Toward the end of trading Thursday, the Dow traded down 0.07 percent to 25,182.65 while the NASDAQ climbed 0.77 percent to 7,754.77. The S&P also rose, gaining 0.24 percent to 2,782.25.
Leading and Lagging Sectors
Thursday afternoon, the telecommunication services shares surged 1.44 percent. Meanwhile, top gainers in the sector included pdvWireless, Inc. PDVW 10.16% up 6 percent, andGlobalstar, Inc. GSAT 9.19% up 5 percent.
In trading on Thursday, financial shares fell 1.04 percent.
Top Headline
Michaels Companies Inc MIK 14% reported better-than-expected earnings for its first quarter, but issued weak forecast for the second quarter.
Michaels posted quarterly earnings of $0.39 per share on revenue of $1.156 billion. However, analysts were expecting earnings of $0.38 per share on revenue of $1.151 billion. Its same-store sales rose 0.4 percent during the quarter.
Michaels Companies expects Q2 earnings of $0.12 to $0.14 per share, versus analysts’ estimates of $0.19 per share. The company projects Q2 same-store sales to be about flat.
Equities Trading UP
Etsy, Inc. ETSY 26.25% shares shot up 33 percent to $43.88 after the company announced increase in transaction fees and raised FY18 sales outlook.
Shares of Teligent, Inc. TLGT 10.4% got a boost, shooting up 10 percent to $3.60 after the company disclosed that it has received approval from the FDA for its Diflorasone Diacetate Ointment 0.05% for the treatment of skin conditions like eczema.
Destination Maternity Corporation DEST 50.43% shares were also up, gaining 29 percent to $4.46 following Q1 results. Destination Maternity posted Q1 earnings of $0.07 per share on sales of $103.227 million.
Equities Trading DOWN
Tailored Brands, Inc. TLRD 21.7% shares dropped 22 percent to $26.135. Tailored Brands reported better-than-expected results for its first quarter. Comps were up 2.1 percent in the quarter.
Shares of Sonoma Pharmaceuticals, Inc. SNOA 21.2% were down 21 percent to $3.15 after reporting a fourth-quarter earnings and sales miss.
ClearOne, Inc. CLRO 22.28% was down, falling around 17 percent to $4.78 after the company posted downbeat Q1 results.
Commodities
In commodity news, oil traded up 0.03 percent to $66.66 while gold traded up 0.53 percent to $1,308.20.
Silver traded up 1.35 percent Thursday to $17.22, while copper fell 1.01 to $3.221.
Eurozone
European shares closed higher today. The eurozone’s STOXX 600 gained 1.23 percent, the Spanish Ibex Index rose 0.59 percent, while Italy’s FTSE MIB Index climbed 1.22 percent. Meanwhile the German DAX climbed 1.68 percent, and the French CAC 40 rose 1.39 percent while U.K. shares rose 0.81 percent.
Economics
U.S. initial jobless claims fell 4,000 to 218,000 in the latest week. However, economists were expecting a 223,000 reading.
U.S. retail sales increased 0.8 percent for May, versus economists’ expectations for a 0.4 percent rise.
U.S. import prices rose 0.6 percent for May, while export prices increased 0.6 percent in May.
U.S. business inventories rose 0.3 percent for May, versus economists’ estimates of 0.3 percent gain.
Domestic supplies of natural gas climbed 96 billion cubic feet for the week ended June 8, the U.S. Energy Information Administration reported. Analysts projected a gain of 87 billion cubic feet.
Data on money supply for the recent week will be released at 4:30 p.m. ET.
Benzinga does not provide investment advice. All rights reserved.
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