The markets traded mostly flat today as news continues to be light. The Dow 30 closed down 21 (-0.12%), the S&P 500 closed flat (-0.02%) and the Nasdaq 100 was positive for the third day in a row, closing up 6 (0.14%). Going into Friday all eyes will turn to Fed chair Jannet Yellen as she is due to speak in the afternoon.
Starbucks (NASDAQ: SBUX) traded in a range Thursday (0.25%) as the company announced it is bringing its first international Roastery and Reserve Tasting Room to Shanghai, China, in 2017. Analysts quoted Starbucks CEO Howard Schultz as saying that he's seen first hand the significant growth and development of the middle class in the country, and the company is "starting to develop the morning ritual in China."
Netflix (NASDAQ: NFLX) popped 2.60% after a Financial Times report said that Apple (NASDAQ: AAPL) last year proposed a bid for Time Warner (NYSE: TWX), the owner of HBO, CNN and Warner Brothers. The report, citing several bankers, says Apple would be more likely to go after a streaming company such as Netflix than a pure content player.
More bad news for teen retailer Abercrombie & Fitch (NYSE: ANF) as the company reported an adjusted loss per share of $0.59, worse than Wall Street forecasts for a loss of $0.51 a share. Net sales came in at $685 million versus Wall Street estimates for $710 million. This bad news caused a 15.71% decline today alone.
In other retail news Costco (NASDAQ: COST) reported flat comparable sales and a rise of 2.6% in total revenue to $26.77 billion last quarter, falling below analysts' forecasts for $27.07 billion. Costco said gasoline prices and fluctuations in foreign currency weighed on sales. Despite the news, shares rallied 3.58% on the day, with above average volume.
Lastly, Lions Gate (NYSE: LGF) popped 7.59% today as the company topped Wall Street estimates on both the top and bottom lines, reporting earnings per share of $0.07 on revenue of $791.2 million. Lions Gate said strong performances from television operations including "Orange Is the New Black" helped offset disappointments at the box office. Volume was well above average today.