Mid-Morning Market Update: Markets Rise; Krispy Kreme Earnings Beat Estimates
Following the market opening Thursday, the Dow traded up 0.47 percent to 18,084.21 while the NASDAQ gained 0.41 percent to 5,097.62. The S&P also rose, gaining 0.38 percent to 2,113.24.
Leading and Lagging Sectors
Thursday morning, technology shares gained by 0.54 percent. Meanwhile, top gainers in the sector included Vimicro International Corporation (ADR) (NASDAQ: VIMC), up 8 percent, and NeoPhotonics Corp (NYSE: NPTN), up 7 percent.
In trading on Thursday, energy shares fell by 0.22 percent. Meanwhile, top losers in the sector included Global Partners LP (NYSE: GLP), down 7 percent, and Basic Energy Services, Inc (NYSE: BAS), off 5 percent.
Top Headline
Krispy Kreme Doughnuts (NYSE: KKD) reported better-than-expected earnings for the first quarter on Wednesday.
The Winston-Salem, North Carolina-based company posted a quarterly profit of $10.7 million, or $0.16 per share, versus a year-ago profit of $9.7 million, or $0.14 per share. Excluding one-time items, the company's adjusted earnings rose to $0.24 per share from $0.23 per share.
Its revenue gained 9 percent to $132.5 million from $121.6 million. However, analysts were projecting earnings of $0.22 per share on revenue of $135.3 million.
Equities Trading UP
Box Inc (NYSE: BOX) shares shot up 11 percent to $19.71 after the company reported upbeat results for the first quarter and lifted its sales forecast fiscal 2016.
Shares of Krispy Kreme Doughnuts (NYSE: KKD) got a boost, shooting up 13 percent to $19.68 after the company reported better-than-expected earnings for the first quarter.
Men's Wearhouse Inc (NYSE: MW) shares were also up, gaining 5 percent to $61.14 after the company reported stronger-than-expected results for the first quarter.
Equities Trading DOWN
Bazaarvoice Inc (NASDAQ: BV) shares tumbled 7 percent to $5.80. Bazaarvoice reported a Q4 loss of $0.06 per share on revenue of $48.3 million.
Shares of Global Partners LP (NYSE: GLP) were down 6 percent to $37.24 after the company priced its 3 million common unit offering at $38.12 per unit.
Commscope Holding Company Inc (NASDAQ: COMM) was down, falling 4 percent to $31.15 after the company reported a sale of 20 million shares of common stock by Carlyle Group.
Commodities
In commodity news, oil traded down 1.14 percent to $60.73, while gold traded down 0.78 percent to $1,177.30.
Silver traded down 0.71 percent Thursday to $15.85, while copper fell 1.98 percent to $2.69.
Eurozone
European shares were higher today. The eurozone’s STOXX 600 gained 0.79 percent, the Spanish Ibex Index climbed 0.85 percent, while Italy’s FTSE MIB Index jumped 1.07 percent. Meanwhile, the German DAX climbed 1.11 percent, and the French CAC 40 gained 1.07 percent while UK shares rose 0.44 percent.
Economics
Initial jobless claims rose 2,000 to 279,000 in the week ended June 6. However, economists were expecting claims to reach 277,000 in the week.
US import-price index rose 1.3 percent in May, while the export-price index gained 0.6 percent in the month.
US retail sales increased 1.2 percent in May, versus economists’ expectations for a 1.1 percent growth.
US business inventories rose 0.40 percent in April, versus economists’ expectations for a 0.20 percent growth.
Data on money supply will be released at 4:30 p.m. ET.
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