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.
Copyright © 2014 Microsoft. All rights reserved.
After enjoying a smooth rise in stock prices since May, investors are about to be hit with another bout of volatility.
VIDEO ON MSN MONEY
Top Stocks provides analysis about the most noteworthy stocks in the market each day, combining some of the best content from around the MSN Money site and the rest of the Web.
Contributors include professional investors and journalists affiliated with MSN Money.
Follow us on Twitter @topstocksmsn.