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Mid-Day Market Update: Thursday's Movers, Jobs Report, Bill Ackman And More

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The Dow Jones Industrial Index declined 0.86 percent, the S&P 500 dwindled 1.03 percent, the NASDAQ Composite was reduced 1.85 percent, crude oil WTI was hit 1.77 percent and the US Dollar Index was down 0.05 percent at Thursday’s mid-day session.

China’s Shanghai Stock Exchange Composite Index declined 0.89 percent Thursday, while the Athens Stock Exchange General Index soared 2.95 percent.

The nation is awaiting the Labor Department’s July employment report on Friday, which will hint a stronger indicator on the decision to raise or keep interest rates stagnant. The Bank of England has signaled that it will remain to start raising their interest rates gently in the United Kingdom early 2016; while the British Pound continued to extend losses against the United States Dollar. The Pound Sterling declined 0.6 percent lower than the U.S. dollar and the Euro.

Fannie Mae is to send U.S. Treasury Department a total of $4.4 billion in the month of September as an expected interest rate increase helped wheel-in a 27 percent increase in second quarter earnings; $4.64 billion in Q2 versus $3.67 billion in Q2 of 2014.

Keurig Green Mountain Inc (NASDAQ: GMCR) fell nearly 30 percent after the specialty coffee-maker lowered its earnings outlook for 2015 and reported slow growth on its coffee pods along with its brewing system.

Michael Kors Holdings Inc (NYSE: KORS) soared 12 percent as the clothing retailer topped expectations, though profits fell two consecutive quarters. Tesla Motors Inc (NASDAQ: TSLA) tumbled 11 percent after the car producer nearly tripled its losses from a year earlier, which questions if the company can become and sustain profitable.

Bill Ackman revealed a $5.5 billion stake in Mondelez International Inc (NASDAQ: MDLZ), specifying that he believes the company must grow revenues quickly and reduce costs “significantly,”or sell to a rival, according to the Wall Street Journal.

Winners

Ikanos Communications, Inc. (NASDAQ: IKAN) skyrocketed 54 percent after the advanced semiconductor provider was reported to be acquired by QUALCOMM, Inc. (NASDAQ: QCOM) for $2.75 per share.

Merge Healthcare Inc. (NASDAQ: MRGE) soared 31 percent after the software solutions developer was reported to be acquired by International Business Machines Corp (NYSE: IBM) for $1 billion.

EnerNOC, Inc. (NASDAQ: ENOC) was lifted 22 percent after the energy intelligence software (EIS) provider reported Q2 earnings of ($0.32) per share, $0.54 above analyst expectations and had sales of $72.5 million, representing a 64.6 percent year-over-year increase.

Hortonworks Inc (NASDAQ: HDP) rose 18 percent after the enterprise-grade Hadoop solutions distributor reported Q2 adjusted loss of $0.80 per share, $0.04 ahead of analyst projections, and far less than the $5.26 per share loss in Q2 of 2014.

NN, Inc. (NASDAQ: NNBR) was up 16 percent after the manufacturer of metal beating, plastic, rubber, and precision metal components reported Q2 results, with sales of $164.9 million.

Losers

Infosonics Corporation (NASDAQ: IFON) sunk 54 percent after the wireless handsets, tablets, and accessories provider reported Q2 results. The company concluded that gross profit margin was significantly down and operating expenses were heightened.

Shutterstock Inc (NYSE: SSTK) declined 32 percent after the global marketplace operator reported Q2 net income of $5.3 million on $104.4 million in sales. Analysts were expecting revenues of $105.6 million, and Shutterstock previously announced it had expected sales of $105-$108 million for the quarter.

Approach Resources Inc (NASDAQ: AREX) was down 24 percent after the independent energy company announced Q2 sales of $38.6 million and a loss of $0.07 per share. Analysts were expecting sales of $44.46 million.

Summer Infant, Inc. (NASDAQ: SUMR) dwindled 27 percent after the marketer, designer, and distributor of juvenile health reported Q2 net sales of $51.8 million, lower than Q1 sales of $52.6 million due to lower sales of licensed, private label, and furniture non-core businesses.

Marin Software Incorporated (NYSE: MRIN) was down 27 percent after the provider of a cross-channel advertising cloud platform reported Q2 sales of $26.77 million, below the projected $26.99.

 

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