The S&P and
Nasdaq are modestly higher on Alcoa (
) results that topped estimates and initial jobless claims that fell to the lowest level since January. That said, continuing claims hit a new high, and that couple with generally weak same-stores sales results looks to be keeping a lid on any buying enthusiasm.
Retailers are reporting June sales that are generally weak. The Gap (
) fell 21 cents to 15.05.
Abercrombie( ) is down 47 cents to 23.53. Costco (
) said comparable sales dropped 6%, which is in line with
expectations and the shares were down 12 cents to 45.92.
In merger news,
Data Domain agreed to be acquired by
EMC for $2.1 billion. Data Domain lost 48 cents to 33.43.
EMC is up 8 cents to 12.60. Also,
Broadcom (
) is walking away from its offer to buy
Emulex (
), which is hurting the
latter's shares pretty big.
The dollar is weaker today, which is helping gold prices rise. But oil is lower, breaking below the $60 level. Despite the drop in crude oil prices, energy stocks are still the leading sector so far (+1.2%), while
healthcare stocks are the weakest (-1.5%).
