Earnings week continues to heat up the financial markets; General Motors Company (NYSE: GM) released earnings early Thursday with beneficial news. The automotive giant kept raking in SUV and pick-up sales despite the slowdown in China, as GM posted earnings that topped analyst expectations.
Global Checkup
Moving onto Greece: Greece’s creditors greeted the country’s tough new austerity measures early Thursday, according to the Wall Street Journal. In China, billionaire investor Ray Dalio warned of China this morning, in which he cited the $800 billion enlisted to prop up China’s recent wobbling markets and Apple Inc. (NASDAQ: AAPL) cutting annual outlook spending by ~$1 billion.
Related Link: Sell The News In General Motors
Wells Fargo & Co (NYSE: WFC) became the most valuable bank in the world, while Morgan Stanley (NYSE: MS) warned that oil’s downturn will “be worse than 1986.” Cuba along with the U.S. has finally agreed to form financial links. U.S. Defense Secretary Ash Carter sat with Saudi Arabia King Salman as he “expressed their [Saudi Arabia] support for the Iranian Nuclear Deal.”
A Look At The U.S.
The Dow Jones Industrial Index slid 0.08 percent, the S&P 500 increased 0.06 percent, the NASDAQ Composite spiked nearly a half of a percentage, oil slipped nearly half a percentage to $48.95, and the dollar index decreased 0.08 percent early in Thursday’s market session.
Despite the world news, the U.S. financial markets continue to move with Earnings Week firing up.
Winners
Inotek Pharmaceuticals Corp (NASDAQ: ITEK) skyrocketed 60 percent after the pharmaceuticals company reported a positive end of its Phase II meeting with the FDA along with a Phase III development strategy for a Glaucoma treatment drug, Trabodenoson.
Flotek Industries Inc (NYSE: FTK) soared 42 percent after the company reported positive Q2 results; Stephens analyst Matthew Marietta raised his price targets for Flotek from $17 to $23 and maintained an Overweight rating on the stock.
Cara Therapeutics Inc (NASDAQ: CARA) was heightened 36 percent after the biopharmaceutical company reported a statistically significant top-line results from its Phase II trial of severe uremic pruritus treatment, CR845.
Ultra Clean Holdings Inc (NASDAQ: UCTT) was lifted nearly 34 percent after the holding company was upgraded by Craig-Hallum; analysts upgraded the stock from Hold to Buy, raising the price target from $7.50 to $8.50.
Altisource Portfolio Solutions S.A. (NASDAQ: ASPS) was up 32 percent after transaction solutions provider posted strong Q2 results; profits of $46 million compared to only $3.7 million in Q1. The company also stated it will be acquiring CastleLine Holdings, a provider of certified loan insurance products.
SanDisk Corporation (NASDAQ: SNDK) soared 20 percent after the company beat earnings expectations; it reported adjusted earnings of 55 cents a share versus the Zacks Consensus Estimate of only 20 cents per share.
Related Link: Mid-Morning Market Update: Markets Mixed
Losers
World Acceptance Corp. (NASDAQ: WRLD) dwindled 16 percent after the small-loan consumer financier topped Q1 profit forecasts; profits came in at $23.6 million with an earnings per share of $2.71 versus expected $2.58. Subprime consumer lending did not beat analyst expectations, which drove the stock down; subprime consumer lending numbers were $137.2 million versus a projected $142.5 million.
Del Frisco’s Restaurant Group Inc (NASDAQ: DFRG) declined nearly 16 percent after the Texas-based holding company reported disappointing earnings; it posted revenues of $73.8 million versus expected $75.35 million.
Quality Systems, Inc. (NASDAQ: QSII) was down 13 percent after the company reported sales of $122.2 million versus expected $127.5 million.
DST Systems, Inc. (NYSE: DST) declined 13 percent after the tech provider reported sales of $500.4 million for Q2 versus projected $665.74 million.
Invacare Corporation (NYSE: IVC) sunk 11 percent after the manufacturer/distributor reported a Q2 loss; it reported a loss of $8.2 million in Q2 with a loss of 26 cents per share versus a projected loss of 23 cents per share.
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