Midday movers: Talbots, Joy Global, Caterpillar
The market heads for a down-ending note to a down month.
Joy Global (JOY) shares slid over 6.5% in spite of quarterly earnings and revenue above consensus as the company said it does not see softness in U.S. aftermarket orders being offset by international markets and that continuing uncertainty will keep mining companies cautious.
Joy guided to full-year earnings in a range below consensus, with its cautious outlook possibly weighing on peers including Caterpillar (CAT), down 3.7%, and Deere (DE), down 2.9%.
Among retailers reporting May same store sales, Target (TGT) and Costco (COST) advanced marginally, while Kohl's (KSS), Nordstrom (JWN) and Buckle (BKE) declined.
Among the notable gainers Thursday are Talbots (TLB), up over 90%, after agreeing to be acquired by Sycamore Partners for $2.75 in cash per share, and Ciena (CIEN), up 8%, following its report of better-than-expected earnings and revenue.
Noteworthy losers include Chelsea Therapeutics (CHTP), down 32%, after the company said one of its experimental drugs failed to demonstrate superior efficacy to another treatment and it was discontinuing its development, and BioMarin (BMRN), down nearly 8%, after the company sold 6.5 million shares to raise capital.
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Serious issues like drought and the deterioration of the developed world spell opportunity for this industry leader.
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