Stocks Barely Budge on Mixed Outlook for Global Economy
Growth of industrial production in China fell to 9.2% in July from 9.5% in June, its lowest rate since May 2009, and retail sales growth slowed to 13.1% from 13.7%. Fixed asset investment also missed estimates.
In corporate news, shares of Wendy's(WEN) rose 0.9% after the company said sales at restaurants opened at least 15 months increased by 3.2% in the quarter, largely thanks to fresh menu items and remodeled restaurants. Wendy's reported a second-quarter loss due to debt refinancing.
Department-store operator Kohl's (KSS) posted a drop in second-quarter earnings of 20% amid a bigger-than-expected decline in same-store sales and softer margins. Shares shed 1.2%.
E*Trade Financial (ETFC) shares popped 6.86% after the ouster of its CEO Steven Freiberg, which came as the stock trades near multi-year lows.
Monster Beverage(MNST) shares tumbled 9.7% after a miss on both sales and earnings.
Several private-equity firms that have been approached to join in a buyout of Best Buy(BBY) are sitting on the fence, private-equity sources told Reuters, citing the lack of a tangible plan by the retailer's founder Richard Schulze. Shares closed down 3.37%.
"Earnings aren't great, and revenues have been less than spectacular, but have they truly disappointed? No, they really haven't truly disappointed in here," said RBC Wealth Management's Engels.
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-- Written by Andrea Tse in New York.
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