Markets Open Lower; Family Dollar Profit Misses Estimates
Following the market opening Thursday, the Dow traded down 0.85 percent to 16,840.96 while the NASDAQ tumbled 1.18 percent to 4,366.89. The S&P also fell, dropping 0.82 percent to 1,956.66.
Leading and Lagging Sectors
In trading on Thursday, utilities shares were relative leaders, up on the day by about 0.27 percent. Top gainers in the sector included Korea Electric Power (NYSE: KEP), Ameren (NYSE: AEE), and TECO Energy (NYSE: TE).
Technology shares dropped around 1.26 percent in trading on Thursday. Top decliners in the sector included Liquidity Services (NASDAQ: LQDT), down 7.9 percent, and ChinaCache International Holdings (NASDAQ: CCIH), off 6.3 percent.
Family Dollar’s quarterly net earnings fell to $81.1 million, or $0.71 per share, versus $120.9 million, or $1.05 per share in the year-ago quarter. Excluding one-time items, it earned $0.85 per share.
Its revenue increased 3.3% to $2.66 billion. However, analysts were expecting earnings of $0.89 per share on revenue of $2.62 billion. Family Dollar’s comparable store sales dropped 1.8% for the 13-week period.
Equities Trading UP
Cray (NASDAQ: CRAY) shares shot up 11.02 percent to $30.22 after the company announced a $174 million contract.
Shares of Zumiez (NASDAQ: ZUMZ) got a boost, shooting up 8.02 percent to $30.25 as the company boosted its outlook and reported strong results for June. D.A. Davidson & Co analyst Andrew Burns reiterated a Buy rating on Zumiez and raised the price target from $35.00 to $36.00.
United Continental Holdings (NYSE: UAL) shares were also up, gaining 5.24 percent to $42.17 after the company said its consolidated passenger revenue per available seat mile increased more than forecast in the second quarter.
Equities Trading DOWN
Shares of Sarepta Therapeutics (NASDAQ: SRPT) were down 25.88 percent to $19.19 after the company offered long-term outcomes through 144 weeks from Phase IIb study of eteplirsen in DMD.
Lumber Liquidators Holdings (NYSE: LL) shares tumbled 21.10 percent to $55.56 after the company lowered its earnings forecast for the year. Jefferies downgraded the stock from Buy to Hold and cut the price target from $115.00 to $57.00.
Tractor Supply Company (NASDAQ: TSCO) was down, falling 6.09 percent to $57.64 after the company issued a second-quarter profit warning. The company projected earnings of $0.94 to $0.95 per share on sales of $1.58 billion.
In commodity news, oil traded down 0.25 percent to $102.03, while gold traded up 1.25 percent to $1,340.80.
Silver traded up 1.81 percent Thursday to $21.45, while copper fell 0.05 percent to $3.25.
European shares were lower today.
The eurozone’s STOXX 600 fell 1.46 percent, the Spanish Ibex Index tumbled 2.95 percent, while Italy’s FTSE MIB Index dipped 2.65 percent.
Meanwhile, the German DAX slipped 1.76 percent and the French CAC 40 declined 1.85 percent while UK shares tumbled 0.98 percent.
Initial jobless claims fell by 11,000 to 304,000 in the week ended July 5, versus an unrevised 315,000 in the week ended June 28. However, economists were projecting claims to rise to 320,000 in the week.
US wholesale inventories rose 0.5% in May, while wholesale sales increased 0.7%.
The Treasury is set to auction 3-and 6-month bills.
Data on money supply will be released at 4:30 p.m. ET.
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