Midway through trading Thursday, the Dow traded down 1.38
percent to 14,903.62 while the NASDAQ declined 1.45 percent to
3,393.43. The S&P also fell, dropping 1.53 percent to
Top Headline Rite Aid (NYSE:
) posted a profit in the fiscal first quarter and cut its
full-year earnings forecast.
Rite Aid now expects full-year earnings of penny to $0.16 per
share, versus its earlier forecast of $0.04 to $0.20 per
Rite Aid posted a quarterly profit of $89.7 million, or $0.09
per share, versus a year-ago loss of $28.1 million, or $0.03 per
share. However, analysts were expecting a profit of $0.09 per
Equities Trading UP Finisar (NASDAQ:
) shot up 11.23 percent to $16.15 after the company reported
upbeat fiscal fourth-quarter earnings and issued strong forecast
for the first quarter.
Shares of Wright Medical Group (NASDAQ:
) got a boost, shooting up 6.67 percent to $26.62 after the
company announced its plans to sell its implants business to a
unit of MicroPort Scientific for $290 million in cash..
Red Hat (NYSE:
) was also up, gaining 1.45 percent to $46.89 after the company
reported an 8% surge in its net income for its fiscal first
Equities Trading DOWN Shares of Pier 1 Imports (NYSE:
) were down 3.71 percent to $23.10 on Q1 results.
) was down, falling 4.41 percent to $96.11. JP Morgan downgraded
FedEx from "overweight" to "neutral."
Rite Aid (NYSE:
) shares tumbled 6.75 percent to $2.90 after the company cut its
full-year earnings forecast.
Commodities In commodity news, oil traded down 2.79 percent to
$95.50, while gold traded down 5.84 percent to $1,293.80.
Silver traded down 8.50 percent Thursday to $19.79, while
copper fell 2.84 percent to $3.06.
Eurozone European shares tracked Asian markets lower and
continued to trade lower following the weaker than expected
German manufacturing data. The Eurozone Manufacturing PMI posted
a slight beat of expectations this morning, rising to 48.7 from
48.3 on an expected reading of 48.6. Strength was seen in France
while Germany's PMI unexpectedly dropped to 48.7 vs. 49.4
previously on an expected rise to 49.8.
The Spanish Ibex Index fell 3.29 percent and the Italian FTSE
MIB Index declined 3.06 percent. Meanwhile, the German DAX fell
3.06 percent and the French CAC 40 declined 3.66 percent while
U.K. shares dropped 2.79 percent.
Economics US jobless claims rose by 18,000 to 354,000 in the
week ended June 15. However, economists were projecting claims to
surge to 340,000 in the week.
The US flash manufacturing PMI declined to a reading of 52.2
in June, versus 52.3 in May, Markit reported.
The Bloomberg Consumer Comfort Index rose to minus 29.4 in the
week ended June 16, versus minus 31.3 in the prior week.
US existing-home sales increased 4.2% to an annual rate of
5.18 million in May. However, sales of existing homes jumped
12.9% y/y in May. Economists were expecting existing-home sales
to rise an annual rate of 5 million.
The leading economic index increased 0.1% to 95.2% in May, the
Conference Board reported. However, economists were expecting a
The Philadelphia Fed business condition index surged to 12.50
in June, versus a reading of -5.20 in May. However, economists
were expecting t-2.00.
Natural-gas inventories surged 91 billion cubic feet for the
week ended June 14, the US Energy Information Administration
The Treasury is set to auction 30-year TIPS.
Data on money supply will be released at 4:30 p.m. ET.
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