logo-loader

Dow struggles to find direction; Home Depot slumps after Amazon deal

Last updated: 15:42 20 Jul 2017 EDT, First published: 05:17 20 Jul 2017 EDT

shutterstock_371901148_59710996ba227
  • Dow Jones lower into close

  • More earnings reports

  • Home Depot loses ground; Sears surges

 

US stocks are still struggling to find direction going into the close and the Dow is in the red.

The benchmark Dow Jones is down 4.72 at 21,636 at the time of writing, while the S&P 500 is 2.17 higher at 2,476.

The tech heavy Nasdaq is up over nine points at 6,394.

US crude is down 0.85% to $46.73 a barrel, while in Toronto the main index there - the TSX - is up over 22 points at 15,267.

Home Depot (NYSE: ) saw its shares drop, like other retailers, after behemoth online firm Amazon (NASDAQ:AMZN) agree a deal to sell Sears' home appliances on its online platform - which wiped $13bn off the value of Home Depot.

It shares dropped  4.10% to $147.01, while  Whirlpool Corp (NYSE:WHR) also dropped 4.45% to $189.55.

Conversely, Sears Holdings Corp (NASDAQ:SHLD) shares added 10.60% to $9.61 each.

MID-SESSION

US shares were still mixed at mid-session as the market digested earnings and jobs data.

Jobless claims decreased by 15,000 to 233,000 compared to a forecasted 245,000 in the week to July 15.

This is the lowest level of filings for US unemployment benefits in about two months.

Commentators reckon it showed growing demand for workers in a tight job market.

The Dow Jones is down 17 at 21,623, the Nasdaq added 7.42 at 6,392 and the S&P 500 is up 2.24 at 2,476.

US crude is down 0.55% at the time of writing to US$46.86 a barrel.

In companies,  Sarepta Therapeutics Inc  (NASDAQ:SRPT) was a runaway winner, adding over 24% after reporting stronger-than-expected quarterly revenue.

Syntel Inc (NASDAQ:SYNT) added almost 14% to $19.13 as it reported strong second quarter results.

Elsewhere, Datawatch Corporation (NASDAQ:DQCH)  added 10% to $10.45 as it reported a third quarter loss of $9.07 million.

MarineMax Inc (NYSE:HZO)  tanked 22.78% to $15.25 after it reported downbeat third quarter results and lowered its full year 2017 earnings outlook.

 

READ  - FTSE 100 ends almost 57 higher buoyed by retailers

OPEN

US shares started mixed on Thursday amid another clutch of earnings reports and the ECB holding interest rates as is.

The Dow Jones shed 0.38 in early deals at 21,637, while the S&P 500 index added 2.47 at 2,476.

The tech heavy Nasdaq index gained 5.83 at 6,390.

In  Toronto, the TSX added 36 to stand at 15,281.

In oil, US benchmark crude, or West Texas Intermediate (WTI), added 0.68% to stand at $47.44 a barrel.

In stocks, Kinder Morgan Inc (NYSE:KMI) was a notable mover, adding 7.63% to $21.16

The energy infrastructure company told investors that it expects its dividend to increase in the future and announced a share repurchase program.

Kinder Morgan said it expects a 60% dividend increase for next year to 80 cents a share and forecasted  a 25% dividend annual growth rate in the two years through to 2020. 

ARway.ai announces multiple new SaaS developer contracts in both the United...

ARway.ai (CSE:ARWY, OTCQB:ARWYF) Chief Executive Officer Evan Gappelberg joined Steve Darling from Proactive to announce multiple new SaaS developer sign-ups for its augmented reality experience platform, focusing on AR indoor navigation. These partnerships represent significant milestones in...

39 minutes ago