Kokomo Tribune; Kokomo, Indiana

Business

June 12, 2014

Stocks slip in morning trading; oil prices surge

NEW YORK (AP) — U.S. stocks edged lower Thursday in morning trading after a report showed that retail sales rose less than forecast in May. A separate report showed that more Americans filed for unemployment benefits last week. The price of oil surged amid renewed violence in Iraq.

KEEPING SCORE: The Dow Jones industrial average fell 45 points, or 0.3 percent, to 16,798 as of 11:14 a.m. Eastern time. The Standard & Poor's 500 was down five points, or 0.3 percent, to 1,938. The Nasdaq slipped 12 points, or 0.3 percent, to 4,319.

NEWS ON THE ECONOMY: U.S. retail sales rose for a fourth straight month in May, but the growth was slightly below economists' forecasts. The Commerce Department said consumer spending rose 0.3 percent last month, helped by a surge in auto demand, but shy of the 0.4 percent increase that economists expected.

The Labor Department said that weekly applications for unemployment benefits rose 4,000 to a seasonally adjusted 317,000.

NO-GO YOGA: Lululemon Athletica fell $6.82, or 15 percent, to $37.47 after reporting first-quarter profit tumbled 60 percent, stung by a one-time tax adjustment. The Canadian yoga-clothing company also lowered its full-year earnings forecast.

RESTORATION RISE: Restoration Hardware jumped $10.06, or 14 percent, to $80.41 after the furniture and housewares company reported stronger-than-expected results in its fiscal first quarter and raised its outlook for the year, topping Wall Street's prediction.

POWER SURGE: Energy stocks rose broadly, and were the only sector in the S&P 500 moving higher in late morning trading, as fears rose that insurgent victories in Iraq could disrupt global oil supplies. The price of oil by $1.46, or 1.4 percent, to $105.86.

Diamond Offshore Drilling rose $1.31, or 2.8 percent, to $48.19. Exxon Mobil climbed 64 cents, or 0.8 percent, to $102.60. It was the biggest gainer in the Dow Jones index.

AIRLINES FALL: Higher oil prices helped push down airline stocks sharply. Delta Air Lines fell $2.13, or 5 percent, to $38.58. Southwest Airlines dropped $1.19, or 4.4 percent, to $25.75.

BONDS: The yield on the 10-year Treasury note, which moves in the opposite direction to its price, slipped to 2.62 percent from 2.64 percent on Wednesday.

1
Text Only | Photo Reprints
Business
  • BIZ - KT072714 Pizza Junkiez expansion - pic Pizza Junkiez opens second location When Jason Julius created Coffee Junkiez 10 years ago, he set out to establish a successful business by thinking outside the box to compete with the big box stores. He’s now doing the same thing with pizza, and finding similar success with Pizza Junk

    July 27, 2014 1 Photo

  • CORRECTION Fast Food Workers Convention-3 [Duplicate] Fast food workers prepare to escalate wage demands CHICAGO (AP) — Fast food workers say they're prepared to escalate their campaign for higher wages and union representation, starting with a national convention in suburban Chicago where more than 1,000 workers will discuss the future of the effort th

    July 25, 2014 1 Photo

  • Resilient Stocks [Duplicate] Global tensions don't dent enthusiasm for stocks A war breaks out between Israel and Hamas. An airliner is shot out of the sky in Ukraine. A Portuguese bank's finances look shaky. And the U.S. stock market's response? After dipping briefly on the bad news, it climbs higher. The market's resilience

    July 25, 2014 1 Photo

  • Earns General Motors [Duplicate] GM profit 2Q falls 85 pct. on recall costs DETROIT (AP) — Recall costs chopped $1.5 billion from General Motors' bottom line in the second quarter, cutting its net income by 85 percent. The automaker, which is in the midst of the worst recall crisis in its history, posted a net profit of $190

    July 24, 2014 1 Photo

  • China McDonald's KFC [Duplicate] Boss of company in China meat scandal apologizes BEIJING (AP) — The chairman of an American meat supplier apologized Thursday for a Chinese subsidiary that is accused of selling expired beef and chicken to restaurants including McDonald's and KFC. Fast food chains in China suspended use of products

    July 24, 2014 1 Photo

  • IMF sees US growth at weakest since recession WASHINGTON (AP) — U.S. economic growth this year will likely be at the weakest pace since the Great Recession ended, the International Monetary Fund said, mostly because of a sharp, weather-related contraction in the first quarter. But the global len

    July 23, 2014

  • Wall Street [Duplicate] US stock slip to start the week; Six Flags sinks NEW YORK (AP) — The stock market drifted lower to start the week as more companies lined up to post their quarterly earnings. Mounting tensions between Russia and the West over the downed plane in Ukraine also occupied investors' attention. KEEPING S

    July 21, 2014 1 Photo

  • Russia's Severstal selling US plants for $2.3B NEW YORK (AP) — Russian steel company Severstal is exiting the U.S. market, selling a pair of steel plants to AK Steel and Steel Dynamics for about $2.33 billion. Word of a possible sale began to circulate earlier this year as the West threatened san

    July 21, 2014

  • BIZ - KT072014 - Ford acquisition - secondary pic Howell acquires Kokomo Ford franchise rights A few years ago, the owners of Brad Howell Ford and Kokomo Auto World threw around the possibility of Howell acquiring Kokomo’s Ford franchise rights from the latter, but things didn’t work out. The conversation was rekindled over the holidays during

    July 20, 2014 2 Photos

  • Wall Street [Duplicate] US stocks trading higher on company earnings Stocks headed for a higher close late Friday afternoon, rebounding on a wave of strong corporate earnings from Google, Honeywell and other big companies. Bank holding company Huntington Bancshares and furniture maker Knoll were among the big gainers.

    July 18, 2014 1 Photo

Latest news
Featured Ads
Only on our website
AP Video
13 Struck by Lightning on Calif. Beach Baseball Hall of Famers Inducted Israel, Hamas Trade Fire Despite Truce in Gaza Italy's Nibali Set to Win First Tour De France Raw: Shipwrecked Concordia Completes Last Voyage Raw: Sea Turtle Hatchlings Emerge From Nest Raw: Massive Dust Storm Covers Phoenix 12-hour Cease-fire in Gaza Fighting Begins Raw: Bolivian Dancers Attempt to Break Record Raw: Israel, Palestine Supporters Rally in US Raw: Air Algerie Flight 5017 Wreckage Virginia Governor Tours Tornado Aftermath Judge Faces Heat Over Offer to Help Migrant Kids Kangaroo Goes Missing in Oklahoma More M17 Bodies Return, Sanctions on Russia Grow Raw: Deadly Tornado Hits Virginia Campground Ohio State Marching Band Chief Fired After Probe Raw: Big Rig Stuck in Illinois Swamp
Parade
Magazine

Click HERE to read all your Parade favorites including Hollywood Wire, Celebrity interviews and photo galleries, Food recipes and cooking tips, Games and lots more.
Obituaries
Poll
Kelly Lafferty's video on Tom Miller