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Gamestop reports strong results

3:42am IST - 02:03

Shares of Gamestop jumped in after hours trading after the retailer raised its guidance. Stocks overall slumped in Thursday's session.

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Gamestop out with an earnings beat after the closing bell. The game retailer also raising its outlook, sending its stock sharply higher. During the regular trading session, concerns about a Greek default and a steep selloff in China pressured U.S. stocks into shedding some of their huge gains from Wednesday's rally. In corporate news, Avago Technologies is buying rival communications chip maker Broadcom for $37 billion. Broadcom shares gave back some of Wednesday's gains. JPMorgan Chase's shares fell. The Wall Street Journal reports it will lay off more than 5,000 employees by next year. Abercrombie and Fitch's quarterly loss widened more than expected, and sales fell yet again. But investors cheered the teen retailer's positive outlook. A&F sees same store sales improving in the second half. But Thomson Reuters retail analyst Jharonne Martis says many on Wall Street still remains bearish on the stock. SOUNDBITE: JHARONNE MARTIS, RETAIL ANALYST, THOMSON REUTERS (ENGLISH) SAYING: "They want to see the logo disappear from all of its merchandise, and this won't actually be visible until the back-to-school season. They also want to see traffic improve. They also want to see a new leader. Abercrombie is currently operating without a leadership." Also issuing a bullish forecast: Express. The apparel retailer reported income and sales that topped analysts' targets. It said store traffic rose. Among the S&P 500's list of gainers: Western Digital. Goldman Sachs upgraded the shares of the data storage company to "buy" from "neutral." It said the shares were undervalued and hiked its price target. Falling chicken prices hurt sales and profit at the U.S.' largest poultry producer, Sanderson Farms. Shares fell. Investors got mixed economic data. Sales of existing homes rose for the fourth month in a row in April. But weekly jobless claims unexpectedly climbed. In Europe, concerns over Greece's debt problems pushed most stocks lower. But the FTSE managed to close slightly higher.

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Gamestop reports strong results

3:42am IST - 02:03