Toward the end of trading Thursday, the Dow traded down 0.27 percent to 17,956.77 while the NASDAQ declined 0.47 percent to
4,951.13. The S&P also fell, dropping 0.34 percent to 2,112.01.
Leading and Lagging Sectors
Thursday afternoon, the utilities sector proved to be a source of strength for the market. Leading the sector was strength from
Ameren Corp (NYSE: AEE) and Great Plains Energy
Incorporated (NYSE: GXP).
In trading on Thursday, basic materials shares fell by 1.9 percent. Meanwhile, top losers in the sector included Companhia
Siderurgica Nacional (ADR) (NYSE: SID), down 9 percent, and
Vale SA (ADR) (NYSE: VALE), down 9 percent.
Top Headline
J M Smucker Co (NYSE: SJM) reported
stronger-than-expected earnings for its fourth quarter and offered upbeat forecast for the fiscal year 2017.
J.M. Smucker Company reported net income of $191 million or $1.61 a share compared to a net loss of $90.3 million or a loss of
$0.82 a share in the year-ago quarter. On an adjusted basis, it would have earned $1.86 a share, sharply up from $0.41 a share in
the same quarter preceding year. Street analysts expected $1.20 a share.
The company's top line grew 25 percent to $1.81 billion from $1.45 billion in the previous year quarter. This was higher than
the analysts' prediction of $1.75 billion.
Going forward, J.M. Smucker expects adjusted earnings to be $7.60-$7.75 a share for the fiscal year 2017 with adjusted sales
expected to grow one percent. Street expects earnings of $6.37 a share and sales fall of 0.10 percent.
Equities Trading UP
Jaguar Animal Health Inc (NASDAQ: JAGX) shares
shot up 73 percent to $2.29 as the company reported $15 million stock purchase agreement with Aspire Capital Fund, LLC.
Shares of Christopher & Banks Corporation (NYSE: CBK)
got a boost, shooting up 15 percent to $2.32 as the company reported better-than-expected Q1 results.
Sarepta Therapeutics Inc (NASDAQ: SRPT) shares
were also up, gaining 11 percent to $21.49 after the company announced a proposed offering of approximately $37.5 million in common
stock.
Equities Trading DOWN
Restoration Hardware Holdings Inc (NYSE: RH) shares
dropped 20 percent to $28.92 as the company reported weaker-than-expected earnings for the first quarter and lowered its full-year
forecast. Deutsche Bank downgraded Restoration Hardware from Buy to Hold and lowered the price target from $50.00 to $35.00.
Shares of FuelCell Energy Inc (NASDAQ: FCEL) were
down 14 percent to $6.30 after the company reported downbeat results for its second quarter.
Tailored Brands Inc (NYSE: TLRD) was down, falling
around 20 percent to $12.36 as the company reported downbeat Q1 results.
Commodities
In commodity news, oil traded down 1.42 percent to $50.50 while gold traded up 0.81 percent to $1,272.50.
Silver traded up 1.80 percent Thursday to $17.29, while copper fell 1.16 percent to $2.04.
Eurozone
European shares closed lower today. The eurozone's STOXX 600 fell 0.96 percent, the Spanish Ibex Index dropped 0.70 percent,
while Italy's FTSE MIB Index slipped 0.81 percent. Meanwhile the German DAX declined 1.25 percent, and the French CAC 40 fell 0.97
percent, while U.K. shares fell 1.10 percent.
Economics
Initial jobless claims dropped 4,000 to 264,000 in the latest week. However, economists were expecting new claims to reach
270,000 in the week.
U.S. wholesale inventories rose 0.60 percent for April, versus economists' expectations for a 0.10 percent growth.
Supplies of natural gas increased 65 billion cubic feet for the week ended June 3, the U.S. Energy Information Administration
reported. However, analysts were projecting a rise of 78 billion cubic feet.
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