Markets Open Lower; Dollar General Profit Matches Street View

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Following the market opening Thursday, the Dow traded down 0.36 percent to 17,060.69 while the NASDAQ declined 0.29 percent to 4,556.18. The S&P also fell, dropping 0.26 percent to 1,994.86.

Leading and Lagging Sectors

Utilities shares rose by 0.28 percent on Thursday. Meanwhile, top gainers in the sector included Companhia Paranaense de Energia (NYSE: ELP ), up 1.6 percent, and Companhia de Saneamento Basico do Estado de Sao Paulo (NYSE: SBS ), up 1.1 percent.


In trading on Thursday, basic materials shares were relative laggards, down on the day by about 0.98 percent. Top decliners in the sector included Cliffs Natural Resources (NYSE: CLF ), down 5.1 percent, and Amyris (NASDAQ: AMRS ), off 1.4 percent.

Top Headline

Dollar General (NYSE: DG ) reported in-line profit for the fiscal second quarter. However, the company's revenue missed analysts' estimates.

The Goodlettsville, Tennessee-based company posted a quarterly profit of $251 million, or $0.83 per share, versus a year-ago profit of $245 million, or $0.75 per share.

Its sales climbed 7.5% to $4.72 billion. However, analysts were expecting a profit of $0.83 per share on revenue of $4.77 billion. Dollar General's same-store sales rose 2.1% in the quarter.

Equities Trading UP

Signet Jewelers (NYSE: SIG ) shares shot up 6.32 percent to $114.86 after the company reported fiscal second-quarter results.

Shares of CSR plc (NASDAQ: CSRE ) got a boost, shooting up 34.07 percent to $51.00 after the company rejected a takeover bid from Microchip Technology (NASDAQ: MCHP ).

Repros Therapeutics (NASDAQ: RPRX ) shares were also up, gaining 10.21 percent to $20.07 after the company reported positive top line results from Androxal studies.

Equities Trading DOWN

Shares of Williams-Sonoma (NYSE: WSM ) were down 10.77 percent to $66.82 after the company issued a downbeat third-quarter earnings forecast. However, the company reported in-line earnings for the second quarter. Analysts at Morgan Stanley downgraded Williams-Sonoma from Overweight to Equalweight and lowered the target price from $82 to $74.

Guess? (NYSE: GES ) shares tumbled 9.05 percent to $23.32 after the company reported weaker-than-expected second-quarter results and issued a downbeat outlook.

Abercrombie & Fitch Co (NYSE: ANF ) was down, falling 7.05 percent to $40.90 after the company reported downbeat second-quarter sales.

Commodities

In commodity news, oil traded up 0.76 percent to $94.59, while gold traded up 0.69 percent to $1,292.20.

Silver traded up 1.13 percent Thursday to $19.70, while copper fell 1.09 percent to $3.16.

Eurozone

European shares were lower today. The eurozone's STOXX 600 dropped 0.71 percent, the Spanish Ibex Index slipped 1.01 percent, while Italy's FTSE MIB Index declined 1.49 percent. Meanwhile, the German DAX fell 1.38 percent and the French CAC 40 declined 0.70 percent while UK shares dropped 0.34 percent.

Economics

The US economy expanded at an annual pace of 4.2% in the second quarter, versus economists' expectations for a 3.9% growth.

US initial claims declined by 1,000 to 298,000 in the week ended Aug. 23. However, economists were estimating claims to reach 300,000 in the week.

The pending home sales index climbed 3.3% to reach 105.9 in July, from 102.5 in June.

The Kansas City Fed manufacturing index for August will be released today.

© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.




This article appears in: Investing , Commodities , Futures

Referenced Stocks: MCHP , RPRX , ANF , CLF , ELP

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