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Market Overview

Mid-Day Market Update: Men's Wearhouse Jumps On Upbeat Results; Global Partners Shares Fall


Midway through trading Thursday, the Dow traded up 0.25 percent to 18,045.48 while the NASDAQ gained 0.09 percent to 5,081.02. The S&P also rose, gaining 0.17 percent to 2,108.86.

Leading and Lagging Sectors

On Thursday, telecommunications services shares gained by 0.40 percent. Meanwhile, top gainers in the sector included IDT Corporation (NYSE: IDT), up 3 percent, and Neustar Inc (NYSE: NSR), up 3 percent.

In trading on Thursday, energy shares fell by 0.28 percent. Meanwhile, top losers in the sector included Global Partners LP (NYSE: GLP), down 8 percent, and Ocean Rig UDW Inc (NYSE: ORIG), off 6 percent.

Top Headline

Krispy Kreme Doughnuts (NYSE: KKD) reported better-than-expected earnings for the first quarter on Wednesday.

The Winston-Salem, North Carolina-based company posted a quarterly profit of $10.7 million, or $0.16 per share, versus a year-ago profit of $9.7 million, or $0.14 per share. Excluding one-time items, the company's adjusted earnings rose to $0.24 per share from $0.23 per share.

Its revenue gained 9 percent to $132.5 million from $121.6 million. However, analysts were projecting earnings of $0.22 per share on revenue of $135.3 million.

Equities Trading UP

Box Inc (NYSE: BOX) shares shot up 8 percent to $19.18 after the company reported upbeat results for the first quarter and lifted its sales forecast fiscal 2016.

Shares of Krispy Kreme Doughnuts (NYSE: KKD) got a boost, shooting up 12 percent to $19.50 after the company reported better-than-expected earnings for the first quarter.

Men's Wearhouse Inc (NYSE: MW) shares were also up, gaining 6 percent to $62.04 after the company reported stronger-than-expected results for the first quarter.

Equities Trading DOWN

Bazaarvoice Inc (NASDAQ: BV) shares tumbled 9 percent to $5.70. Bazaarvoice reported a Q4 loss of $0.06 per share on revenue of $48.3 million.

Shares of Global Partners LP (NYSE: GLP) were down 7 percent to $37.00 after the company priced its 3 million common unit offering at $38.12 per unit.

Commscope Holding Company Inc (NASDAQ: COMM) was down, falling 6 percent to $30.51 after the company reported a sale of 20 million shares of common stock by Carlyle Group.


In commodity news, oil traded down 1.77 percent to $60.34, while gold traded down 0.73 percent to $1,177.90.

Silver traded down 0.65 percent Thursday to $15.86, while copper fell 2.99 percent to $2.67.


European shares were mostly higher today. The eurozone’s STOXX 600 gained 0.37 percent, the Spanish Ibex Index climbed 0.31 percent, while Italy’s FTSE MIB Index jumped 0.06 percent. Meanwhile, the German DAX climbed 0.10 percent, and the French CAC 40 gained 0.82 percent while UK shares fell 0.03 percent.


Initial jobless claims rose 2,000 to 279,000 in the week ended June 6. However, economists were expecting claims to reach 277,000 in the week.

US import-price index rose 1.3 percent in May, while the export-price index gained 0.6 percent in the month.

US retail sales increased 1.2 percent in May, versus economists’ expectations for a 1.1 percent growth.

US business inventories rose 0.40 percent in April, versus economists’ expectations for a 0.20 percent growth.

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


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