UK markets switched to selling mode this afternoon as traders were spooked by a slowdown in Germany’s GDP growth to just 0.1 percent in the second quarter from 1.3 percent in the previous quarter, itself revised down from 1.5 per cent.
The data dampened confidence in Europe’s ability to tackle its fiscal problems as Germany has been a major provider of financial aid for failing euro zone members. An economic slowdown in Germany could increase discontent with Germany’s participation in Europe’s bailout packages within the country.
Wal-Mart Stores Inc. (WMT: News ) is gaining over 2 percent to $51.12 as it reported higher earnings and revenues in its second quarter. Total U.S. comps, without fuel, for the quarter, were flat. Walmart U.S. comparable store sales declined 0.9 percent.
Dollar General Corp. (DG: News ) is gaining more than 3 percent to $33.23 as Berkshire Hathaway Inc. (BRKa) has reported owning 1.5 million shares of the discount retailer.
Verisk Analytics, Inc. (VRSK: News ) is up 6 percent to $34.20 based on the news that Berkshire has reported holding 2.1 million shares.
Home Depot, Inc. (HD: News ) is rising 2 percent to $32.10 as its second quarter profit improved from the previous year. Both earnings per share and sales were above Wall Street view. The specialty retailer lifted its full-year earnings forecast again.
Pharmaceutical Product Development Inc. (PPDI: News ) is gaining nearly 4 percent to $32.65 based on the reports that Carlyle Group is in talks to buy the company.
Renaissance Learning Inc. (RLRN: News ) is jumping 24 percent to $14.67 as it agreed to be taken private by Permira Funds for $14.85 per share in cash, or around $440 million.
Decliners:
Urban Outfitters Inc. (URBN: News ) is falling 10 percent to $26.80 as its second quarter profit declined from the previous year. Comparable retail segment net sales, which include direct-to-consumer channels, improved 1% while comparable store net sales decreased 2%.
Cliffs Natural Resources Inc. (CLF: News ) is down more than 1 percent to $76.00 amid the news that its Board has authorized it to repurchase up to four million of its outstanding common shares under a newly authorized share repurchase plan.
Perrigo Co. (PRGO: News ) is falling 6 percent to $83.05 despite reporting higher earnings and revenue for its fourth quarter.
Dick's Sporting Goods, Inc. (DKS: News ) is down 9 percent to $29.80 as its second quarter revenue were below Wall Street view. Adjusted earnings per share were above analysts' expectations. The sporting goods retailer forecast earnings for the third quarter below analysts' estimates and lowered its same-store sales outlook for fiscal year 2011, but raised its earnings outlook for the year.
SodaStream International Ltd. (SODA: News ) is down 8 percent to $46.41.
Baidu, Inc. (BIDU: News ) is down nearly 4 percent to $139.60.
Research In Motion Limited (RIMM: News ) is down 3 percent to $26.28.
Apple Inc. (AAPL: News ) is falling 1 percent to $379.42.
Google Inc. (GOOG: News ) is down over 1 percent to $550.00.
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