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Market Overview

Mid-Afternoon Market Update: KLX Energy Services Rises Following Q3 Results; At Home Group Shares Slide


Toward the end of trading Thursday, the Dow traded down 1.85 percent to 24,564.85 while the NASDAQ declined 0.61 percent to 7,115.11. The S&P also fell, dropping 1.4 percent to 2,662.25.

Leading and Lagging Sectors

Thursday afternoon, the real estate shares gained 0.03 percent. Meanwhile, top gainers in the sector included CatchMark Timber Trust, Inc. (NYSE: CTT) up 5 percent, and Weyerhaeuser Company (NYSE: WY) up 5 percent.

In trading on Thursday, energy shares fell 3.3 percent.

Top Headline

Kroger Co (NYSE: KR) posted upbeat earnings for its third quarter, but lowered its full-year earnings forecast.

Kroger reported quarterly earnings of $0.48 per share on revenue of $27.672 billion. However, analysts expected earnings of $0.43 per share on sales of $27.69 billion.

Kroger now expects FY18 GAAP earnings of $ $3.80 to $3.95 per share, versus prior forecast of $3.88 to $4.03 per share. The company reaffirmed adjusted earnings forecast of $2 to $2.15 per share.


Equities Trading UP

Uxin Limited (NASDAQ: UXIN) shares got a boost, shooting up 31 percent to $3.7500 after the company announced a strategic partnership with Ali Baba's Taobao to establish an online used car shopping mall on the Taobao marketplace.

Shares of KLX Energy Services Holdings, Inc. (NASDAQ: KLXE) shot up 26 percent to $25.03 after reporting Q3 results. KLX Energy Services on Wednesday reported Q3 adjusted EPS of $0.83 on sales of $123.2 million. The company also raised FY18 guidance.

Ferrellgas Partners, L.P. (NYSE: FGP) shares were also up, gaining 23 percent to $0.9368 after the company beat Q1 sales estimates but missed on EPS.


Equities Trading DOWN

Conatus Pharmaceuticals Inc. (NASDAQ: CNAT) shares dropped 51 percent to $2.2112 after the company disclosed that ENCORE-PH Phase 2b clinical trial in NASH cirrhosis did not meet primary endpoint.

Shares of At Home Group Inc. (NYSE: HOME) were down 20 percent to $22.20 after reporting Q3 results. The company issued weak forecast for the fourth quarter.

Signet Jewelers Limited (NYSE: SIG) was down, falling around 18 percent to $41.12. Signet posted upbeat Q3 results and narrowed its FY19 earnings guidance.


In commodity news, oil traded down 3.35 percent to $51.12 while gold traded up 0.16 percent to $1,244.60 .

Silver traded down 0.43 percent Thursday to $14.52, while copper fell 1.15 percent to $2.742.



European shares closed lower today. The eurozone’s STOXX 600 fell 3.09 percent, the Spanish Ibex Index dropped 2.75 percent, while Italy’s FTSE MIB Index dipped 3.54 percent. Meanwhile the German DAX declined 3.48 percent, and the French CAC 40 slipped 3.31 percent while U.K. shares fell 3.15 percent.


U.S. private sector employers added 179,000 jobs for November, the ADP reported. However, economists were expecting a 196,000 gain.

The trade deficit increased 1.7 percent to $55.5 billion in October, versus a revised $54.6 billion gap in September. However, economists projected a $55.2 billion gap. Imports gained 0.2 percent to $266.5 billion, while exports fell 0.1 percent to $211 billion for October.

Initial jobless claims declined 5,000 to 231,000 in the latest week, the Labor Department reported. Economists expected a 226,000 reading.

U.S. productivity rose 2.3 percent in the third quarter, versus economists’ expectations for a 2.3 percent increase.

The Markit services PMI declined to 54.7 in November, versus economists’ estimates for a reading of 54.4.

U.S. factory orders fell 2.1 percent for October, versus economists’ expectations for a 1.9 percent drop.

The ISM's non-manufacturing index rose to 60.70 for November, versus previous reading of 60.30. Economists were expecting a reading of 59.20.

Domestic crude supplies dropped 7.3 million barrels for the week ended November 30, the Energy Information Administration reported. Analysts expected a fall of 2.39 million barrels. Gasoline stockpiles climbed 1.7 million barrels, while distillate stockpiles rose 3.8 million barrels last week.

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

New York Federal Reserve Bank President John Williams will speak in New York at 6:30 p.m. ET.

Federal Reserve Bank Chairman Jerome Powell is set to speak in Washington, DC at 6:45 p.m. ET.


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