Market Overview

Mid-Day Market Update: Thursday's Movers; U.S. GDP Rises; China's Stocks Jump

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The United States Gross Domestic Product increased at a faster-than-expected rate of 3.7 percent in the second quarter. The rise was led by business inventories, investments, and government/consumer spending as a whole.

The GDP increased to 3.7 percent from a 2.3 percent rise in the first quarter; economists had expected a growth rate of 3.3 percent in quarter two. Government spending was lifted 2.6 percent, U.S. exports grew 5.2 percent in Q2 and imports grew 2.8 percent. The Labor Department reported that U.S. jobless claims fell by 6,000 to an adjusted 271,000. Following the better-than-expected growth rates, the U.S. Treasury bonds were lowered.

The U.S. markets opened higher in Thursday’s open after China’s Shanghai Stock Exchange Composite Index jumped 5.34 percent on Thursday:

  • The Dow Jones Industrial Index: Up 1.58 percent
  • The S&P 500 Index: Up 1.75 percent
  • NASDAQ Composite: Up 1.79 percent
  • The US Dollar Index: Up 0.15 percent
  • Crude Oil WTI: Up 4.48 percent

Amazon.com, Inc. (NASDAQ: AMZN) will be laying off some of its employees as it is reducing its efforts in developing consumer devices.

Winners

Peabody Energy Corporation (NYSE: BTU) skyrocketed 52 percent after the coal company hired a bank (Lazard) to restructure the company’s debt and its short covering.

NQ Mobile Inc (NYSE: NQ) soared 34 percent on a potential $708 million asset sale.

LookSmart Ltd (NASDAQ: LOOK) spiked 33 percent after Newtek Technology Services entered into a 39-month contract with LookSmart.

McDermott International Inc (NYSE: MDR) was lifted 28 percent after the announcement that the company had agreed to a service contract (long-term) with Saudi Aramco, the world’s largest gas/oil company.

Sky Solar Holdings Ltd (NASDAQ: SKYS) was up 20 percent after the company beat earnings by $0.19 per share. The company reported earnings of $0.18 per share on sales of $12.6 million.

Losers

1-800-Flowers.com Inc (NASDAQ: FLWS) dwindled 12 percent after the company reported a loss of $10.7 million, after profiting in the same period last year.

Asia Pacific Wire & Cable (NASDAQ: APWC) declined 12 percent after the company reported first half revenues of $189 million, down from $222.3 million in the first half of 2014. The holding company also reported that gross profits for the first half of 2015 declined 40.2 percent from a year ago.

Fred’s Inc (NASDAQ: FRED) was down 7 percent after the company reported a Q2 loss of $4.9 million. The company had a loss of $0.13 per share, while analysts were expecting a loss of only $0.06 per share.

Posted-In: News Intraday Update Movers

 

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