Mid-Afternoon Market Update: Stitch Fix Surges Following Q3 Beat; Profire Energy Shares Slide

Toward the end of trading Friday, the Dow traded up 0.21 percent to 25,294.50 while the NASDAQ climbed 0.07 percent to 7,640.08. The S&P also rose, gaining 0.17 percent to 2,775.05.

Leading and Lagging Sectors

Friday afternoon, the consumer staples shares surged 1.19 percent. Meanwhile, top gainers in the sector included Monster Beverage Corporation MNST up 5 percent, and Revlon, Inc. REV up 11 percent.

In trading on Friday, energy shares fell 0.49 percent.

Top Headline

Zumiez Inc. ZUMZ reported better-than-expected results for its first quarter. The company also issued strong second-quarter guidance.

Earnings came in at $(0.10), beating estimates by 4 cents. Sales came in at $206 million, beating estimates by $5 million. First-quarter comps were up 8.3 percent, with comps up 7.5 percent in May.

Equities Trading UP

EDAP TMS S.A. EDAP shares shot up 66 percent to $3.66. The therapeutic ultrasound company said the FDA granted a 510(k) clearance for its Focal One device for the ablation of prostate tissue.

Shares of TapImmune, Inc. TPIV got a boost, shooting up 80 percent to $10.71. TapImmune reported the pricing of 17.5 million share common stock offering at $4 per share.

Stitch Fix, Inc. SFIX shares were also up, gaining 18 percent to $23.1336 after the company reported stronger-than-expected results for its third quarter. The company also announced the launch of Stitch Fix Kids.

Equities Trading DOWN

MicroVision, Inc. MVIS shares dropped 10 percent to $1.285 after reporting an $18 million common stock offering.

Shares of Covia Holdings Corporation CVIA were down 8 percent to $22.24. Credit Suisse initiated coverage on Covia Holdings with a Neutral rating.

Profire Energy, Inc. PFIE was down, falling around 7 percent to $4.26 after announcing a 7.5 million share common stock offering.

Commodities

In commodity news, oil traded down 0.44 percent to $65.66 while gold traded down 0.05 percent to $1,302.40.

Silver traded down 0.27 percent Friday to $16.77, while copper rose 0.72 to $3.2985.

Eurozone

European shares closed mostly lower today. The eurozone’s STOXX 600 fell 0.21 percent, the Spanish Ibex Index fell 0.84 percent, while Italy’s FTSE MIB Index declined 1.89 percent. Meanwhile the German DAX slipped 0.35 percent, and the French CAC 40 rose 0.03 percent while U.K. shares fell 0.30 percent.

Economics

US wholesale inventories rose 0.1 percent for April.

The total number of active U.S. oil rigs rose by 1 to 862 rigs this week, Baker Hughes Inc reported.