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On Thursday investors were again scratching their heads, after new data gave very conflicting signals about the economy and by proxy the market. On the downside, Supervalu joined the growing list of companies that reported absolutely dismal earnings. To make matters that much worse Supervalu, the parent company behind Acme, Albertsons, Shaw’s and other grocery store chains, also suspended its dividend payments and, according to reports , said it may consider putting itself up for sale.Earlier in the week, AMD slashed its outlook due to slower demand and Applied Materials said it would miss full year targets.
All told, stocks should sell-off right? Not so fast. There’s some relatively good news too.
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The latest Labor Department data showed initial claims for state unemployment benefits dropped 26,000 to a seasonally adjusted 350,000, the lowest level in four years.
AlsoMarriott beat the Street and raised profit expectations and Chevron said optimistic things about its second quarter profit.
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