On The Fly: Closing Wrap
Stocks on Wall Street were mixed as the Dow swung to a loss in the final minutes of trade after the averages had been uniformly higher for much of the session. Today's close makes five straight trading sessions of losses for the Dow, which inched closer to the 15,000 level, which that average has not closed below since early July.
ECONOMIC EVENTS: In the U.S., the economic calendar remained light, with the only major data from the U.S. Chicago National Activity index, which improved to -0.15 in July but remained in negative territory for a fifth straight month. COMPANY NEWS: J.C. Penney (JCP) reported second quarter earnings per share that widely missed consensus estimates, revenue that fell short of expectations, and same-store sales that fell 11.9%, though the company said it expects sales results to continue sequential improvement in the second half of the year. Reports also said that noted investor Kyle Bass has taken a 5.5M share position in the company's common stock, as well as a position in its secured loans, and shares of the retailer gained 79c, or 5.98%, to $14.01... Barnes & Noble (BKS) shares fell $2.06, or 12.36%, to $14.61 after the company's chairman Leonard Riggio said his efforts to but the company's retail business have been suspended. The bookseller also reported a first quarter loss excluding certain items that was narrower than expected, with revenues that came in just shy of expectations.
MAJOR MOVERS: Among the notable gainers was Best Buy (BBY), up $4.07, or 13.24%, to $34.80 after it reported better-than-expected earnings and revenue. Also higher following its quarterly report was Trina Solar (TSL), up $1.04, or 15.34%, to $7.82 after beating on the top and bottom line and getting upgrades from analyst firms Ardour Capital and Maxim.
Among the noteworthy losers following their quarterly reports were Dick's Sporting Good (DKS), down $3.95, or 7.81%, to $46.64, and Aegean Marine (ANW), down 94c, or 9.41%, to $9.05.
INDEXES: The Dow was down 7.75, or 0.05%, to 15,002.99; the S&P 500 was up 6.29, or 0.38%, to 1,652.35; the Nasdaq is up 24.50, or 0.68%, to 3,613.59. :theflyonthewall.com
