Mid-Morning Market Update: Markets Mostly Lower; Dollar General Posts Downbeat Earnings

Following the market opening Thursday, the Dow traded down 0.27 percent to 17,864.14 while the NASDAQ surged 0.10 percent to 4,779.11. The S&P also fell, dropping 0.19 percent to 2,070.37.

Leading and Lagging Sectors

On Thursday, the utilities sector proved to be a source of strength for the market. Leading the sector was strength from Hawaiian Electric Industries HE and Enbridge ENB.

In trading on Thursday, energy shares were relative laggards, down on the day by about 0.54 percent. Meanwhile, top losers in the sector included FX Energy FXEN, down 13 percent, and Advantage Oil & Gas AAV, off 6.3 percent.

Top Headline

Dollar General DG reported downbeat earnings for the third quarter.

The Goodlettsville, Tennessee-based company posted quarterly net income of $236.3 million, or $0.78 per share, versus $237.4 million, or $0.74 per share, in the year-ago quarter. Its adjusted earnings came in at $0.79 per share.

Its sales gained 7.8% to $4.72 billion. However, analysts were expecting earnings of $0.80 per share on revenue of $4.75 billion. Its same-store sales gained 2.8% in the quarter.

Equities Trading UP

Array BioPharma ARRY shares shot up 15.60 percent to $4.52 after the company reported that it has regained full worldwide rights to Binimetinib.

Shares of Enbridge ENB got a boost, shooting up 10.34 percent to $52.83 on announcement of restructuring plan and dividend increase.

Hawaiian Electric Industries HE shares were also up, gaining 16.09 percent to $32.72 after NextEra Energy (NYSE:

Equities Trading DOWN

Gildan Activewear GIL shares tumbled 12.84 percent to $50.79 after the company reported a weaker-than-expected profit for the fourth quarter and issued a weak guidance.

Shares of Barnes & Noble BKS were down 12.54 percent to $19.45 after the company reported weaker-than-expected fiscal second-quarter profit. The company also announced that it is ending its commercial deal with Microsoft MSFT.

UTi Worldwide UTIW was down, falling 10.81 percent to $12.38. During Wednesday’s trade, shares of UTi surged following a report that DSV A/S was interested in buying the company. After hours Wednesday, UTi Worldwide there are currently no discussions between the two companies.

Commodities

In commodity news,

oil traded down 1.23 percent to $66.55, while gold traded down 0.19 percent to $1,206.40.

Silver traded up 0.75 percent Thursday to $16.54, while copper rose 1.10 percent to $2.90.

Eurozone

European shares were lower today. The eurozone’s STOXX 600 declined 0.80 percent, the Spanish Ibex Index slipped 1.63 percent, while Italy’s FTSE MIB Index dipped 1.80 percent. Meanwhile, the German DAX slipped 0.56 percent and the French CAC 40 tumbled 1.11 percent while UK shares fell 0.35 percent.

Economics

US initial jobless claims slipped 17,000 to 297,000 in the week ended November 29. However, economists were expecting claims to total 295,000 in the week.

Announced layoffs slipped to around 36,000 in November, according to data by Challenger, Gray & Christmas.

The Treasury is set to auction 3-month, 6-month and 52-week bills. The Treasury will also auction 3-and 10-year notes.

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