Market Overview

Mid-Morning Market Update: Markets Edge Higher; Accenture Tops Q3 Estimates

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Following the market opening Thursday, the Dow traded up 0.11 percent to 17,985.49 while the NASDAQ rose 0.14 percent to 5,129.71. The S&P also rose, gaining 0.09 percent to 2,110.49.

Leading and Lagging Sectors

Telecommunications services shares rose by 0.53 percent on Thursday. Meanwhile, top gainers in the sector included Partner Communications Company Ltd (ADR) (NASDAQ: PTNR), up 11 percent, and Cellcom Israel Ltd. (NYSE: CEL), up 7 percent.

In trading on Thursday, basic materials shares slipped by 0.33 percent. Meanwhile, top losers in the sector included James Hardie Industries plc (ADR) (NYSE: JHX), down 3 percent, and Joy Global Inc. (NYSE: JOY), off 3 percent.

Top Headline

Accenture Plc (NYSE: ACN) reported stronger-than-expected results for its fiscal third quarter and lifted its forecast for the full year.

The Dublin, Ireland-based company posted a quarterly net profit of $840 million, or $1.24 per share, versus a year-ago profit of $868.9 million, or $1.26 per share. Excluding non-recurring items, the company’s adjusted earnings came in at $1.30 per share.

Its net revenue rose 0.4 percent year-over-year to $7.77 billion, while revenue climbed 10 percent in local currency. However, analysts were expecting earnings of $1.23 per share on revenue of $7.55 billion.

Equities Trading UP

Magnum Hunter Resources Corp (NYSE: MHR) shares shot up 21 percent to $2.12. Capital One Financial upgraded Magnum Hunter Resources from Underweight to Equalweight.

Shares of Winnebago Industries, Inc. (NYSE: WGO) got a boost, shooting up 7 percent to $22.15 after the company reported better-than-expected results for its fiscal third quarter.

IAC/InterActiveCorp (NASDAQ: IACI) shares were also up, gaining 4 percent to $80.29 after the company confirmed its intent to pursue IPO of Match Group.

Equities Trading DOWN

Methode Electronics Inc. (NYSE: MEI) shares tumbled 33 percent to $28.98 after the company reported results for the fourth quarter and issued a weak FY16 forecast.

Shares of World Acceptance Corp. (NASDAQ: WRLD) were down 18 percent to $67.56. FBR Capital downgraded World Acceptance from Outperform to Market Perform.

Cree, Inc. (NASDAQ: CREE) was down, falling 11 percent to $27.25 after the company announced its plans to restructure its LED products unit and also announced a $500 million buyback plan. The company also lowered its revenue outlook for the fourth quarter.

Commodities

In commodity news, oil traded down 0.66 percent to $59.87, while gold traded down 0.09 percent to $1,171.80.

Silver traded down 0.57 percent Thursday to $15.80, while copper fell 0.40 percent to $2.61.

Eurozone

European shares were mixed today. The eurozone’s STOXX 600 slipped 0.12 percent, the Spanish Ibex Index dropped 0.13 percent, while Italy’s FTSE MIB Index rose 0.80 percent. Meanwhile, the German DAX rose 0.07 percent, and the French CAC 40 slipped 0.04 percent while UK shares slipped 0.20 percent.

Economics

US jobless claims benefits rose 3,000 to 271,000 in the week ended June 20. However, economists were projecting claims to reach 272,000.

US consumer spending rose 0.9 percent in May, while personal income increased 0.5 percent for the month. Economists were expecting a 0.7 percent gain in spending and a 0.5 percent growth in income.

US Markit services PMI slipped to 54.80 in June, versus a prior reading of 56.20. However, economists were expecting a reading of 56.70.

The Kansas City Fed composite manufacturing index for June will be released at 11:00 a.m. ET.

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

Posted-In: Earnings News Guidance Buybacks IPOs Global Econ #s Intraday Update

 

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