Late Market Roundup (JBLU, THQI)

Shares of JetBlue Airways JBLU gained more than 6% after the analysts at Merrill Lynch upgraded JBLU from “neutral” to “buy.” According to the analysts, the budget carrier is benefiting from strong peak-demand months. The analysts say, "In recent quarters, JetBlue's yields have positively surprised during peak demand months when management can more easily get passengers to trade up fare classes." The firm set a price target of $11 for JBLU. The crude-oil futures gained after the reports of positive European manufacturing data drew investors back to the equity market. Crude for July delivery rose 2.4% to $75.57. Michael Lynch, president of Strategic Energy & Economic Research in Winchester, Massachusetts, said, "It's basically optimism about the economy, the feeling that Europe is not as bad." Shares of THQ Inc THQI tumbled around 8% after the company slashed its Q1 and full-year forecasts. The forecasts were lowered following low sales of one of the company’s top game titles. The US dollar reached its lowest level in three weeks against the euro. The investors have swung their focus back to the equity market,weakening the safe-haven’s demand. According to the economists at Brown Brothers Harriman, "This is the first substantial upside correction in the euro in the better part of two months." Gold widened its losses due to positive European manufacturing data, which lowered the demand for metals. Gold for August delivery dropped 0.8% to $1,220.20 an ounce on the New York Mercantile Exchange. As per Bill O'Neill, a principal with Logic Advisors in New Jersey, "We have a much calmer atmosphere today... That flight-to-safety, panic type buying that always helps gold is absent today." Read more from Benzinga's Markets.