Market Overview

Mid-Day Market Update: PowerSecure Jumps On Acquisition News; Bankrate Shares Decline

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Midway through trading Thursday, the Dow traded up 0.15 percent to 16,509.99 while the NASDAQ dropped 0.02 percent to 4,541.88. The S&P also rose, gaining 0.16 percent to 1,932.92.

Leading and Lagging Sectors

On Thursday, telecommunications services shares rose by 0.77 percent. Top gainers in the sector included Telefonica Brasil SA (ADR) (NYSE: VIV), Telefonica S.A. (ADR) (NYSE: TEF), and BT Group plc (ADR) (NYSE: BT).

In trading on Thursday, basic materials shares dropped by 1 percent. Meanwhile, top losers in the sector included Olympic Steel, Inc. (NASDAQ: ZEUS), down 10 percent, and Ferro Corporation (NYSE: FOE), down 9 percent.

Top Headline

Best Buy Co Inc (NYSE: BBY) reported better-than-expected earnings for its fourth quarter, but the company issued a weak forecast for its current quarter.

For the current quarter, Best Buy expects adjusted earnings of $0.31 to $0.35 per share versus analysts' estimates of $0.39 per share. It also projects revenue of $8.25 billion to $8.35 billion, versus analysts' expectations of $8.45 billion.

Best Buy reported a quarterly profit of $479 million, or $1.40 per share, versus a year-ago profit of $519 million, or $1.46 per share. Excluding certain items, Best Buy earned $1.53 per share. Its revenue fell 4.1% to $13.623 billion. However, analysts were expecting earnings of $1.39 per share on revenue of $13.61 billion.

Best Buy announced a special dividend of $0.45 per share and raised its quarterly dividend from $0.23 per share to $0.28 per share. The company also announced a $1 billion buyback plan.

Equities Trading UP

Northstar Realty Finance Corp (NYSE: NRF) shares shot up 17 percent to $12.52 after the company announced a special committee to consider potential recombination with NorthStar Asset Management Group Inc (NYSE: NSAM).

Shares of PowerSecure International, Inc. (NYSE: POWR) got a boost, shooting up 88 percent to $18.51 after the company agreed to be acquired by Southern Co (NYSE: SO) for $18.75 per share in cash.

Chart Industries, Inc. (NASDAQ: GTLS) shares were also up, gaining 18 percent to $20.25 after the company reported upbeat Q4 results.

Equities Trading DOWN

Bankrate Inc (NYSE: RATE) shares dropped 46 percent to $6.83. Bankrate reported Q4 sales of $93.4 million and adjusted net income of $13.8 million.

Shares of Restoration Hardware Holdings Inc (NYSE: RH) were down 26 percent to $38.30 after the company issued a weak forecast for the fourth quarter.

PHH Corporation (NYSE: PHH) was down, falling around 23 percent to $9.11 after the company reported a Q4 loss of $0.92 per share on revenue of $123 million.

Commodities

In commodity news, oil traded down 1.96 percent to $31.52, while gold traded down 0.10 percent to $1,237.90.

Silver traded down 1.02 percent Thursday to $15.18, while copper fell 0.69 percent to $2.09.

Eurozone

European shares were higher today. The eurozone's STOXX 600 gained 2.03 percent, the Spanish Ibex Index climbed 2.74 percent, while Italy's FTSE MIB Index jumped 2.41 percent. Meanwhile, the German DAX gained 2 percent, and the French CAC 40 rose 2.57 percent, while U.K. shares rose 2.49 percent.

Economics

US durable goods orders rose 4.9 percent in January, versus economists' expectations for a 2.5 percent growth.

US jobless claims increased by 10,000 to 272,000 in the latest week. However, economists were projecting claims to reach 270,000 in the week.

The The Kansas City Fed composite manufacturing index declined to a reading of -12.00 for February, versus a prior reading of -9.00.

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

 

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