Stocks Rebound, Tesla and Groupon Soar

U.S. stocks rebounded from a three-day losing on Thursday after a round of strong data on two of the world’s biggest economies boosted traders’ sentiment. The Dow industrials were up 27.65 points, or 0.18%, at 15,498.32. The S&P 500 index added 6.57 points, or 0.39%, to 1,697.48. The Nasdaq Composite gained 15.11 points, or 0.41%, to 3,669.12.

The number of Americans filing new claims for jobless benefits rose slightly last week but was still near its lowest level
since before the 2007-09 recession, a hopeful sign for the U.S. economy. Initial claims for state unemployment benefits rose by 5,000 last week to 333,000, the Labor Department said on Thursday.

China reported much better than expected trade results for July on Thursday, marking a sharp recovery from the previous month. Chinese trade data showed exports rising 5.1% from a year earlier, swinging from June’s 3.1% fall, the customs agency said.

Tesla Motors, Inc.(TSLA) posted a narrower loss in the second quarter of 2013. Tesla reported a loss of $30.5 million, or 26 cents a share, compared with a year-earlier loss of $105.6 million, or $1 a share. Excluding stock-based compensation and other impacts, Tesla reported an adjusted profit of 22 cents compared to a prior-year loss of 89 cents. Revenue soared to $405.1 million from $26.7 million a year ago.

Groupon Inc (GRPN) announced a $300 million share repurchase program on Wednesday, reported a better-than-expected 7 percent jump in second-quarter revenue as sales in the United States and Canada climbed 45 percent. Inc. (NASDAQ:PCLN) on Thursday reported a second-quarter profit of $437 million, or $8.39 a share, on $1.68 billion in revenue. During the same period a year ago, the online travel agency earned $352 million, or $6.88 a share, on sales of $1.33 billion. Excluding one-time items, Priceline would have earned $9.70 a share.

A group of large U.S. retailers on Thursday reported higher sales for July, but they had to use discounts to lure cost-
conscious shoppers, raising concerns about the current back-to-school season. Ten of the 11 U.S. retailers that still release monthly sales figures for stores open at least a year reported a combined 4.2 percent gain.

Activist investor Carl Icahn increased his stake in speech recognition and digital imaging software maker Nuance
Communications Inc to 16.03 percent, a regulatory filing showed Thursday.

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