Midday Report: Weak Quarter, Weak Guidance for TJX Companies; Crude Loses Highs

Stocks lose earlier gains to trade mixed as crude oil prices make a surprise move lower.

Author:: Keris Alison Lahiff
Publish date:: May 16, 2017 12:12 PM EDT

Stocks lost earlier gains to trade mixed as crude oil prices made a surprise move lower. Oil settled at a two-week best a day earlier on hopes of an extension to a production cut deal. Etsy (ETSY) - Get Report soared after investment firms TPG Group and Dragoneer Investment reported a collective 8% stake in the homemade goods marketplace. New CEO Josh Silverman said the company is now reviewing strategic and operational plans. TJX Companies (TJX) - Get Report was one of the worst performers in the consumer goods space after disappointing quarterly sales and weak guidance. Same-store sales rose 1%, below consensus of 1.6%. Home Depot (HD) - Get Report was one of the few retail names posting a solid quarter. The DIY retailer anticipates both revenue and same-store sales to increase by 4.6% for the full year.