Street Sees Fourth Down Day of Five with Low Trading Volume (PCLN, BBRY)
More positive data was released from China today sending global markets higher, while the US saw stocks decline again. Industrial production in China rose 9.7% from last year and grew at the fastest rate since February, but many still remain skeptical of the data and current state of China's economy. By the end of the day the Dow dropped about 73 points and finally ended its longest weekly winning streak. In corporate news, Priceline (PCLN) gained 5% on higher Q2 earnings--the company neared the $1,000 price mark. Blackberry jumped today as well and saw shares move 7.3% higher.
Noodles & Co. (NDLS) plunged after predicting a slowdown in sales growth. Friday's action was lackluster mostly due to light trading very typical of August.
Word on the Street
- US wholesale inventories drop for a second straight month in June.
- President Obama outlines reforms for surveillance, talks next Fed chief.
- Will Dell's (DELL) buyout saga end on Monday?
- Postal Service admits a third quarter loss of $740 million.
- Oil rises over 2% on Friday as positive economic data in China continues.
- Cadence Pharmaceuticals (CADX) Fails to Meet High Analyst Expectations.
Interesting Tidbits
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Published on Aug 9, 2013
By InvestorGuide Staff 