Stocks drifted lower Thursday, snapping a three-day winning
streak for the major averages as investor attention was instead
diverted by renewed tensions along Ukraine's border with Russia.
Equities pared some of their losses in afternoon trade before again
giving in to light profit-taking. Consumer stocks were the worst
performers, dragged under by disappointing earnings by several
retailers, including Williams-Sonoma (
), Gordmans Stores (
) and Tilly's (
). Mining and materials stocks were one of the few winners today,
with geo-political concerns boosting demand for gold.
NATO today confirmed western worries over Russian activities
along the Ukrainian border, this afternoon saying satellite
photographs show Russian troops inside the former Soviet republic.
Conflicts in the Middle East also rattled investors, with President
Obama today meeting with his national security team ahead of a
public address on the Islamic State threat scheduled shortly after
the closing bell.
Economic data today was most market-friendly with the second
estimate of Q2 gross domestic product coming in with a 4.2%
reading, beating the market consensus expecting a 4.0% rise. The Q4
GDP Deflator was revised higher to 2.1% from 2.0%.
First-time jobless claims declined by 1,000 to 298,000
applications, surprising Wall Street which was looking for 2,000
rise. Continuing claims rose to 2.527 million from 2.502
Crude oil for October delivery settled 67 cents higher at $94.55
per barrel while October natural gas rose 4 cents to finish at
$4.04 per 1 million BTU. December gold rose $7.00 to $1,283.50 per
ounce, with September silver adding 11 cents to settle at $19.52
per ounce. September copper declined 5 cents to $3.13 per
Here's where the U.S. markets stood at the end-of-day:
Dow Jones Industrial Average down 42.44 (-0.25%) to
S&P 500 down 3.38 (-0.17%) to 1,996.74
Nasdaq Composite Index down 11.93 (-0.26%) to 4,557.69
Nikkei 225 Index down 0.48%
Hang Seng Index down 0.71%
Shanghai China Composite Index down 0.62%
FTSE 100 Index down 0.36%
(+) SGOC, Announces new on-line sales platform on JD.com (
) to accelerate delivery of high-quality service and products.
(+) DGLY, Michigan State Police orders more than $1.1 mln in new
equipment slated to ship before the end of Q3. The Michigan state
patrol also extends, expands a prior contract by another $2 mln to
a total of $6.5 mln.
(+) OTIV, Receives order worth at least $800,000 to supply its
Saturn 6500 NFC readers to a U.S.-based channel partner serving the
North American self-service market. Contract value can rise to $1.6
million if all options are filled.
(-) GOMO, Falls to all-time low after Q2 EPS of $0.09 lags
Street by $0.05 while $16.1 mln in revenue was $600,000 shy of
estimates. Also, CFO Winston Li quits. Stock today cut to Perform
from Outperform with a $22 price target at Oppenheimer.
(-) WSM, Offers weak Q3, FY14 outlooks. Q3 EPS forecast and FY14
earnings guidance both lag consensus view by at least $0.03 per
share. Projected revenue for both periods were in-line with
estimates. Q2 revenue trailed Street by $10 mln.
(-) FRO, Warns it may not be able to generate enough cash from
operations to repay a $190 million convertible bond loan coming due
next April, citing "challenging" market conditions. All debt and
lease obligations total $1.031 bln.
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