Market Overview

Mid-Morning Market Update: Markets Open Lower; Kohl's Beats Q3 Estimates

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Following the market opening Thursday, the Dow traded down 0.97 percent to 17,530.72 while the NASDAQ declined 0.55 percent to 5,038.97. The S&P also fell, dropping 0.74 percent to 2,059.60.

Leading and Lagging Sectors

In trading on Wednesday, technology shares fell by just 0.17 percent. Top gainers in the sector included Semiconductor Manufacturing Int'l (ADR) (NYSE: SMI), up 14 percent, and NetEase Inc (ADR) (NASDAQ: NTES), up 6 percent.

Basic materials shares dipped around 1.08 percent in Wednesday's trading. Meanwhile, top losers in the sector included LSB Industries, Inc. (NYSE: LXU), down 7 percent, and Freeport-McMoRan Inc (NYSE: FCX), off 5 percent.

Top Headline

Kohl's Corporation (NYSE: KSS) reported stronger-than-expected earnings for the third quarter.

The Menomonee Falls, Wisconsin-based company posted quarterly net income of $120 million, or $0.63 per share, compared to $142 million, or $0.70 per share, in the year-ago quarter. Excluding items, the company's adjusted earnings came in at $0.75 per share.

Its sales climbed to $4.43 billion from $4.37 billion. However, analysts were expecting earnings of $0.69 per share on revenue of $4.40 billion

Equities Trading UP

Angie's List Inc (NASDAQ: ANGI) shares shot up 12 percent to $8.89 after IAC/InterActiveCorp (NASDAQ: IACI) proposed to acquire Angie's List for $8.75 per share in cash.

Shares of Kohl's Corporation (NYSE: KSS) got a boost, shooting up 7 percent to $46.19 after the company reported stronger-than-expected earnings for the third quarter.

International Game Technology Ordinary Shares (NYSE: IGT) shares were also up, gaining 5 percent to $16.18 after the company reported upbeat Q3 profit.

Equities Trading DOWN

Freshpet Inc (NASDAQ: FRPT) shares tumbled 23 percent to $6.43 after the company reported a wider-than-expected loss for the third quarter and lowered its FY15 forecast.

Shares of Advance Auto Parts, Inc. (NYSE: AAP) were down 12 percent to $172.29 after the company reported weaker-than-expected results for the third quarter and announced the retirement of its CEO.

Oxbridge Re Holdings Ltd. (NASDAQ: OXBR) was down, falling 13 percent to $5.20. Oxbridge Re Holdings reported Q3 earnings of $0.12 per share.

Commodities

In commodity news, oil traded down 2.33 percent to $41.93, while gold traded up 0.31 percent to $1,088.30.

Silver traded up 1.38 percent Wednesday to $14.46, while copper fell 1.76 percent to $2.18.

Eurozone

European shares were lower today. The eurozone's STOXX 600 declined 1.50 percent, the Spanish Ibex Index fell 2.27 percent, while Italy's FTSE MIB Index slipped 1.65 percent. Meanwhile, the German DAX declined 1.26 percent, and the French CAC 40 slipped 1.75 percent, while U.K. shares fell 1.49 percent.

Economics

US jobless claims came in unchanged at 276,000 in the week ended November 7. However, economists were projecting claims to reach 268,000 in the week.

Posted-In: Earnings News Eurozone Commodities M&A Global Intraday Update Markets

 

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