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Nasdaq 6,253.81 61.92
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Market Update

U.S. Stocks Struggle with Weekly Losses, Oil in 5-Day Rally


Author: Nichole Harper
ticker.com
Last Update: 7:08 PM ET March 26 2015

2:20 PM New York A mild rebound in tech stocks failed to lift the broader indexes and oil rally extended to fifth session in a row. S&P 500 index is down more than 2% in the week so far and the Nasdaq is down 3%, the largest weekly loss since October.

Stocks in New York see-sawed and a mild rebound in tech stocks failed to lift the Nasdaq index.

Transportation stocks were on the decline after oil price rallied for the fifth day in a row and Saudi Arabia led airstrike to targets in Yemen.

Seasonally adjusted weekly jobless claims declined 9,000 to 282,000 from the previous week unrevised claims of 291,000, the Department of Labor said today.

On Wall Street trading, Tollbooth Strategy Index rose 0.09% or 9.03 to 10,419.58.

S&P 500 index edged up 0.26 or 0.01% to 2,061.35 and the Nasdaq Composite Index fell 9.10 or 0.2% to 4,867.11.

Crude oil gained $1.07 to $50.28 a barrel and gold climbed $7.80 to $1,204.80 an ounce.

U.S. Movers

Lululemon Athletica Inc (LULU) climbed 6.7% or $4.06 to $64.99 after the yoga and athletic apparel retailer said net revenues in the fourth-quarter ending on February 1 soared 16% to $602.5 million from a year ago period.

Comparable store sales in the quarter jumped 5% and total comparable store sales and direct to consumer climbed 8%.

Net income in the quarter rose 1.1% to $110.9 million or 78 cents per diluted share compared to $109.7 million or 75 cents from the same quarter last year.

For the fiscal first quarter, the company forecasted net revenue to be in the range of $413 million to $418 million and total comparable sales increase in the low single digits and diluted earnings per share are estimated between 31 cents and 33 cents.

For the year, net revenues forecasted between $1.97 billion and $2.02 billion and diluted earnings per share in the range of $1.85 to $1.90.

European Markets

In London trading, FTSE 100 index declined 1.3% or 89.33 to 6,901.64 and in Frankfurt the DAX index dropped 1.3% or 158.16 to 11,707.16.

In Paris, CAC 40 index slumped 1.3% or 64.52 to 4,956.47.

Deutsche Postbank AG slid 0.1% to 35.70 after the Germany-based financial services provider said revenues in the year ending in December declined 8.3% to 4.73 billion from 5.16 billion in a year ago period.

Net profit in the year plunged 15.8% from a year ago to 278 million compared to 330 million and diluted earnings per share jumped to 0.67 from 0.17.

SolarWorld AG plunged 4.7% to 13.15 after the Germany-based crystalline solar power services provider stated revenues in the year ending in December surged 25.8% to 573.4 million from 455.8 million in a year ago period.

Net in the year swung to profit to 464.2 million compared to a loss of 228.3 million in the year ago period and diluted earnings per share swung to a 36.28 from loss per share of 309.09.

The company forecasted consolidated revenues for the fiscal 2015 to climb 25% to 700 million.

Telefonica Deutschland Holding AG slid 0.09% to 5.37 after the Germany-based communication services provider stated revenues in the year ending in December soared 12.4% to 5.52 billion from 4.91 billion in a year ago period.

Net in the year swung to a loss from a year ago to 721 million compared to profit of 78 million and diluted net per share swung to a loss of 0.45 from earnings per share of 0.7.

Asian Markets

Nikkei index in Tokyo closed lower following an Asia-wide sell-off sparked by more than 1% decline in New York. Ichibanya Co said third-quarter earnings surged 39% on 6% increase in revenues. Mitsubishi Motors plans to invest $500 million in Indonesia.

Stocks in Tokyo closed lower following the market sell-off in New York. The yen held firm.

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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