Toward the end of trading Thursday, the Dow traded down 0.21 percent to 18,487.10 while the NASDAQ declined 0.45 percent to
5,260.40. The S&P also fell, dropping 0.19 percent to 2,182.02.
Leading and Lagging Sectors
Thursday afternoon, energy shares surged by 1.34 percent. Meanwhile, top gainers in the sector included Natural Resource
Partners LP (NYSE: NRP), and Texas Pacific Land
Trust (NYSE: TPL).
In trading on Thursday, technology shares fell by 0.74 percent. Meanwhile, top losers in the sector included QAD Inc.
(NASDAQ: QADB), down 5 percent, and LG Display Co Ltd.
(ADR) (NYSE: LPL), down 6 percent.
Top Headline
Navistar International Corp (NYSE: NAV) posted
weaker-than-expected Q3 earnings and disclosed that its unit, Navistar Defense LLC, received a subpoena from the U.S. defense
department.
Navistar posted a quarterly net loss of $34 million, or $0.42 per share, versus a year-ago loss of $28 million, or $0.34 per
share.
Its revenue slipped 17.7 percent to $2.09 billion. Analysts were projecting earnings of $0.14 per share on revenue of $2.18
billion.
Equities Trading UP
Envirostar Inc (NYSE: EVI) shares shot up 30 percent
to $6.18 after the company reported the purchase of Western State Design for $28 million.
Shares of Tailored Brands Inc (NYSE: TLRD) got a
boost, shooting up 19 percent to $16.92 as the company reported stronger-than-expected results for its second quarter on
Wednesday.
Verint Systems Inc. (NASDAQ: VRNT) shares were
also up, gaining 9 percent to $38.18. Verint announced better-than-expected quarterly earnings.
Equities Trading DOWN
Pier 1 Imports Inc (NYSE: PIR) shares dropped 15
percent to $4.07 after the company reported weak preliminary results for its second quarter. The company also announced that its
Alex Smith will step down as CEO at the end of the year. Credit Suisse downgraded Pier 1 Imports from Neutral to Underperform,
while Oppenheimer downgraded the stock from Outperform to Perform.
Shares of Tractor Supply Company (NASDAQ: TSCO)
were down 17 percent to $69.45 as the company lowered its full-year forecast. Several analysts downgraded the stock following weak
outlook.
Gevo, Inc. (NASDAQ: GEVO) was down, falling around
28 percent to $0.505. Gevo priced $15.6 million offering of common stock and warrants.
Commodities
In commodity news, oil traded up 4.46 percent to $47.53 while gold traded down 0.57 percent to $1,341.50.
Silver traded down 0.85 percent Thursday to $19.68, while copper rose 0.17 percent to $2.10.
Eurozone
European shares closed mixed today. The eurozone’s STOXX 600 fell 0.33 percent, the Spanish Ibex Index gained 0.95 percent,
while Italy’s FTSE MIB Index gained 0.48 percent. Meanwhile the German DAX declined 0.72 percent, and the French CAC 40 slipped
0.34 percent while U.K. shares rose 0.18 percent.
Economics
U.S. initial jobless claims declined 4,000 to 259,000 in the latest week. However, economists were expecting claims to reach
265,000 reading in the week.
Crude supplies slipped 14.51 million barrels in the week ended September 2, the U.S. Energy Information Administration reported.
However, analysts were expecting a gain of 225,000 barrels. Gasoline supplies dropped 4.21 million barrels, while distillate
stockpiles increased 3.38 million barrels.
Natural-gas supplies gained 36 billion cubic feet for the week ended September 2, the U.S. Energy Information Administration
reported. Analysts projected a rise of 48 billion cubic feet.
Data on consumer credit for July will be released at 3:00 p.m. ET.
Data on money supply for the latest week will be released at 4:30 p.m. ET.
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