U.S. Stocks Open Flat, Weekly Jobless Claims Hover Near 4 Decade Low
U.S. stocks opened flat to higher on Thursday. Weekly jobless claims came in about as expected at 270,000. The weekly claims continue to hover near 40 year lows. The Labor Department reports its monthly job creation and unemployment figures tomorrow. CF Industries (CF) is merging with OCI in an $8 billion deal. Viacom's profit (VIA.B) beat estimates but revenue fell short as it released no major films. Michael Kors (KORS) beat estimates for both profit and revenue. Oil prices hit multi-month lows on oversupply fears. Oil prices continue to drop to fresh multi-month lows on fears of oversupply. Angus Campbell with FX Pro on London says increased stockpiles and worry about slowing growth in China are feeding the bearish momentum. The latest weekly data show a fall in crude oil inventories but that was overshadowed by an increase in gasoline. SeaWorld (SEAS) is still feeling the impact of negative publicity about its treatment of whales. Despite spending millions, it's still seeing attendance drop at its theme parks.
