Mid-Day Market Update: Ambarella Gains After Strong Q3 Results; Zumiez Shares Slide

Midway through trading Friday, the Dow traded up 0.11 percent to 24,299.34 while the NASDAQ declined 0.15 percent to 6,863.36. The S&P also rose, gaining 0.02 percent to 2,648.14.

Leading and Lagging Sectors

On Friday, the energy sector proved to be a source of strength for the market. Leading the sector was strength from Denbury Resources Inc. DNR and California Resources Corp CRC.

In trading on Friday, information technology shares fell 0.4 percent.

Top Headline

Big Lots, Inc. BIG reported better-than-expected earnings for its third quarter, and raised its FY17 guidance.

Big Lots posted quarterly earnings of $0.06 per share on revenue of $1.111 billion. However, analysts were expecting earnings of $0.04 per share on revenue of $1.12 billion. Its comparable store sales rose 1 percent during the quarter.

Equities Trading UP

American Woodmark Corporation AMWD shares shot up 25 percent to $124.80. American Woodmark reported purchase of RSI Home Products for $1.075 billion in enterprise value and posted upbeat quarterly earnings.

Shares of Ambarella Inc AMBA got a boost, shooting up 19 percent to $64.32 after the company reported stronger-than-expected results for its third quarter.

Nutanix Inc NTNX shares were also up, gaining 11 percent to $36.31 after reporting a first quarter loss of 16 cents, 10 cents lower than analyst estimates. Sales came in $9 million higher than estimates at $275.6 million. The company issued better than expected second quarter earnings and sales guidance.

Equities Trading DOWN

Genesco Inc. GCO shares dropped 18 percent to $25.50 as the company reported downbeat quarterly earnings.

Shares of MER Telemanagement Solutions Ltd. MTSL were down 17 percent to $2 after the company posted Q3 results.

Zumiez Inc. ZUMZ was down, falling around 12 percent to $19.15. Zumiez reported in-line earnings for its third quarter on Thursday.

Commodities

In commodity news, oil traded up 0.87 percent to $57.90 while gold traded down 0.03 percent to $1,276.30.

Silver traded down 1.06 percent Friday to $16.30, while copper rose 0.70 percent to $3.0855.

Eurozone

European shares were mostly lower today. The eurozone’s STOXX 600 rose 0.12 percent, the Spanish Ibex Index fell 0.12 percent, while Italy’s FTSE MIB Index dropped 0.05 percent. Meanwhile the German DAX slipped 0.05 percent, and the French CAC 40 gained 0.10 percent while U.K. shares rose 0.23 percent.

Economics

Data on motor vehicle sales for November will be released today.

The Markit manufacturing PMI rose to 53.90 in November, versus previous reading of 52.80. Economists expected a reading of 53.80.

The ISM manufacturing index slipped to 58.20 for November, versus prior reading of 58.70. Economists expected a reading of 58.40.

U.S. construction spending rose 1.4 percent for October, versus economists’ expectations for a 0.50 percent gain.

The Baker Hughes North American rig count report for the recent week is schedule for release at 1:00 p.m. ET,