Stocks Rise on Fed Stimulus Hopes
In corporate news, United Natural Foods (UNFI) shares fell 8.6% after the distributor of natural, organic and specialty foods provided weaker-than-expected fiscal 2013 earnings projections following a decline in fourth-quarter gross margin due to purchasing and logistics inefficiencies.
Sunesis Pharmaceuticals (SNSS) shares surged 32.2% after the company announced a positive development for the late stage trial of its treatment for acute myeloid leukemia.
Five Below (FIVE), the off-price retailer, on Monday forecast an adjusted profit of between $200,000 and $600,000, or breakeven on a per share basis or earnings of 1 cent a share, on sales ranging from $79 million to $81 million. Analysts are looking for breakeven results on revenue of $79.6 million in the October-ending quarter. Shares tumbled 3.6%.
McDonald's (MCD) said global same-store sales gained 3.7% in August. The results missed expectations of an increase of 3.9% as the global economy continues to stall. Shares closed up 0.11%.
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