Stocks Flat In Early Trade, But Dollar General Dives – Investor's Business Daily

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U.S. stock indexes opened little changed Thursday, but retailer Dollar General fell hard on routine quarterly results. The Dow Jones Industrial Average and the Nasdaq Composite each scored small gains early, but then slipped back to narrow declines.

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The Nasdaq inched down 0.18%, while the S&P 500 also eased 0.2%. Blue chips in the Dow Jones were also down 0.24%. Apple (AAPL), though, gained 0.6%. Walmart (WMT) dropped 0.7%.

Volume was higher on both major exchanges vs. the same time Wednesday.

Variety store retailer Dollar General (DG) reported quarterly results before the stock market’s open. Earnings jumped 27% on an 8% pop in revenue. Margin after tax was 7.4%, the highest in 20 quarters.

However, Dollar General’s adjusted earnings growth and sales growth were only roughly in line with the Street’s expectations, according to William O’Neil + Co. data. The retail stock dropped 9.8% in the first few minutes after the open.

Low-priced General Electric (GE) spurted 3.5% after the company revised its 2019 outlook. CEO Larry Culp said he likes the path the company is on. GE’s stock began a long decline in early 2017 but began rebounding in December 2018.

Financial News

Meanwhile, jobless claims rolled in at 229,000, a bit worse than the 225,000 expected.

New-home sales for January slowed to 607,000 units, down from sales of 621,000 homes in February and below views for 612,000 units. Estimates ranged from 590,000 to 640,000.

Companies Reporting Late

After the close, quarterly reports are due from Ulta Beauty (ULTA), Adobe (ADBE), Broadcom (AVGO)and Oracle (ORCL).

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