Stocks Battle Higher, Dollar Gains Ground, Costco Cuts Coke
Stocks traded in an erratic and mostly negative manner during the morning session. Rising energy costs lifted stocks into positive territory midday despite a stronger dollar. Mixed retail news and word of big box discount club Costco cutting Coke products due to a dispute added to the generally lackluster, erratic session. The DJIA advanced +30.46 to 10437.42, the tech heavy Nasdaq battled +5.93 higher to 2203.78 and the broad based S&P 500 eased higher by +1.01 to 1110.31.
Home Depot
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PowerRating): Dropped by 2.39% or 66 cents to $26.99/share after stating forecasts missing analysts’ expectations.
Pacific Sunwear
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PowerRating): Missed analysts’ estimates by 21%, sending shares steeply lower by 22.55% or $1.13 to $3.88.
Target Corp
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PowerRating): Fell 3.02% or $1.52 to $48.77/share upon stating that the average transaction size has fell and it plans on seeing a decrease in fourth quarter comparable store sales.
Saks
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PowerRating): Added 4.06% or 26 cents to $6.67/share after posting a profit instead of the expected loss in the third quarter.
Oil added 24 cents to $79.31, gold advanced 20 cents to $1139.40 and the VIX index gave back 2.10% to 22.41.
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