Mid-Morning Market Update: Markets Mixed; Foot Locker Q2 Profit Rises 12%
Following the market opening Friday, the Dow traded down 0.14 percent to 14,943.28 while the NASDAQ surged 0.26 percent to 3,648.12. The S&P also fell, dropping 0.04 percent to 1,656.30.
Foot Locker's quarterly profit surged to $66 million, or $0.44 per share, from $59 million, or $0.39 per share, in the year-ago period. Excluding one-time items, its earnings climbed to $0.46 per share from $0.38 per share.
Its total sales gained 6.4% to $1.45 billion. However, analysts were projecting earnings of $0.47 per share on sales of $1.45 billion.
Equities Trading UP
Renren (NYSE: RENN) shot up 9.34 percent to $3.72 after Baidu announced its plans to buy 59% interest in Renren's Nuomi for $160 million in cash. Jefferies upgraded the stock from Underperform to Hold
Equities Trading DOWN
Shares of Aeropostale (NYSE: ARO) were down 15.96 percent to $9.23 after the company posted a loss in the second quarter and issued a weak view for the third quarter. Analysts at Bank of America downgraded the stock from Buy to Underperform.
Pandora Media (NYSE: P) shares tumbled 9.58 percent to $19.63 after the company reported issued downbeat earnings forecast for the third quarter. Stifel Nicolaus downgraded the stock from Buy to Hold.
In commodity news, oil traded down 0.46 percent to $104.55, while gold traded up 0.07 percent to $1,371.80.
Silver traded up 0.15 percent Friday to $23.12, while copper rose 0.12 percent to $3.34.
European shares were higher today. The Spanish Ibex Index surged 0.48 percent, while Italy's FTSE MIB Index gained 0.07%. Meanwhile, the German DAX jumped 0.15 percent and the French CAC 40 climbed 0.11 percent while U.K. shares rose 0.60 percent.
Sales of new homes declined 13.4% to an annual rate of 394,000 in July.
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