Market Overview

Mid-Day Market Update: US Stocks Edge Higher; Pandora Shares Drop On Weak Outlook

Related BZSUM
Market Wrap For April 22: S&P Rises For Sixth Straight Day, Dow & Nasdaq Also Positive
Mid-Afternoon Market Update: Revance Therapeutics Continues to Rally as Markets Hang onto Early Strength

Midway through trading Friday, the Dow traded up 0.07 percent to 14,973.65 while the NASDAQ surged 0.32 percent to 3,650.17. The S&P also rose, gaining 0.16 percent to 1,659.57.

Top Headline
Foot Locker (NYSE: FL) reported a 12% rise in its fiscal second-quarter profit.

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 4.41 percent to $3.55 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

Shares of Microsoft (NASDAQ: MSFT) got a boost, shooting up 5.87 percent to $34.29 after the company reported that its CEO Steve Ballmer will retire within the next 12 months.

Expedia (NASDAQ: EXPE) was also up, gaining 5.56 percent to $49.05 on Travelocity marketing deal.

Equities Trading DOWN
Shares of Aeropostale (NYSE: ARO) were down 20.41 percent to $8.74 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 12.23 percent to $19.06 after the company reported issued downbeat earnings forecast for the third quarter. Stifel Nicolaus downgraded the stock from Buy to Hold.

Hibbett Sports (NASDAQ: HIBB) was down, falling 10.23 percent to $52.49 after the company cut its earnings forecast for the year.

Commodities
In commodity news, oil traded up 1.75 percent to $106.87, while gold traded up 1.85 percent to $1,396.20.

Silver traded up 3.14 percent Friday to $23.81, while copper rose 0.84 percent to $3.36.

Eurozone
European shares were higher today. The Spanish Ibex Index surged 0.66 percent, while Italy's FTSE MIB Index gained 0.19%. Meanwhile, the German DAX jumped 0.23 percent and the French CAC 40 climbed 0.25 percent while U.K. shares rose 0.70 percent.

Economics
Sales of new homes declined 13.4% to an annual rate of 394,000 in July.

Posted-In: Mid-Day Market UpdateEarnings News Guidance Futures Forex Global Econ #s Economics Hot Intraday Update Markets Movers Tech

 

Most Popular

Related Articles (EXPE + ARO)

Around the Web, We're Loving...

Partner Network

Get Benzinga's News Delivered Free