Post Market News
Stocks that were active in U.S. trading on Friday include Iron Mountain Inc. (NYSE:IRM), TiVo Inc. (NASDAQ:TIVO), Thor Industries, Inc. (NYSE:THO), Quiksilver, Inc. (NYSE:ZQK) and Salesforce.com Inc. (NYSE:CRM).
- U.S.: Dow Jones: 15,224.35 (+1.22%), S&P 500: 1,642.43 (+1.22%), Nasdaq: 3,469.66 (+1.33%)
- World Markets: Shanghai: 2,210.90 (-1.39%), Nikkei 225: 12,877.53 (-0.21%), Hang Seng Index: 21,575.26 (-1.21%), TSEC: 8,095.20 (-0.01%), FTSE 100: 6,411.99 (+1.20%), EURO STOXX 50: 2,724.08 (+1.79%), BSE Sensex: 19,429.23 (-0.46%)
- Metals: Gold: $1,383.00 (-2.32%), Silver: $21.74 (-4.25%), Platinum: $1,502.60 (-1.75%)
- Currency: EUR/USD: 1.3223 (-0.17%), USD/JPY: 97.43 (+0.21%), GBP/USD: 1.5558 (-0.31%), USD/CAD: 1.0213 (-0.49%), USD/CNY: 6.1335 (-0.04%), AUD/USD: 0.9494 (-1.22%)
- 10 year U.S. Treasury: 2.16% (+0.06), 30 year U.S. Treasury: 3.32% (+0.04)
Market & Economy Update
The Labor Department said today that the U.S. economy added 175,000 new jobs in May, beating the consensus estimate of 169,000. However, the unemployment rate rose from 7.5 percent in April to 7.6 percent in May as more people joined the labor force. Better than expected payrolls pushed the stock markets higher. The Dow Jones Industrial Average rose 183.73 points to 15,224.35, the S&P 500 Index inched up 21 points to 1,643.55, while Nasdaq gained 47.12 points to 3,471.17.
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Stocks In Focus
Iron Mountain Inc. (NYSE:IRM)
Iron Mountain said in a statement today that a review of the standards for REIT provisions by federal tax authorities may delay its proposed conversion to an REIT. Iron Mountain added that the IRS had informed it before forming a working group that it was adverse to providing a private letter ruling for its conversion into REIT. Iron Mountain shares plunged 15.84 percent to $28.95.
TiVo Inc. (NASDAQ:TIVO)
The TV set top box maker said that Google Inc’s Motorola Mobility and Cisco Systems have reached a settlement agreement with the company ahead of the patent infringement trial. Google and Cisco agreed to pay an upfront amount of $490 million to settle the litigation. However, the amount fell short of market expectations. Shares tanked 19.04 percent to $11.10 at the end of the trading session.
Thor Industries, Inc. (NYSE:THO)
The recreational vehicle maker posted better than expected third quarter earnings amid strong sales and double-digit revenue growth. The company earned 97 cents a share on revenues of $1.05 billion. Analysts were expecting 88 cents in earnings. Shares rose 11.93 percent to end the session at $4.92.
Quiksilver, Inc. (NYSE:ZQK)
The sports outfit maker reported wider than expected second quarter losses due to weak sales in Europe and asset impairment charges. Analysts expected a gain of 4 cents, but the company posted a loss of 12 cents a share. Revenues of $459 million were also below the consensus estimate of $505 million. Shares tanked 10.95 percent to $6.83 at the end of market trading.
Salesforce.com Inc. (NYSE:CRM)
The company announced it would hire former Oracle Corp. executive Keith Block as its new vice chairman and president. Block will look after the company’s consulting services, global sales and customer support. Shares rose 4.07 percent to end the session at $39.49.