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Share Name | Share Symbol | Market | Type |
---|---|---|---|
J C Penney Company Inc | NYSE:JCP | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.1819 | 0 | 01:00:00 |
By Anora Mahmudova and Carla Mozee, MarketWatch
NEW YORK (MarketWatch) -- U.S. stocks were higher on Thursday, as investors shrugged off a larger-than-expected jump in jobless claims and mixed earnings from Wal-Mart Stores Inc. and Kohl's Corp.
The S&P 500 (SPX) was up 5.6 points, or 0.3%, at 1,952.37. The Dow Jones Industrial Average (DJI) was up 34 points, or 0.2%, at 16,685.05. The Nasdaq Composite (RIXF) gained 12 points, or 0.3%, to 4,445.79.
Dow industrials component Wal-Mart (WMT)lowered its full-year earnings forecast, while second-quarter operating profit met analyst expectations and sales topped those views.
Department-store operator Kohl's (KSS) shares rallied after the company posted slightly improved second-quarter earnings from a year ago, despite a decline in sales. Same-stores sales turned positive in July.
A report from the Labor Department showed initial jobless claims rose more than expected, but remained close to prerecession levels, boding well for the labor market.
"Investors gave a jobless claims a pass, as the trend seems to be intact," said Lawrence Creatura, portfolio manager at Federated Investors. He said the firm owns shares in American Eagle Outfitters Inc.(AEO)
Meanwhile, operators of brick-and-mortar stores are slowly adjusting to a shift in consumer behavior, and, "We see a lot of stocks that are now attractive because of that shift," he said.
After Thursday's closing bell, embattled retailer J.C. Penney (JCP) is projected to report a narrower second-quarter loss of 91 cents a share.
Nordstrom (JWN) also will release results after the close, and analysts expect the upscale department store chain to post earnings of 94 cents for its second quarter.
Also read: Why retail worries will only grow, and love for Tesla
Stocks to watch
Tesla Motors Inc.(TSLA) could extend the streak of record closes to four straight sessions. Tesla stock has been climbing since reporting strong second-quarter results.
The Class A shares of Warren Buffett's Berkshire Hathaway(BRKA) have hurdled the $200,000 price level for the first time, nearly eight years after first piercing the $100,000 mark. S&P Dow Jones Indices' Howard Silverblatt noted that the shares crossed above $100 in May 1977.
Cisco Systems (CSCO) shares fell after the network-equipment maker said late Wednesday that it plans to cut up to 6,000 jobs. (Read more about the day's notable movers here: http://www.marketwatch.com/story/wal-mart-cisco-are-stocks-to-watch-thursday-2014-08-13.)
In other action, the 10-year yield on U.S. Treasurys fell 36 basis points to 2.4% after the jobless claims. September oil futures (CLU4) gave up 63 cents a barrel, while December gold futures (GCZ4) gave up earlier gains and were flat. European stocks were higher and Asian stocks finished mixed, with Hong Kong's Hang Seng losing 0.4%.
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