Orange County Business Journal

Midday Stock Roundup

Kari Hamanaka Wednesday, August 21, 2013

The S&P 500 was off 0.30% to 1,647.44 in afternoon trading Wednesday.

The Dow Jones industrial average slipped 0.32% to 14,954.28, while the Nasdaq fell 0.26% to 3,604.25.

The yield on a 10-year Treasury bond was up 0.28% to 2.82%.

The price of gold fell 0.26% to $1,369 per ounce.

RETAIL

Trading of some Orange County retailers were off on Wednesday after the latest round of second-quarter earnings. The results come only a day after better-than-expected results from Philadelphia-based Urban Outfitters Inc. helped send retailers stock up.

Pittsburgh teen retailer American Eagle Outfitters Inc. slumped about 10% to a market value of $2.83 billion after reporting a fall in net revenue and comparable sales for the quarter ended Aug. 3 in what Chief Executive Robert Hanson called a “highly promotional and competitive retail landscape.”

Minneapolis-based Target Corp. saw its rating lowered from "outperform" to "neutral" by R.W. Baird after the company missed analyst estimates on revenue and comparable sales for the quarter ended Aug. 3. Target shares were off about 3% to a market value of $42.15 billion.

Anaheim-based Pacific Sunwear of California Inc. was down about 4% to $3.67, after closing up nearly 7% on Tuesday. The action-sports retailer had a recent market value of $251.04 million.

Foothill Ranch-based teen and contemporary retailer Wet Seal Inc. shares were down about 1% to $3.90 for a market value of $347.01 million.

Irvine action-sports retailer Tilly's Inc. was down about 2% to $13.40 for a market value of $371.39 million.

Pacific Sunwear, Wet Seal and Tilly's are expected to report quarterly results next week.

HEALTHCARE

Anaheim drug maker Questcor Pharmaceuticals Inc. was up about 4% to $67.40 after Bank of America raised its rating on Questcor from "neutral" to "buy" on an expected rise in sales of the company's sole drug H.P. Acthar Gel. Questcor had a recent market value of $3.97 billion.