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Taminco Surges On Acquisition News; E2open Shares Decline

Midway through trading Thursday, the Dow traded down 0.23 percent to 17,029.57 while the NASDAQ declined 0.25 percent to 4,575.18. The S&P also fell, dropping 0.15 percent to 1,992.77.

Leading and Lagging Sectors

Utilities shares rose 0.22 percent on Thursday. Top gainers in the sector included FirstEnergy (NYSE: FE ), up 1.5 percent, and Huaneng Power International (NYSE: HNP ), up 1.5 percent.

In trading on Thursday, energy shares were relative laggards, down on the day by about 0.70 percent. Meanwhile, top decliners in the sector included Pacific Ethanol (NASDAQ: PEIX ), down 12.8 percent, and Texas Pacific Land Trust (NYSE: TPL ), off 4.6 percent.

Top Headline

Lululemon Athletica (NASDAQ: LULU ) reported better-than-expected second-quarter earnings.

The Vancouver, Canada-based company posted a quarterly net profit of $48.7 million, or $0.33 per share, versus a year-ago profit of $56.5 million, or $0.39 per share.

Its revenue rose 13% to $390.7 million from $344.5 million. However, analysts were expecting earnings of $0.29 per share on revenue of $376.95 million.

Equities Trading UP

JDS Uniphase (NASDAQ: JDSU ) shares shot up 12.02 percent to $13.56 after the company announced its plans to spin off its optical components and subsystem operation as a separate company.

Shares of Lululemon Athletica (NASDAQ: LULU ) got a boost, shooting up 15.91 percent to $44.50 after the company reported better-than-expected second-quarter earnings.

Taminco (NYSE: TAM ) shares were also up, gaining 10.55 percent to $26.40 after the company agreed to be acquired by Eastman Chemical Company (NYSE: EMN ) for $26 per share.

Equities Trading DOWN

Shares of E2open (NASDAQ: EOPN ) were down 29.66 percent to $10.98 after the company issued a weak full-year revenue forecast and announced the resignation of its chief sales officer David Packer. The company also announced that its three customers will not be renewing contracts.

Restoration Hardware Holdings (NYSE: RH ) shares tumbled 4.03 percent to $78.74 after the company reported weaker-than-expected second-quarter revenue and issued a weak FY14 revenue forecast. However, the company reported upbeat quarterly earnings and raised its FY14 earnings guidance.

Crocs (NASDAQ: CROX ) was down, falling 5.59 percent to $14.20. Buckingham Research downgraded Crocs from Buy to Neutral.

Commodities

In commodity news, oil traded up 0.48 percent to $92.11, while gold traded down 0.63 percent to $1,237.50.

Silver traded down 1.59 percent Thursday to $18.63, while copper fell 0.51 percent to $3.09.

Eurozone

European shares were lower today. The eurozone's STOXX 600 fell 0.22 percent, the Spanish Ibex Index dropped 0.54 percent, while Italy's FTSE MIB Index slipped 0.31 percent. Meanwhile, the German DAX fell 0.16 percent and the French CAC 40 declined 0.30 percent while UK shares slipped 0.54 percent.

Economics

US jobless claims increased 11,000 to 315,000 in the week ended September 6. However, economists were expecting initial claims to reach 300,000 in the recent week.

The Treasury is set to auction 3-month, 6-month and 52-week bills.

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


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

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