Afternoon Market Update (RAD, XOM, CVX)

Shares of Rite Aid RAD tumbled about 14% after the company raised its FY11 loss projections and reduced its guidance for sales at stores open for a year. The company had reported a wider loss for the second quarter. Natural-gas futures moved up after the Energy Information Administration (EIA) reported a lower-than-expected rise in natural gas inventories. The EIA reported a rise of 73 billion cubic feet for the week ended September 17. However, analysts were expecting a rise of 77 to 81 billion cubic feet. Natural gas for October delivery gained about 1.2% US Energy stocks fell along with the broader market after the disappointing data on weekly jobless-claims. Shares of Exxon Mobil Corp XOM and Chevron Corp CVX moved down. The NYSE Arca Oil Index (XOI) dropped about 0.35%, while the Philadelphia Oil Service Index (OSX) lost about 0.62%. Read more from Benzinga's Markets.