Market Overview

Mid-Morning Market Update: Markets Edge Higher; Dollar Tree Reports Rise In Q1 Earnings

Mid-Morning Market Update: Markets Edge Higher; Dollar Tree Reports Rise In Q1 Earnings
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Following the market opening Thursday, the Dow traded up 0.02 percent to 16,536.75 while the NASDAQ surged 0.21 percent to 4,140.28. The S&P also rose, gaining 0.10 percent to 1,889.85.

Leading and Lagging Sectors Cyclical consumer goods & services sector was the top gainer in the US market on Thursday. Meanwhile, top gainers in the sector included Perry Ellis International (NASDAQ: PERY), up 12.1 percent, and Kirkland's (NASDAQ: KIRK), up 11.5 percent. In trading on Thursday, non-cyclical consumer goods & services shares were relative laggards, down on the day by about 0.19 percent.

Top losers in the sector included SodaStream International (NASDAQ: SODA), down 4.8 percent, and Lorillard (NYSE: LO), off 4.7 percent.

Top Headline
Dollar Tree (NASDAQ: DLTR) reported a 3.6% gain in its fiscal first-quarter profit. Dollar Tree's quarterly profit rose to $138.3 million, or $0.67 per share, versus a year-ago profit of $133.5 million, or $0.59 per share. Its sales climbed 7.2% to $2 billion. Dollar Tree had expected earnings of $0.63 to $0.68 per share on sales of $1.98 billion to $2.04 billion.

However, analysts were expecting earnings of $0.66 per share on revenue of $2.01 billion. Dollar Tree's same-store sales increased 2% in the period.

Equities Trading UP
Brady (NYSE: BRC) shares shot up 15.99 percent to $28.14 after the company reported better-than-expected FQ3 results.

Shares of Sanchez Energy (NYSE: SN) got a boost, shooting up 17.08 percent to $33.79 after the company announced its plans to buy oil and gas properties in the Eagle Ford trend of South Texas from Royal Dutch Shell Plc for around $639 million in cash.

Dollar Tree (NASDAQ: DLTR) shares were also up, gaining 7.98 percent to $53.99 after the company reported Q1 earnings of $0.67 per share on revenue of $2.0 billion and narrowed its FY14 outlook.

Equities Trading DOWN
Shares of Weibo (NASDAQ: WB) were 9.38 percent to $18.35 as the company's first-quarter bottom-line figure beat but guidance looked light.

ITT Educational Services (NYSE: ESI) shares tumbled 8.06 percent to $23.72 after the company issued preliminary Q1 results. The company's new-student enrollment declined 3.8% to 16,746.

SINA (NASDAQ: SINA) was down, falling 5.66 percent to $45.15 after the company reported weaker-than-expected first-quarter earnings and issued a weak forecast.

In commodity news, oil traded down 0.01 percent to $104.06, while gold traded up 0.90 percent to $1,299.90.

Silver traded up 1.54 percent Thursday to $19.64, while copper rose 0.51 percent to $3.14.

European shares were mixed today.

The eurozone's STOXX 600 gained 0.01 percent, the Spanish Ibex Index fell 0.25 percent, while Italy's FTSE MIB Index declined 1.23 percent.

Meanwhile, the German DAX climbed 0.13 percent and the French CAC 40 surged 0.02 percent while UK shares fell 0.10 percent.

US jobless claims rose 28,000 to 326,000 in the week ended May 17. However, economists were expecting claims to reach 310,000.

The Chicago Fed National Activity Index declined to negative 0.32 in April, versus positive 0.34 in March.

The flash reading of Markit PMI manufacturing index rose to 56.20 in May, versus a prior reading of 55.40. However, economists were expecting a reading of 55.50.

The Conference Board's index of leading indicators increased 0.4% to 101.4 in April.

Sales of existing homes climbed 1.3% to an annual rate of 4.65 million in April, versus a rate of 4.59 million in March. However, economists were estimating a rate of 4.66 million.

The Treasury is set to auction 3-and 6-month bills. The Treasury will also auction 2-year, 5-year and 7-year notes.

Data on money supply will be released at 4:30 p.m. ET.

Posted-In: Earnings News Guidance Eurozone Futures Forex Global Econ #s


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