Mid-Afternoon Market Update: Fred's Drops After Q2 Results; Impinj Shares Surge
|Toward the end of trading Thursday, the Dow traded up 0.48 percent to 26,124.02 while the NASDAQ climbed 0.72 percent to 8,011.06. The S&P also rose, gaining 0.47 percent to 2,902.41.
Leading and Lagging Sectors
Thursday afternoon, the information technology shares rose 1.12 percent. Meanwhile, top gainers in the sector included Impinj, Inc. PI 37.17% up 41 percent, and Everi Holdings Inc. EVRI 12.67% up 13 percent.
In trading on Thursday, consumer staples shares fell 0.60 percent.
Top Headline
Kroger Co KR 9.99% reported upbeat earnings for its second quarter, while sales missed estimates.
Kroger posted quarterly earnings of $0.41 per share on revenue of $27.87 billion. However, analysts expected earnings of $0.38 per share on sales of $27.95 billion. Its same-store sales, excluding fuel, increased 1.6 percent for the quarter.
Equities Trading UP
Impinj, Inc. PI 37.17% shares shot up 37 percent to $25.72 after the company reported upbeat earnings for its second quarter and issued strong Q3 guidance.
Shares of NIO LIMITED NIO 50.7% got a boost, shooting up 43 percent to $9.47 after climbing 5.43 percent on Wednesday. NIO priced its IPO at $6.26 per ADS.
GNC Holdings, Inc. GNC 25.95% shares were also up, gaining 27 percent to $3.67 following news that the company received CFIUS clearance of its previously announced investment from Harbin Pharma.
Equities Trading DOWN
Pivotal Software, Inc. PVTL 20.94% shares dropped 22 percent to $22.55. Pivotal Software reported upbeat earnings for its second quarter on Wednesday.
Shares of WageWorks, Inc. WAGE 17.13% were down 18 percent to $40.10 after the company announced adjustments to FY16 financial statements expected to decrease revenue and net income. JMP Securities analysts downgraded the stock, while analysts at Stifel Nicolaus lowered their price target.
Fred's, Inc. FRED 18.98% was down, falling around 20 percent to $2.13. Fred's reported a Q2 loss of $0.62 per share on sales of $419.658 million.
Commodities
In commodity news, oil traded down 2.43 percent to $68.66 while gold traded down 0.25 percent to $1,207.90.
Silver traded down 0.37 percent Thursday to $14.24, while copper rose 0.13 to $2.6795.
Eurozone
European shares closed mostly lower today. The eurozone’s STOXX 600 fell 0.15 percent, the Spanish Ibex Index rose 0.24 percent, while Italy’s FTSE MIB Index declined 0.56 percent. Meanwhile the German DAX gained 0.19 percent, and the French CAC 40 declined 0.08 percent while U.K. shares fell 0.43 percent.
Economics
Initial jobless claims fell 1,000 to 204,000 in the latest week. However, economists were expecting a 210,000 reading.
The Consumer Price Index increased 0.2 percent for August, versus economists’ expectations for a 0.3 percent gain.
Domestic supplies of natural gas climbed 69 billion cubic feet for the week ended September 7, the U.S. Energy Information Administration reported. Analysts projected a gain of 70 billion cubic feet.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.