Midway through trading Thursday, the Dow traded down 0.26
percent to 16,226.57 while the NASDAQ tumbled 0.81 percent to
4,139.66. The S&P also fell, dropping 0.48 percent to
Leading and Lagging Sectors In trading on Thursday,
telecommunications services shares were relative leaders, up on
the day by about 0.83 percent. Top gainers in the sector included
Internet Initiative Japan (NASDAQ:
), with shares up 9.5 percent, and RRSat Global Communications
), with shares up 4.9 percent.
Tech sector was the leading decliner in the US market today.
Among the sector stocks, Bitauto Holdings (NYSE:
) was down more than 8.6 percent, while Ku6 Media Co (NASDAQ:
) tumbled around 8.4 percent.
Top Headline Lululemon Athletica (NASDAQ:
) reported better-than-expected fourth-quarter earnings and
issued a downbeat first-quarter outlook. Lululemon's quarterly
profit rose to $109.7 million, versus a year-ago profit of $109.4
million. On a per-share basis, its earnings came in at $0.75. Its
revenue surged 7% to $521 million versus $485.5 million. However,
analysts were projecting earnings of $0.72 per share on revenue
of $515 million.
Lululemon expects Q1 earnings of $0.31 to $0.33 per share on
revenue of $377 million to $382 million and full-year earnings of
$1.80 to $1.90 per share and revenue of $1.77 billion to $1.82
billion. However, analysts were projecting Q1 earnings of $0.36
per share on revenue of $389 million.
Equities Trading UP Baxter International (NYSE:
) shares shot up 5.35 percent to $73.83 after the company
plans to split
itself into two companies.
Shares of Lululemon Athletica (NASDAQ:
) got a boost, shooting up 5.64 percent to $50.95 after the
fourth-quarter earnings and issued a downbeat Q1 forecast.
) was also up, gaining 7.42 percent to $37.08 after the company
in its fiscal fourth-quarter earnings. Conn's posted its
quarterly profit of $27.7 million, or $0.75 per share, versus a
year-ago profit of $17.7 million, or $0.50 per share.
Equities Trading DOWN Shares of Solazyme (NASDAQ:
) were down 4.24 percent to $11.06 after the company priced
offering of $130 million of 5.00% Convertible Senior Subordinated
Notes due 2019 and 5 million shares of at $11.00 per share.
) shares tumbled 5.76 percent to $47.27 after the company
reported that its capital plan was not approved by the Federal
Reserve. The Fed said that Citi's plan did not fix previously
raised issues. Analysts at Keefe Bruyette & Woods downgraded
Citigroup from Outperform to Market Perform and lowered the
target price from $58 to $52.
) was down, falling 5.02 percent to $18.18 after the company
reported a 40% drop in its Q4 profit and issued a downbeat Q1
Commodities In commodity news,
oil traded up 1.18 percent
to $101.44, while gold traded down 0.48 percent to $1,297.10.
Silver traded down 0.40 percent Thursday to $19.70, while copper
rose 0.86 percent to $2.99.
Eurozone European shares
were mostly lower
The Spanish Ibex Index rose 0.42 percent, while Italy's FTSE
MIB Index gained 0.03 percent.
Meanwhile, the German DAX slipped 0.34 percent and the French
CAC 40 declined 0.26 percent while U.K. shares dropped 0.40
Economics US jobless claims declined by 10,000 to 311,000 in
the week ended March 22. However, economists were expecting
claims to reach 323,000 in the week.
The US economy's growth was lifted to an annual rate of 2.6%
in the fourth quarter versus 2.4%.
The pending home sales index dropped to 93.9 in February, from
94.7 in January.
The Bloomberg Consumer Comfort Index declined to -31.50 for
the week ended March 23, versus a prior reading of -29.00.
Supplies of natural gas declined 57 billion cubic feet for the
week ended March 21, the US Energy Information Administration
said. However, analysts were expecting a drop of 50 billion cubic
feet to 54 billion cubic feet.
The Kansas City Fed manufacturing index rose to 10 in March,
versus a reading of 4 in February.
Data on money supply will be released at 4:30 p.m. ET.
© 2014 Benzinga.com. Benzinga does not provide investment
advice. All rights reserved.
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