Market Overview

Mid-Day Market Update: Avago Jumps On Earnings Beat; PVH Shares Dip

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Midway through trading Thursday, the Dow traded down 0.27 percent to 17,681.31 while the NASDAQ dipped 0.29 percent to 5,108.25. The S&P also fell, dropping 0.37 percent to 2,071.91.

Leading and Lagging Sectors

In trading on Thursday, non-cyclical consumer goods & services shares rose by 0.02 percent. Meanwhile, top gainers in the sector included Sanderson Farms, Inc. (NASDAQ: SAFM), up 8 percent, and Pilgrim's Pride Corporation (NASDAQ: PPC), up 5 percent.

Utilities shares tumbled by 0.82 percent in the US market on Thursday. Top losers in the sector included Energy Transfer Partners LP (NYSE: ETP), American Midstream Partners LP (NYSE: AMID), and National Fuel Gas Co. (NYSE: NFG).

Top Headline

Dollar General Corp. (NYSE: DG) reported better-than-expected earnings for its fiscal third quarter on Thursday.

The Goodlettsville, Tennessee-based company posted quarterly net income of $253.3 million, or $0.86 per share, versus $236.3 million, or $0.78 per share, in the year-ago period. Its adjusted earnings came in at $0.88 per share.

Its sales climbed 7.3 percent to $5.07 billion. However, analysts were expecting earnings of $0.77 per share on revenue of $5.09 billion.

Equities Trading UP

Dyax Corp. (NASDAQ: DYAX) shares shot up 12 percent to $37.31 after the company reported the early termination of Hart-Scott-Rodino waiting period.

Shares of Avago Technologies Ltd (NASDAQ: AVGO) got a boost, shooting up 10 percent to $145.14 after the company reported better-than-expected earnings for its fiscal fourth quarter.

New York & Company, Inc. (NYSE: NWY) shares were also up, gaining 11 percent to $2.36. New York & Company reported a Q3 loss of $0.05 per share on revenue of $219.8 million.

Equities Trading DOWN

Verint Systems Inc. (NASDAQ: VRNT) shares tumbled 13 percent to $40.26 after the company reported downbeat Q3 results and lowered its FY16 forecast.

Shares of Titan Machinery Inc. (NASDAQ: TITN) were down 14 percent to $10.67. Titan Machinery reported Q3 earnings of $0.20 per share on revenue of $345 million.

PVH Corp (NYSE: PVH) was down, falling 8 percent to $86.29. PVH reported better-than-expected earnings for the third quarter and issued a weak forecast for the fourth quarter.

Commodities

In commodity news, oil traded up 1.70 percent to $40.62, while gold traded up 0.46 percent to $1,058.60.

Silver traded up 0.19 percent Thursday to $14.04, while copper rose 0.76 percent to $2.05.

Eurozone

European shares were lower today. The eurozone's STOXX 600 fell 2.92 percent, the Spanish Ibex Index declined 2.15 percent, while Italy's FTSE MIB Index dipped 1.98 percent. Meanwhile, the German DAX declined 3.25 percent, and the French CAC 40 slipped 3.04 percent, while U.K. shares fell 1.99 percent.

Economics

Initial jobless claims increased 9,000 to 269,000 in the week ended November 28.

US factory orders rose 1.50 percent in October, versus economists' expectations for a 1.40 percent growth.

The ISM non-manufacturing PMI slipped to 55.90 in November, versus a previous reading of 59.10. However, economists were expecting a reading of 58.00.

Supplies of natural gas declined 53 billion cubic feet for the week ended November 27, the U.S. Energy Information Administration reported. However, analysts were expecting a drop of 46 billion cubic feet to 50 billion cubic feet.

Posted-In: Earnings News Guidance Eurozone Commodities Global Intraday Update Markets

 

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