A big drop in weekly jobless claims and surprisingly strong May sales
from Wal-Mart Stores were among the main factors lifting stocks
Thursday morning.
Brown-Forman Corp. climbed the most in four months,
adding 6.6%. The maker of Jack Daniel's whiskey said fourth-quarter
profit rose 48 percent, more than analysts estimated, on an increase in
overseas sales.
Comtech Telecommunications Corp. rose 3.1%, the
highest since Jan. 16. The provider of mobile-data communications
equipment to the U.S. Army said third-quarter sales jumped 16 percent
to $138.1 million, beating the $129.2 million average estimate of six
analysts surveyed.
Martek Biosciences Corp. fell the most since Sept. 7,
declining 8.3%. The maker of nutritional oils for foods and baby
formula said fiscal third-quarter net income will be lower because of
production timing and ordering patterns of several large customers.
Nucor Corp. climbed the most since April 16, adding
4.6%. The largest U.S.-based steelmaker by market value boosted its
second-quarter profit forecast amid rising demand for the metal and
record prices.
Smithfield Foods Inc. dropped the most since October,
losing 3.8%. The world's biggest pork processor said fourth-quarter
profit plunged 94 percent as rising grain prices increased feed costs.
UAL Corp. jumped the most since Jan. 23, adding 11%.
Credit Suisse Group and Lehman Brothers Holdings Inc. upgraded the
shares of the parent of United Airlines, the world's second-largest
carrier, a day after it said it would shut its low-fare Ted airline,
ground 70 planes and cut as many as 1,100 employees.
Vertex Pharmaceuticals Inc. surged 11%. Cowen & Co.
recommended buying shares of the developer of telaprevir, the
experimental drug for hepatitis C, because the drug could reach the
market sooner than previously forecast and patients may be able to take
the oral treatment less frequently than other drugs, making it more
competitive.
Wal-Mart Stores Inc. climbed 3.5%. The world's largest retailer
said May sales rose more than analysts estimated as record gasoline and
food prices drove shoppers to the discount chain.