U.S. markets sank today, as crude oil suffered another substantial sell-off, and traders were wary of upcoming Fed member comments.
In economic news, weekly jobless claims of 276,000 were reported, unchanged from a week ago, but 6,000 more than the number expected by the street. However, the Bureau of Labor Statistics also reported that the . The Street was expecting 5.4 million.
The Dow Jones Industrial Average and S&P 500 both lost 1.4%, while the Nasdaq gave back 1.2%. Sectors were lower across the board with energy and basic materials stocks extremely weak.
Although it was a gloomy day in many respects, some stocks — such as Kohl’s Corporation (NYSE:KSS), Barrick Gold Corporation (NYSE:ABX) and Angie’s List Inc (NASDAQ:ANGI) — still managed to thrive. Here’s why those issues were 3 of Today’s Best Stocks.
Kohl’s Corporation (KSS)
KSS stock blistered more than 6% higher after the clothing retailer of 75 cents a share on revenue of $4.43 billion, beating the Street’s estimates by 6 cents and $20 million in revenue.
Kohl’s results came as a great relief to Wall Street, coming only one day after industry giant Macy’s, Inc.
(NYSE:M) reported earnings and forward guidance that was disappointing to many Wall Street analysts.
Kohl’s same-store sales were 1% higher than the year-ago quarter. KSS management attributed the gain to a pick-up in back-to-school sales.
Barrick Gold Corporation (ABX)
ABX stock did well today after the gold mining company said by selling its stake in four non-core Nevada assets, in an attempt to reduce debt substantially in 2015. Barrick Gold finished over 3% higher on the day.
Barrick said it will sell a 50% interest in their Round Mountain mine to Kinross Gold Corporation USA (NYSE:KGC), and 100% of their Bald Mountain mine, for a total of $610 million in cash.
In addition, ABX will sell a 70% stake in its Spring Valley project and 100% of its Ruby Hill mine for another $110 million in cash to subsidiaries of private equity firm Waterton.
Angie’s List Inc (ANGI)
ANGI stock blistered 13% higher today after media mogul Barry Diller’s company, IAC/InterActiveCorp (NASDAQ:IACI), was reported to be for Angie’s List. Some analysts are noting that this offer could lead to other higher offers.
IAC went public today with a bid of $512 million, valuing ANGI stock at $8.75 a share, about five months after TCS Capital Management urged Angie’s List to merge with another website firm, such as IAC.
ANGI stock has been on a tear lately and has doubled since July when TCS first intervened, after bottoming near $4 a share.
As of this writing, Ethan Roberts does not hold a position in any of the aforementioned securities.
