Joy Global, Nordstrom: S&P Laggards
The S&P 500 fell 2.99 points, or 0.23%, to close at 1,310.33. The index finished May down 6.3%.
Shares of Joy Global dropped 5.12% to $55.86 after the mining equipment maker lowered its fiscal-year outlook, saying U.S. aftermarket order softness could hurt earnings by about 18 cents a share for the year.
Shares of Milwaukee-based company hit a 52-week low on Thursday of $53.26. The stock's 52-week high of $101.44 was set on July 21.
Fourteen of the 18 analysts who cover Joy Global rate it at buy; four analysts give the stock a hold rating.
The stock has fallen 37.69% year to date.
Nordstrom shares lost 5.79% to close at $47.37. The Seattle-based fashion retailer reported a 5.3% increase in same-store sales for May, falling short of analyst expectations.
The stock currently trades at a forward P/E of 12.07X; the average for apparel retailers is 13.88X. For comparison, Saks(SKS) has a higher forward P/E of 17.89X.
Fourteen of the 25 analysts who cover Nordstrom rate it at buy. Nine analysts give the stock a hold rating and two rate it at sell.
The stock has fallen 4.71% year to date.
--Written by Alexandra Zendrian in New York.
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