Market News: Hillshire Brands Co, Krispy Kreme Doughnuts, Quicksilver, Inc.

market news Morning Newsmarket news

The stock market ended the trading session in the red as investors wait for the decision of the European Central Bank (ECB) about potential stimulus action. Additionally, investors await the employment data for the month of May from the U.S. Department of Labor.

The Dow Jones Industrial Average (DJIA) declined 0.13%, the S&P 500 was down 0.05%, while the NASDAQ fell 0.20% today.

Commenting on the movement of the market, Chad Morganlander , a fund manager at Stifel Nicolaus & Co. told Bloomberg, “Traders are sitting on their hands, waiting for the response from the ECB before setting their bets up. There’s an overall anticipation that the ECB will be aggressive and that the jobs numbers on Friday will be better than expected.”

Two central bank officials in Europe opined that ECB President Mario Draghi will likely signal that any interest-rate reduction will not necessarily be the final measure, and Draghi will likely repeat his commitment to maintaining the borrowing costs at current or lower levels.  According to the officials, ECB policy makers are discussing a reduction of 10 or 15 basis points for both benchmark and deposit rates.

The U.S. Department of Labor is scheduled to release its employment data on Friday. Economists are anticipating that the unemployment rate will remain near its lowest level since September 2008.

U.S. Markets

  • Dow Jones Industrial Average (DJIA)- 16,721.90 (-0.13%)
  • S&P 500- 1,924.06 (-0.05 %)
  • NASDAQ- 4,234.05 (-0.20%)
  • Russell 2000- 1,127.27 (-0.14%)

European Markets

  • EURO STOXX 50 Price EUR- 3,241.04 (-0.21%)
  • FTSE 100 Index- 6,836.30 (-0.41%)
  • Deutsche Borse AG German Stock Index DAX- 9,918.74 (-0.31%)

Asia-Pacific Markets

  • Nikkei 225- 15,034.25 (+0.66%)
  • Hong Kong Hang Seng Index- 23,291.04 (+0.91%)
  • Shanghai Shenzhen CSI 300 Index- 2,149.92 (-0.30%)

Stocks in Focus

The stock price of Hillshire Brands Co (NYSE:HSH) increased 9.59% to $58.71 per share, after the company indicated that it will hold negotiations with Pilgrim’s Pride Corporation (NASDAQ:PPC) and Tyson Foods, Inc. (NYSE:TSN). Pilgrim raised its proposal to acquire Hillshire Brands to $55 a share. Tyson Foods offered an acquisition price of $50 a share last week.

The stock prices of Tyson Foods, Inc. (NYSE:TSN) declined 3.04% to $42.08 per share while Pilgrim’s Pride Corporation (NASDAQ:PPC) shares fell 2.24% to $25.34 per share today.

The shares of Krispy Kreme Doughnuts (NYSE:KKD) declined nearly 15% to 16.19 per share after the company lowered its full year earnings guidance in the range of $0.69 to $0.74 per share amid weak first quarter results. The doughnut chain previously forecast results as much as $0.79 earnings per share.

The stock value of Quiksilver, Inc. (NYSE:ZQK) dropped more than 41% to $3.41 per share after the company reported adjusted losses of $0.15 per share for the second quarter. The company’s $408 million sales missed the consensus estimate of Wall Street analysts.

For exclusive info on hedge funds and the latest news from value investing world at only a few dollars a month check out ValueWalk Premium right here.

Multiple people interested? Check out our new corporate plan right here (We are currently offering a major discount)

About the Author

Marie Cabural
Marie received her Bachelors Degree in Mass Communication from New Era University. She is a former news writer and program producer for Nation Broadcasting Corporation (NBC-DZAR 1026), a nationwide AM radio station. She was also involved in events management. Marie was also a former Young Ambassador of Goodwill during the 26th Ship for Southeast Asian Youth Program (SSEAYP). She loves to read, travel and take photographs. She considers gardening a therapy.

Be the first to comment on "Market News: Hillshire Brands Co, Krispy Kreme Doughnuts, Quicksilver, Inc."

Leave a comment