Re­tail, me­dia firms pull down stocks

Los Angeles Times - - BUSINESS BEAT -

stock in­dexes re­treated from their record highs Thurs­day as re­tail­ers and me­dia com­pa­nies de­clined and in­vestors shrugged at quar­terly re­ports from a few big banks.

Cloth­ing com­pa­nies and other re­tail­ers fell af­ter women’s cloth­ing com­pany J. Jill slashed its third-quar­ter fore­cast. The com­pany’s stock lost more than half its value.

AT&T had its worst one­day loss since 2008 af­ter it said it lost more satel­lite and cable TV sub­scribers. Other cable and satel­lite TV com­pa­nies also stum­bled. In­dus­trial com­pa­nies and house­hold goods mak­ers fin­ished higher.

AT&T fell 6.1% to $35.86. af­ter it said it lost about 90,000 DirecTV video sub­scribers in the U.S. in the third quar­ter be­cause of grow­ing com­pe­ti­tion in stream­ing video ser­vices.

Ver­i­zon Com­mu­ni­ca­tions slipped 1% to $48.35. Cable provider Com­cast fell 3.8% to $35.95. Dish Net­work slid 5.1% to $49.03. Cable chan­nel op­er­a­tor Dis­cov­ery Com­mu­ni­ca­tions re­treated 3.6% to $19.28.

In­dus­trial and trans­porta­tion com­pa­nies such as rail­roads did bet­ter than the rest of the mar­ket. Ma­chin­ery maker Cater­pil­lar rose 1.1% to $129.99. Rail­road op­er­a­tor Nor­folk South­ern rose 1.7% to $133.69.

J. Jill’s stock plunged 51.1% to $4.86 af­ter the re­tailer of women’s clothes, shoes and ac­ces­sories slashed its out­look for the third quar­ter. The com­pany said that re­tail and di­rectto-con­sumer sales both fell short of its ex­pec­ta­tions and that it cut its earn­ings fore­cast in half. J. Jill opened at $13 a share af­ter its March IPO.

Re­tailer Ex­press tum­bled 8.3% to $5.88. Chico’s FAS fell 7.2% to $7.40 and Gap sank 4.3% to $27.21.

South­west Air­lines rose 0.4% to $58.81 and Hawai­ian Air­lines’ par­ent, Hawai­ian Hold­ings, fell 2.5% to $39 afU.S. ter South­west said it plans to start fly­ing to Hawaii. It will start sell­ing tick­ets for those flights in 2018.

Ju­niper Net­works slid 5.2% to $25.47 af­ter the maker of com­puter net­work equip­ment said its thirdquar­ter re­sults will be weaker than it ex­pected.

Bench­mark U.S. crude oil fell 70 cents, or 1.4%, to $50.60 a bar­rel. Brent crude, used to price in­ter­na­tional oils, fell 69 cents, or 1.2%, to $56.25 a bar­rel. That weighed on en­ergy com­pany stocks.

Whole­sale gaso­line fell 3 cents to $1.58 a gal­lon. Heat­ing oil fell 2 cents to $1.77 a gal­lon. Nat­u­ral gas jumped 10 cents, or 3.5%, to $2.99 per 1,000 cu­bic feet.

Bond prices rose. The yield on the 10-year Trea­sury note fell to 2.32% from 2.35%.

Gold rose $7.60 to $1,296.50 an ounce. Sil­ver rose 13 cents to $17.27 an ounce. Cop­per rose 2 cents to $3.12 a pound.

The dol­lar fell to 112.22 yen from 112.42 yen. The euro fell to $1.1836 from $1.1855.

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