Bed Bath & Beyond Falls On Downbeat Results; Iron Mountain Shares Jump
Midway through trading Thursday, the Dow traded down 0.43 percent to 16,795.36 while the NASDAQ tumbled 0.35 percent to 4,364.57. The S&P also fell, dropping 0.41 percent to 1,951.58.
Leading and Lagging Sectors
Telecommunications services shares gained around 0.20 percent in today’s trading. Top gainers in the sector included B Communications (NASDAQ: BCOM), up 3.7 percent, and CalAmp (NASDAQ: CAMP), up 4.3 percent.
Lennar’s quarterly profit gained to $137.7 million, from a year-ago profit of $137.4 million. On a per-share basis, its earnings came in flat at $0.61 per share.
Its revenue climbed 27% to $1.82 billion. However, analysts were projecting a profit of $0.51 per share on revenue of $1.68 billion.
Equities Trading UP
Iron Mountain (NYSE: IRM) shares shot up 19.65 percent to $35.62 after the company announced the conversion to a REIT. The company expected FY14 earnings of $1.37 to $1.52 per share.
Shares of Nabors Industries (NYSE: NBR) got a boost, shooting up 6.59 percent to $29.10 after the company confirmed a deal to combine its completion and production services businesses with C&J Energy (NASDAQ: CJES).
Equities Trading DOWN
Shares of Bed Bath & Beyond (NASDAQ: BBBY) were 8.53 percent to $55.90 after the company reported weaker-than-expected fiscal first-quarter results and issued a downbeat outlook for the second quarter.
Herman Miller (NASDAQ: MLHR) shares tumbled 8.18 percent to $29.09 after the company reported downbeat Q4 revenue and issued a weak Q1 forecast.
Philip Morris International (NYSE: PM) was down, falling 2.64 percent to $86.54 after the company lowered its 2014 earnings guidance.
In commodity news, oil traded down 1.15 percent to $105.28, while gold traded down 0.54 percent to $1,315.40.
Silver traded down 0.45 percent Thursday to $21.08, while copper fell 0.21 percent to $3.16.
European shares were mostly lower today.
The eurozone’s STOXX 600 fell 0.10 percent, the Spanish Ibex Index gained 0.06 percent, while Italy’s FTSE MIB Index slipped 0.37 percent.
Meanwhile, the German DAX declined 0.68 percent and the French CAC 40 tumbled 0.54 percent while UK shares slipped 0.03 percent.
Initial jobless claims dropped by 2,000 to 312,000 in the week ended June 21. However, economists were projecting claims to reach 310,000 in the week.
Consumer spending rose 0.2% in May, while personal income increased 0.4%. However, economists were expecting a 0.4% rise in both consumer spending and income.
Supplies of natural gas climbed 110 billion cubic feet for the week ended June 20, the US Energy Information Administration said. However, analysts were expecting a rise of 102 billion cubic feet to 106 billion cubic feet.
The Kansas City Fed manufacturing index fell to 6 in June, versus a reading of 10 in May.
Data on money supply will be released at 4:30 p.m. ET.
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