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Market Update

Global Markets Jittery on Fresh Doubts of U.S. Economic Rebound


Author: Nichole Harper
ticker.com
Last Update: 2:22 PM ET May 15 2015

1:45 PM – Market indexes on Wall Street extended losses for the fourth day in a row after weak consumer sentiment and industrial production data. SEC said it is looking to hoax bid for Avon Products. Carl Icahn, activist investor has invested $100 million in cab hailing service Lyft Inc.

On Wall Street traded higher in morning trading but market indexes quickly came under pressure after industrial production fell in April, fifth monthly decline in a row and consumer sentiment decreased more than expected in May.

April industrial production fell 0.3%, fifth monthly decline in a row. Manufacturing production unchanged, mining output declined 0.8% and utility output fell 1.3%, the Federal Reserve Bank said.

On Wall Street, Tollbooth Strategy Index edged down 1.06 to 10,766.98.

S&P 500 index fell 2.81 to 2,118.29 and the Nasdaq Composite Index slid 9.38 to 5,041.33.

Crude oil in New York slipped 46 cents to $59.42 a barrel and gold decreased $3 to $1,222.20 an ounce.

U.S. Movers

Avon Products Inc (AVP) slipped 1.3% or 9 cents to $6.98 after the stock surged 19% and fell back on an offer that was deemed to be hoax. The latest confusion about the offer raises questions about the Securities and Exchange Commission’s filing procedure.

The enforcement division of the regulatory agency said it is reviewing the legitimacy of the offer and why and how this hoax was perpetrated.

Dillard''s, Inc (DDS) plunged 7.5% or $9.34 to $114.86 after the apparel, cosmetics and home furnishing retailer reported total revenues in the first-quarter ending on May 2 rose 1.3% to $1.61 billion from a year ago period.

Comparable stores sales in the quarter decreased 1%.

Net income in the quarter dropped 1.9% to $109.6 million or $2.66 per diluted share compared to $111.7 million or $2.56 from the same quarter last year.

Nordstrom, Inc (JWN) fell 26 cents to $73.89 after the specialty retailer said net sales in the first-quarter ending on May 2 climbed 9.8% to $3.1 billion from a year ago period.

Comparable stores sales in the quarter jumped 4.4%.

Net income in the quarter plunged 8.6% to $128 million or 66 cents per diluted share compared to $140 million or 72 cents from the same quarter last year.

The retailer forecasted net sales for the year to increase between 7% and 9% and comparable store sales to jump in the range of 2% to 4% while diluted earnings per share in the range of $3.65 to $3.80.

European Markets

In London trading, FTSE 100 index fell 0.4% or 25.34 to 6,948.40 and in Frankfurt the DAX index slipped 0.5% or 55.95 to 11,503.64.

In Paris, CAC 40 index increased 0.4% or 21.05 to 5,050.36.

For the week, FTSE 100 index slipped 1.4% and in Frankfurt the DAX index dropped 1.7%.

In Paris, CAC 40 index slumped 1.6%.

Circassia Pharmaceuticals Plc plunged 9% to 291.20 pence after the U.K.-based biopharmaceutical company plans to acquire two separate companies for £239 million and said it may rise £275 million through an open offer.

Vedanta Resources Plc slid 0.2% to 669 pence after the U.K.-based India-focused miner reported revenues in the year ending in March fell 0.5% to $12.88 billion from $12.94 billion in a year ago period.

Net loss in the year widened from a year ago to $1.80 billion compared to $196 million and diluted loss per share increased to 654.5 cents from 71.7 cents.

The miner said wider loss was driven by a sharp drop in crude oil price and the company wrote down its Indian oil and gas business by $4.5 billion.

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Sources: Data collected by 123jump.com and Ticker.com from company press releases, filings and corporate websites. Market data: BATS Exchange. Inc