Stocks were lower for their second day in a row in nervous trading ahead of a loaded back-half of the week. Thursday will be busy with U.K. citizens heading to the polls, the ECB making a policy decision, and fired FBI Director Comey delivering public testimony. The U.S. labor market ended April with just over six million job openings, a record high and far higher than analysts expected, according to the JOLTs survey. However, hiring slowed indicating employers were having a tough time filling open positions. Michaels (MIK) declined after falling short of profit estimates over its first quarter and guiding for a surprise decline in sales over its second. The crafts retailer anticipates Q2 earnings no higher than 17 cents, two cents below consensus. Francesca's (FRAN) slumped after falling short of estimates on its top- and bottom-line over its recent quarter. Same-store sales fell by 5%, ten times the expected drop.
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Despite the president's promise of no stimulus until after Nov. 3, there are no signs yet that this is the sort of correlated selling that leads to a deep correction.
Breaking down an approach to the long side of this biotech stock.
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