Midday on the fly: TJX rises, Polycom falls
Stocks on Wall Street are mixed Thursday, with the Nasdaq in positive territory and the Dow and S&P down slightly.
Information provided by Theflyonthewall.com.
By early afternoon Thursday, the Dow was down 19.68, or 0.15%, to 13,055; the Nasdaq was up 10.87, or 0.36%, to 3,079.02; and the S&P 500 was down 1.47, or 0.11%, to 1,397.55.
The averages began the day lower but drifted during the morning hours, with all the major indices turning positive at one point. The market could not gather any upside momentum despite reports on jobs that lent credence to the improving employment story.
With the news flow slowing ahead of the long holiday weekend, investors may remain on the sideline, preferring to make their trades after tomorrow's monthly jobs report can be digested.
Domestically, the Challenger Job Cuts report said planned staff reductions were down 8.8% versus the same period one year earlier. About 357,000 initial jobless claims were filed last week, versus the expected 355,000. Continuing jobless claims came in at 3.33 million, versus expectations for 3.35 million. Internationally, a report showed that Britain's factory output fell 1% in February from January and the Bank of England kept its benchmark interest rate unchanged at 0.50% and its asset purchase plans steady as well.
Among companies reporting earnings, advancers included Bed Bath & Beyond (BBBY) and Schnitzer Steel (SCHN), while Constellation Brands (STZ), A. Schulman (SHLM) and Ruby Tuesday (RT) declined.
Among retailers reporting March same-store sales, TJX (TJX) and Ross Stores (ROST) saw their shares move higher, while Costco's stock fell in spite of comp sales rising 6%.
Notable gainers included Allos Therapeutics (ALTH), on news it will be acquired by Spectrum Pharmaceuticals (SPPI) for $1.82 per share plus one Contingent Value Right for an additional payment of 11 cents per share if certain milestones are hit, and Himax Technologies (HIMX), after raising its first-quarter earnings and revenue forecasts.
Noteworthy losers included Polycom (PLCM), after guiding toward first-quarter earnings below consensus expectations, and Parametric Technology (PMTC), following a downgrade at JPMorgan and guidance that also disappointed.
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All hail the bull market, which ended the week with a big rally. But it also is starting to look a little like 1987, which suffered an epic blow-out.
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