gained 0.61 percent, and the French CAC 40 climbed 0.83 percent while U.K. shares rose 0.78 percent.


Housing starts rose 0.9 percent to an annual rate of 1.17 million in July, versus a revised 1.16 million rate in June. However, economists projected starts to reach 1.27 million.

Initial jobless claims dropped 2,000 to 212,000 in the latest week. However, economists were expecting a 215,000 reading.

The Philadelphia Fed manufacturing index dropped to 11.9 for August, compared to 25.7 in July. Economists projected a reading of 21.9.

Domestic supplies of natural gas increased 33 billion cubic feet for the week ended August 10, the U.S. Energy Information Administration reported. Analysts projected a gain of 30 billion cubic feet.

Data on money supply for the recent week will be released at 4:30 p.m. ET.

Posted-In: Mid-Afternoon Market UpdateNews Eurozone Commodities Global Intraday Update Markets


Related Articles (CBB + IDT)

View Comments and Join the Discussion!

Goldman Sachs: Chinese Vehicle E-Commerce Platform Uxin Should Be Profitable By 2020

These Analysts Love Tesla's Potential, But Balk At Its Valuation