The U.S. stock markets staggered to steep declines Thursday,
finishing near their session lows in a sell-off that erased all of
July's gains for the Dow Jones Industrial Average and the S&P
500. There was no one catalyst triggering the sell-off, with
investors giving in to negative sentiment over ongoing
geo-political conflicts in the Middle East and Ukraine, the
Argentine credit situation, as well as a batch of largely
disappointing company earnings and mixed economic data.
It was the first monthly decline for the S&P 500 since
January. All 10 sectors in the broad market gauge declined at least
1.7% as a group, with the steepest fall for energy stocks
accompanying a sharp fall for front-month crude-oil futures.
Economic data today was somewhat downbeat. The Labor Department
reported a larger-than-expected rise of 23,000 to 302,000 in
first-time jobless claims while the Chicago purchasing managers
index falling to a 52.6 reading, well under the 63.2 reading Wall
Street was expecting. The government tomorrow will issue its
monthly non-farm payrolls report for July.
Commodities were mixed. Crude oil for September delivery plunged
today, settling $2.10 lower at $98.17 per barrel while September
natural gas rose 6 cents to finish at $3.84 per 1 million BTU.
December gold declined $13.80 to $1,283.10 per ounce while
September silver slid 18 cents to $20.41 per ounce. September
copper fell 1 cent to $3.23 per pound.
Here's where the U.S. markets stood at the end-of-day:
Dow Jones Industrial Average down 317.06 (-1.88%) to
S&P 500 down 39.40 (-2.00%) to 1,930.67
Nasdaq Composite Index down 93.13 (-2.09%) to 4,369.77
Hang Seng Index up 0.10%
Shanghai China Composite Index up 0.93%
FTSE 100 Index down 0.64%
(+) EVRY, Receives $20 mln equity investment by Monomoy Capital
Partners in return for Series A senior redeemable preferred stock
with $21.2 mln mln liquidation preference and warrants to buy 4.43
mln shares of common stock.
(+) AAVL, Prices an upsized initial public offering of 6 million
shares of its common stock at $17 apiece, the top of a recently
increased range. Prior to pricing, the firm added an extra 600,000
shares to the deal, generating $102 mln in gross proceeds.
(+) JRN, Climbs to seven-year high after agreeing to merge with
E.W. Scripps (
), with the combined companies planning to keep their broadcast
properties while spinning off their newspaper companies in a
separate firm. SSP hit its best price since 1988.
(-) EHTH, Q2 revenue climbs 7% to $42.6 mln, trailing consensus
by $4.7 mln. Adjusted net income of $0.22 per share beats by $0.04.
Projected FY14 EPS and revenue lags Street view by at least $0.01
and $15.5 mln, respectively.
(-) EDAP, FDA advisory panel votes 3-to-5 with one abstention
against the safety and 0-to-9 for the efficacy of its
Ablatherm-HIFU prostate cancer drug candidate. Vote on the
risk-benefit ratio was 0-to-8 against with one abstention.
(-) CBMG, Shutters its consulting business segment, saying the
unit "no longer fits into (the company's) long-term strategy and
vision." The division is expected to classified as discontinued
operation as of June 30, with the company taking $840,000 Q2