Stocks ended near their worst levels of the day after Q3 GDP
growth and upbeat jobs data raised expectations that the Fed will
start considering a gradual end to QE at the start of 2014. Selling
pressure triggered by the 3.6% print in Q3 GDP was moderated,
however, but the possibility that tomorrow's non-farm payrolls and
consumer sentiment data might provide a less-optimistic outlook on
the economy. In addition, the details of GDP included an inventory
glut expected to pressure GDP to below 2% in the current quarter.
Large caps were hardest hit, especially financials and other
interest-rate sensitive stocks, after the GDP data elevated the
benchmark 10-year Treasury yield to a high of 2.88% today.
Europe limped into the close as well, undermined by the
continued weakness in U.S. stocks and central bank activity.
Today's meeting of the European Central Bank and Bank of England
ended without an adjustment to either country's interest rates, as
was expected. But hopes that the ECB would introduce
non-traditional stimulus measures to boost the EU-zone economy were
dashed when Mario Draghi dismissed the immediate need for monetary
stimulus. European bourses are expected to open lower again tonight
in sympathy with their U.S. counterparts and before the pivotal
U.S. jobs report.
Dow Jones Industrial Index was down 68 (-0.4%) to 15,821
S&P 500 was down 7.78 (-0.4%) to 1,785
Nasdaq Composite Index was down 4.48 (-0.1%) to 4,033
FTSE 100 was down 0.18%
Nikkei 225 was down 1.50%
Hang Seng Index was down 0.07%
Shanghai China Composite Index was down 0.21%
MFRM Reported Q3 EPS of $0.55, beating the Capital IQ consensus
UNXL Positive Seeking Alpha article that anticipates improved
production will counter recent volatility on an SEC investigation
earlier this year.
MEI The company reported adjusted Q2 2014 income was $19.8
million, or $0.51 per share, compared with $5.0 million, or $0.13
per share, a year ago.
JCP Hedge-fund manager J. Kyle Bass has reportedly sold his
stake in the company.
TITN Fiscal Q3 diluted earnings dropped to $0.27 from $0.66 the
year earlier, missing the $0.49 estimate. Sales rose to $588
million from $582.1 million but missed consensus of $615
WTSL On Wednesday, Wet Seal reported Q3 sales of $127.7 mln,
down from $135.5 mln last year and the adjusted loss was $0.12 per
share, vs. a year ago loss of $0.11 per share.