The US markets were giving back some of their earlier gains this afternoon after a technical glitch halted all trading on the Nasdaq, creating investor uncertainty. Further pressuring equities were the yields on the 10 year treasury notes hitting fresh highs again today.
In economic news, the Labor Department reported initial jobless claims rose last week by 13,000 to a seasonably adjusted rate of 336,000 claims. While the total number of claims did increase, the total remains near six year lows and the four week moving average fell to just over 330,000 claims.
In corporate news, Abercrombie & Fitch (NYSE:ANF) reported second quarter earnings slid to $11.4 million, or 14 cents per share, on relatively flat revenue of $945.7 million. Excluding one-time items, the company would have earned 16 cents per share, falling very short of Wall Street's estimate of 28 cents per share. And Hormel Foods (NYSE:HRL) reported fiscal third quarter earnings of $113.6 million, or 42 cents per share, as revenue rose by 8% to $2.16 billion. While the company missed on earnings, it did top sales estimates as the Skippy acquisition in January has helped increase revenue in the grocery segment by 25% year over year.
After the bell today, investors will have earnings reports from Autodesk (NASDAQ:ADSK), Marvell Technology Group (NASDAQ:MRVL) and Pandora Media (NYSE:P).
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