| 2017-08-11 16:19:12|
JCP, M… 16:19 08/11 08/11/17
On The Fly: Top stock stories for Friday
Stocks began the day in positive territory as the market looked to break its three-day losing streak, which came to a head with yesterday's selloff. The averages moved in a narrow range throughout the day and did little to eat into their weekly loss. With more than 90% of the S&P 500 having already reported quarterly earnings and geopolitical risk top of mind given the North Korean situation, investors largely chose to stay on the sidelines ahead of the weekend. ECONOMIC NEWS: In the U.S., the Consumer Price Index for the month of July rose 0.1% for both the headline and core rates. There were no revisions to June, where the headline price reading was unchanged while the core edged up 0.1%. In energy news, Baker Hughes reported that the U.S. rig count is down 5 rigs from last week to 949. COMPANY NEWS: Department store owner J.C. Penney (JCP) dropped 16.56% after reporting a larger than expected loss for the latest quarter. The news follows other disappointing reports yesterday from peers Macy's (M) and Kohl's (KSS), though Nordstrom (JWN) bucked the trend of declining sales in the sector, reporting a comparable store sales gain for its most recent quarter and raising its guidance. Despite the earnings beat, shares of Nordstrom only closed 0.07% higher... Snap (SNAP) shares sunk 13.84% after Snapchat's parent reported lower than expected quarterly results, with sequential daily active users growth slowing from 5% in Q1 to 4.2% in Q2. Multiple analysts weighed in on the social media company's quarter, with analysts from Barclays, Citi, Jefferies, Credit Suisse, Goldman Sachs, UBS, Oppenheimer, RBC Capital, and Stifel all cutting their price targets on the stock... Meanwhile, Reuters reported that Netflix (NFLX) is in "active discussions" with Disney (DIS) about keeping Marvel and Star Wars properties after 2019, at which point new Disney and Pixar films will no longer appear on the streaming service. MAJOR MOVERS: Among the noteworthy gainers after earnings were Ichor (ICHR) and Trade Desk (TTD), which rose 7.71% and 8.77%, respectively. Also higher was Electronics for Imaging (EFII), which gained 8.2% after it said in a regulatory filing yesterday that it is in the process of completing an assessment of the timing of its financial review and restatement process. Among the noteworthy losers after earnings were Luxoft Holding (LXFT) and NVIDIA (NVDA), which fell a respective 24.84% and 5.33%. INDEXES: The Dow rose 14.31, or 0.07%, to 21,858.32, the Nasdaq gained 39.68, or 0.64%, to 6,256.56, and the S&P 500 advanced 3.11, or 0.13%, to 2,441.32.
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