Midway through trading Thursday, the Dow traded down 0.31
percent to 16,411.07 while the NASDAQ tumbled 0.44 percent to
4,147.12. The S&P also fell, dropping 0.23 percent to
Top Headline Family Dollar Stores (NYSE:
) reported a drop in its first quarter profit.
Family Dollar's quarterly profit declined to $78.0 million, or
$0.68 per share, versus a year-ago profit of $80.3 million, or
$0.69 per share. Its revenue climbed 3.2% to $2.50 billion from
$2.42 billion. However, analysts were estimating earnings of
$0.69 per share on revenue of $2.51 billion.
Family Dollar expects Q2 earnings range of $0.85 to $0.95 per
share, versus analysts' estimates of $1.21 per share. It also
lowered its FY14 earnings outlook to $3.25 to $3.55 per share
versus its earlier forecast of $3.80 to $4.15 per share.
Equities Trading UP Shares of Intercept Pharmaceuticals
) got a boost, shooting up 289.85 percent to $282.21 after the
company reported that the FLINT trial of obeticholic acid has
been stopped early and the NASH primary endpoint has been
Sangamo Biosciences (NASDAQ:
) shot up 29.01 percent to $17.61 after the company and Biogen
) announced the global collaboration to develop treatments for
) was also up, gaining 7.77 percent to $55.87 after the company
announced its plans to lower 2,500 jobs and shut five Macy's
stores. It also reported a 3.6% rise in its comparable sales in
November and December. The retailer also issued upbeat outlook
for 2014. BMO Capital upgraded the stock from Market Perform to
Outperform and lifted the target price from $53 to $70.
Equities Trading DOWN Shares of Pier 1 Imports (NYSE:
) were down 12.33 percent to $20.45 after the company reported
weak December sales and lowered its outlook.
Bed Bath & Beyond (NASDAQ:
) tumbled 13.33 percent to $69.06 after the company reported
weaker-than-expected fiscal third-quarter earnings and lowered
its guidance. Analysts at
Credit Suisse downgraded
the stock from Outperform to Neutral and lowered the target price
from $85 to $78.
Family Dollar Stores (NYSE:
) was down, falling 6.80 percent to $61.83 after the company
reported a drop
in its first quarter profit and issued a weak outlook.
Commodities In commodity news, oil traded down 0.27 percent to
$92.08, while gold traded up 0.02 percent to $1,225.80.
Silver traded down 0.43 percent Thursday to $19.46, while
copper fell 1.51 percent to $3.29.
Eurozone European shares were mostly lower today. The Spanish
Ibex Index fell 0.39 percent, while Italy's FTSE MIB Index surged
0.20 percent. Meanwhile, the German DAX tumbled 0.85 percent and
the French CAC 40 fell 0.86 percent while U.K. shares dropped
Economics U.S. initial jobless claims declined by 15,000 to
330,000 in the week ended January 4. However, economists were
expecting claims to total 335,000 in the week.
Announced job cuts dropped 32% to 30,623, outplacement firm
Challenger, Gray & Christmas reported.
Supplies of natural gas dropped 157 billion cubic feet for the
week ended January 3, the U.S. Energy Information Administration
reported. However, analysts were expecting a decline of 148
billion cubic feet to 152 billion cubic feet.
Data on money supply will be released at 4:30 p.m. ET.
(c) 2014 Benzinga.com. Benzinga does not provide investment
advice. All rights reserved.
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