MIDDAY LUNCH

Dow 10054.38  -12.19, Nasdaq 2138.82  -3.98, S&P 1054.94  -0.39 

Stocks started the day higher then fell into the red and are now trading a session lows.

Shares of Guess? (GES) 33.91 -4.32, -11.30% are under pressure after the company beat their earnings report  reporting earnings of $0.72 beating estimates by +$0.04.  Some analysts had expected a blowout quarter, like the company has had in the past and were disappointed by the results.

Jo-Ann Stores (JAS) 41.92 +5.10, +15.85 are rallying today after the company reported earnings that rocketed past analysts estimates.  The company reported earnings of $0.20 beating estimates by +$0.18.

Initial Jobless Claims for the week of Aug. 21^st came in at 473,000 beating economist estimates of 485,000 new claims for unemployment.  While the number did beat estimates new claims still remain high.  The four-week average for new claims, which is a better measure of labor market trends rose 3,250 to 486,750, which is the highest since late November.