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Market Overview

Mid-Day Market Update: Advance Auto Parts Drops On Downbeat Results; Angie's List Shares Surge

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Midway through trading Thursday, the Dow traded down 0.90 percent to 17,542.18 while the NASDAQ declined 0.43 percient to 5,045.02. The S&P also fell, dropping 0.73 percent to 2,059.79.

Leading and Lagging Sectors

In trading on Thursday, telecommunications services shares fell by just 0.10 percent. Top gainers in the sector included China Unicom (Hong Kong) Limited (ADR) (NYSE: CHU), up 3 percent, and Cellcom Israel Ltd. (NYSE: CEL), up 3 percent.

Basic materials shares dipped around 1.71 percent in Thursday's trading. Meanwhile, top losers in the sector included LSB Industries, Inc. (NYSE: LXU), down 8 percent, and ArcelorMittal SA (ADR) (NYSE: MT), off 7 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 $8.90 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 6 percent to $45.94 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 $16.16 after the company reported upbeat Q3 profit.

Equities Trading DOWN

Freshpet Inc (NASDAQ: FRPT) shares tumbled 25 percent to $6.25 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 13 percent to $169.97 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 9 percent to $5.45. Oxbridge Re Holdings reported Q3 earnings of $0.12 per share.

Commodities

In commodity news, oil traded down 2.59 percent to $41.82, while gold traded down 0.52 percent to $1,079.30.

Silver traded down 0.37 percent Thursday to $14.21, while copper fell 2.10 percent to $2.17.

Eurozone

European shares were lower today. The eurozone's STOXX 600 declined 1.47 percent, the Spanish Ibex Index fell 2.21 percent, while Italy's FTSE MIB Index slipped 2.18 percent. Meanwhile, the German DAX declined 0.85 percent, and the French CAC 40 slipped 1.85 percent, while U.K. shares fell 1.65 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.

 

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

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