3:55 PM – Stocks on Wall Street turned lower on stretched valuations and investors digested jobless claims and consumer spending reports. Consumer spending increased at the fastest pace in six years in May on rising demand for automobiles and other durable goods.
Stocks on Wall Street turned lower and weekly jobless claims hovered near multi-year low and consumer spending increased at the fastest pace in six years in May.
Seasonally adjusted weekly jobless claims rose 3,000 to 271,000 from the previous week''s revised claims of 268,000, the Department of Labor said.
Personal income in May increased and matched the revised rate of 0.5% in April, the Department of Commerce reported today.
On Wall Street, Tollbooth Strategy Index gained 0.4% or 40.82 to 10,857.11.
S&P 500 index edged up 1.49 to 2,110.12 and the Nasdaq Composite Index added 4.21 to 5,126.25.
Crude oil in New York fell 46 cents to $59.81 a barrel and gold slid 0.30 cents to $1,172.60 an ounce.
increased 2.2% or $2.18 to $99.95 after the Ireland-based outsourcing services provider reported revenues in the third-quarter ending in May rose 0.3% to $8.27 billion from a year ago period.
Net income in the quarter slipped 3.3% to $840 million or $1.24 per diluted share compared to $868.9 million or $1.26 from the same quarter last year.
For the year, Accenture lifted adjusted earnings per share forecast between $4.73 to $4.78 on revenue growth between 9% and 10%.
Earlier the company estimated earnings per share of $4.66 to $4.76 on revenue growth of 8% to 10%.
The company forecasted sales for the fourth-quarter in the range of $7.45 billion to $7.7 billion.
Barnes & Noble, Inc
) decreased 3% or 80 cents to $25.53 after the bookseller said net sales in the fourth-quarter ending on May 2 plunged 10.4% to $1.18 billion from a year ago period.
Retail comparable store sales in the quarter decreased 1.3%.
Net loss in the quarter narrowed to $19.4 million or 37 cents per diluted share compared to $36.7 million or 72 cents from the same quarter last year.
The bookseller added revenues in the retail segment plunged 9% to $869 million and revenue for the college business dropped 8.1% to $274 million.
The company said revenue for the NOOK segment in the quarter tumbled 39.8% to $52 million.
Bed Bath & Beyond Inc
) slumped 2.7% or $1.89 to $68.45 after the home furnishings retailer reported net sales in the first-quarter ending in May increased 3.1% to $2.74 billion from a year ago period.
Same-store sales for the first quarter rose 2.2%.
Net income in the quarter declined 15.3% to $158.5 million compared to $187.1 million and diluted earnings per share were flat at 93 cents from the same quarter last year.