Stock Market Recap: lululemon BENDS LOWER 8.8%, Gold TUMBLES
Markets closed mixed on Wall Street today:
Dow +0.37%, S&P -0.01%, Nasdaq -0.48%, Oil -1.15%, Gold -2.51%.
On the commodities front, Oil (NYSEARCA:USO) declined to $84.13 a barrel. Precious metals also declined, with Gold (NYSEARCA:GLD) falling to $1593.00 an ounce while Silver (NYSEARCA:SLV) fell 0.90% to settle at $28.59
Here’s your Cheat Sheet to today’s top stock stories:
lululemon athletica inc. (NASDAQ:LULU) reported its first quarter earnings and saw its net income beat Wall Street’s expectations. It rose to $46.6 million (32 cents per share) vs. $33.4 million (23 cents per share) in the same quarter a year earlier. This marks a rise of 39.8% from the year-earlier quarter. Revenue jumped 53 percent to $285.7 million from the year-earlier quarter, beating estimates of $270.9 million. But the company issued an earnings outlook for the second quarter and the full year that fell short of analysts’ targets.
CACI International Inc. (NYSE:CACI) saw shares rise 11 percent after Lazard Capital Markets analysts bumped the company’s stock to a “Buy” rating from “Neutral” on Thursday. On Wednesday, the company had issued a positive profit forecast for fiscal 2013 and announced a new buy back program up to 4 million shares.
Navistar International Corp.’s (NYSE:NAV) shares dropped 14 percent after its first-quarter report disclosed a loss. The company pointed fingers at restructuring charges and slower-than-expected revenue growth, according to MarketWatch. It also lowered its earnings guidance for 2012 and reorganized its executive team.
Molina Healthcare (NYSE:MOH) took away its 2012 earnings guidance and disclosed cost problems that exceeded incoming premium revenue for some newly added state regions. Wells Fargo (NYSE:WFC) said of the news that while Molina has a “disproportionately higher share” of the affected members in those areas, this could also potentially increase concerns for Centene Corp. (NYSE:CNC), Amerigroup Corp. (NYSE:AGP) and WellCare Health Plans Inc. (NYSE:WCG).
Sonic Corp. (NASDAQ:SONC) rose almost 6 percent on news that Bank of America Merrill Lynch raised its rating on the restaurant chain to “Buy” from an “Underperform.” The firm cited Sonic’s “impressive” May sales at its quick-service restaurants and noted that its sales performance came at the time of its return for the “Two Guys” ad campaign. Analysts wrote, “More effective marketing may be the missing link to leverage previously implemented improvements in product quality, better guest feedback systems, more sophisticated pricing tactics, and more efficient media buying.”