Daily Market Commentary for August 4, 2011
Bears roar from the opening bell on Wall Street after Labor Department threw out bear bait. (read more at Millennium-Traders.Com) http://www.millennium-traders.com/news/newscommentary.aspx
Wall Street eyes will be cautiously monitoring payroll data scheduled for release from the Labor Department Friday morning.
Retails sales data released shows consumers have a tighter grip on their wallets. Back to school sales appear to be holding firmly with necessity buying leading the pack. Economic conditions and a general uncertainty continue to plague retailers especially, in the lower-income retail segment. Analysts are expected to have a better gauges on consumer spending in August and September, representing the thick of the back-to-school sales season. Faced with year-over-year inflationary pressures in cotton and other costs especially in the second half of the year, apparel retailers, are waiting to see how consumers respond to higher prices. In the second fiscal quarter, July produces the most modest sales.
Kraft Foods (KFT) was hosting a gain of 2% after company announced they will split in two.
Dean Foods (DF) was down 8% into mid-day after reporting Q3 as costs to settle litigation masked the food-and-dairy company's revenue growth.
K-Swiss (KSWS) shares sunk by 24% after reporting Q2 loss was wider than expected on write-downs and absent a prior-year tax benefit.
Walter Energy (WLT) shares were sharply lower by 26% mid-afternoon reporting Q2 profit missed expectation hurt by higher costs and weather-related challenges at its Alabama and North-East British Columbia operations.
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