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 September JOLTS job openings number was 5.5 million. 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 reporting third-quarter earnings 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 it will raise $720 million 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 making an unsolicited takeover bid 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.
