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Dollar edges higher after retail-sales report

The dollar edged higher shortly after Commerce Department data showed July retail sales were roughly in-line with expectations, while a reading on weekly jobless claims showed a slight uptick. The euro fell to $1.1085 from around $1.1090 before the data. The dollar rose to 124.60 yen from 124.45 yen. The pound was little-changed at $1.5610.

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Gold futures maintain losses after retail sales data

Gold futures remained lower after July U.S. retail sales data was seen leaving the Federal Reserve on track to raise interest rates as early as September. The Commerce Department said retail sales rose 0.6% in July, just below the consensus forecast for a 0.7% rise, while sales for May and June were revised higher. December gold fell back toward the previously established session low, losing $9.50, or 0.9%, to trade at $1,114.10 an ounce.

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Shake Shack’s stock slumps after share offering prices well below recent levels

Shake Shack Inc.’s stock slumped 7% in premarket trade Thursday, after the burger chain’s secondary offering of shares priced well below current market prices. The company said late Wednesday that the 4 million share offering priced at $60, or 7.4% below Wednesday’s closing price of $64.79. Shake Shack said it wouldn’t receive any proceeds from the offering, since all of the shares were offered by selling stockholders. The stock had lost 8.3% through Wednesday since the company reported second-quarter results earlier this week, but was still up 33% since the July 15 closing low of $48.73.

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Microsoft’s stock gets a boost from Stifel Nicolaus upgrade

Microsoft Corp.’s stock climbed 1.1% in premarket trade Thursday, after Stifel Nicolaus upgraded the software giant, citing increased confidence in its commercial business and the belief that its devices and consumer businesses will become increasingly profitable. Analyst Brad Reback raised his rating to buy, after being at hold for two years. He set a stock price target of $55, which is 18% above Wednesday’s closing price of $46.74. “Even with muted expectations for Windows…we believe positive company-wide gross profit dynamics coupled with expense control should enable gross profit dollars to grow faster than operating expenses in coming years,” Reback wrote in a note to clients. He said, “with the Nokia fire largely contained,” he expects Microsoft to raise its dividend by about 15% in fiscal years 2016 and 2017. Microsoft said last month that it was taking a $7.6 billion charge to write down assets associated with its purchase of Nokia Corp.’s handset business. The stock has edged up 0.6% year to date through Wednesday, while the Dow Jones Industrial Average has lost 2.4%.

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Tesla files for public sale of 2.1 million shares

Tesla Motors Inc. has filed Thursday for the public offering of 2.1 million shares, which will all be sold directly by the company. Chief Executive Elon Musk has indicated interest in buying 83,974 shares, or about 4% of the offering, for about $20 million, based on Wednesday’s closing price of $238.17. The electric car maker plans to use the proceeds, which it estimates to be about $492.6 million, to accelerate the growth of its business in the U.S. and internationally, and for the development and production of its Model 3 vehicles and the Tesla Gigafactory, as well as other general corporate purposes. The stock, which gained 0.9% in premarket trade, has climbed 7.1% year to date through Wednesday, while the S&P 500 has edged up 1.3%.

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Kohl’s shares slump 5% premarket as profit and sales fall short

Kohl’s Corp. shares slumped 4.9% in premarket trade Thursday, after the department store chain missed profit and sales estimates for its second quarter and guided to the low end of the range for full-year earnings. The company said it had net income of $130 million, or 66 cents a share, in the quarter, down from $232 million, or $1.13 a share, in the year-earlier period. Excluding a loss on the extinguishment of debt, per-share earnings came to $1.07, below the FactSet consensus of $1.16. Sales rose to $4.267 billion from $4.242 billion, but were below the FactSet consensus of $4.313 billion. “Our sales results were below our plan as the shift of sales in tax-free states from July into August was larger than anticipated,” Chief Executive Kevin Mansell said in a statement. Looking ahead, Kohl’s said it expects full-year EPS to come in at the low end of its $4.40 to $4.60 range, which compares with the current FactSet consensus of $4.52. Shares are down 0.8% in the year so far, while the S&P 500 has gained 1.2%.

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