Market Overview

Mid-Day Market Update: Tech Data Surges On Strong Results; Jumei Shares Slip

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Midway through trading Thursday, the Dow traded down 1.26 percent to 17,130.09 while the NASDAQ slipped 1.76 percent to 4,930.82. The S&P also fell, dropping 1.18 percent to 2,055.04.

Leading and Lagging Sectors

Utilities shares slipped by just 0.07 percent in the US market on Thursday. However, top gainers in the sector included Korea Electric Power Corporation (ADR) (NYSE: KEP), Pure Cycle Corporation (NASDAQ: PCYO), and CPFL Energia S.A. (ADR) (NYSE: CPL).

In trading on Thursday, cyclical consumer goods & services shares dipped by 1.76 percent. Meanwhile, top losers in the sector included Stage Stores Inc (NYSE: SSI), down 30 percent, and Kirkland's, Inc. (NASDAQ: KIRK), off 8 percent.

Top Headline

Sears Holdings Corp (NASDAQ: SHLD) reported a profit in the second quarter on Thursday.

The Hoffman Estates, Illinois-based company posted quarterly net profit of $208 million, or $1.84 per share, versus a year-ago loss of $573 million, or $5.39 per share. Excluding non-recurring gains, the company lost $2.40 per share, versus a year-ago loss of $2.76 per share.

Its total revenue declined 22.5 percent to $6.21 billion. However, analysts were expecting a loss of $2.50 per share on revenue of $5.72 billion.

Equities Trading UP

Tech Data Corp (NASDAQ: TECD) shares shot up 11 percent to $62.32 after the company reported stronger-than-expected results for its second quarter.

Keysight Technologies Inc (NYSE: KEYS) shares were also up, gaining 12 percent to $33.03 after the company reported upbeat Q3 results.

Shares of NetApp Inc. (NASDAQ: NTAP) got a boost, shooting up 5 percent to $31.36 after the company reported stronger-than-expected earnings for its fiscal first quarter and issued a strong forecast for the current quarter.

Equities Trading DOWN

Stage Stores Inc (NYSE: SSI) shares tumbled 30 percent to $11.89 after the company reported weaker-than-expected earnings for the second quarter and lowered its forecast for the full year.

Shares of Jumei International Holding Ltd(ADR) (NYSE: JMEI) were down 22 percent to $13.05. Jumei Int'l reported Q2 sales of $308.1 million and adjusted earnings of $0.13 per share.v

Kirkland's, Inc. (NASDAQ: KIRK) was down, falling 8 percent to $24.53. Kirkland's reported a Q2 loss of $0.13 per share on revenue of $115.3 million.

Commodities

In commodity news, oil traded up 0.17 percent to $40.87, while gold traded up 1.92 percent to $1,149.50.

Silver traded up 2.09 percent Thursday to $15.54, while copper rose 1.71 percent to $2.32.

Eurozone

European shares were lower today. The eurozone’s STOXX 600 fell 1.91 percent, the Spanish Ibex Index declined 1.81 percent, while Italy’s FTSE MIB Index dropped 2.45 percent. Meanwhile, the German DAX slipped 2.06 percent, and the French CAC 40 dropped 1.89 percent while UK shares fell 0.45 percent.

Economics

US initial jobless claims increased 4,000 to 277,000 in the week ending August 15. However, economists were expecting claims to reach 272,000.

US Philadelphia Fed manufacturing index rose to 8.30 in August, versus a July reading of 5.70. However, economists were expecting a reading of 7.00.

The Conference Board’s leading economic index slipped 0.20 percent in July, versus economists’ expectations for a 0.20 percent growth.

US existing home sales increased 2 percent to an annual rate of 5.59 million in July. However, economists were projecting a sales rate of 5.42 million.

Supplies of natural gas climbed 53 billion cubic feet for the week ended August 14, the U.S. Energy Information Administration said. However, analysts were expecting a gain of 58 billion cubic feet to 62 billion cubic feet.

Posted-In: Earnings News Eurozone Futures Commodities Global Econ #s Intraday Update

 

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