After Market: Portuguese Debt Worries Echo on Wall Street
Eurozone debt problems reared their ugly heads again Thursday, causing jitters on Wall Street. The focus this time was on Portugal -- the P of the much-troubled PIIGS nations -- and whether its largest bank, Banco Espirito Santo, is going to default on its debt. The parent company of the bank, a conglomerate, delayed some of its debt payments this week.
The Dow Jones industrial average (^DJI) fell 70 points, the Nasdaq composite (^IXIC) dropped 22 points and the Standard & Poor's 500 index (^GPSC) was lower by 8 points.
U.S. shares of European banks were down sharply. Credit Suisse (CS) and Deutsche Bank (DB) fell by more than 2 percent and Barclay's (BCS) was lower by almost 2 percent.
But when investors get nervous about stocks, they often flock to gold. Gold-related shares did well on the day. Yamana Gold (AUY), Agnico-Eagle Mines (AEM) and Barrick Gold (ABX) all gained more than 1 percent. Gold itself jumped $12.50 an ounce to $1,336.80, a gain of almost 1 percent.
Family Dollar (FDO) came out with earnings that missed expectations. Its current quarter outlook isn't much to get excited about either. The stock ended the day slightly lower.
Cleaning products company WD-40's (WDFC) earnings rose slightly in the last quarter, but the stock went the other way Thursday, falling more than 7 percent.
Shares of restaurant chain Potbelly (PBPB) fell a whopping 25 percent to an all-time low after It lowered its guidance, warning sales would be lower than expected in the second quarter.
Hardwood flooring retailer Lumber Liquidators (LL) also fell hard. The stock was down 21 percent after the company warned of weaker traffic in the second quarter and lowered its full year guidance. And that hit home renovation stocks. Home Depot (HD) wand Lowe's (LOW) were down around 1.5 percent.
But Retailer Zumiez (ZUMZ) had a great day. Its stock rose more than 6 percent. Sales at stores open at least a year rose 3 percent in June. That's three times last year's June growth.
And United Continental (UAL) soared 12 percent higher. Revenue per available seat mile increased 3.5 percent in the last quarter.
Also, Archer Daniels Midland (ADM) rallied 2.5 percent, and auto parts company TRW Automotive Holdings (TRW) gained more than 8 percent on news it has received a buyout offer.
And finally, Crumbs Bake Shop (CRMB) may not be history afterall. The stock rallied 1,300 percent after an investor group told CNBC it plans on financing the company. But even with that boost, the stock is only trading at 45 cents.
-Produced by Karina Huber.
What to Watch Friday:
The Treasury Department releases the federal budget for June at 2 p.m.
These major companies are due to release quarterly financial statements:
