Mid-Day Market Update: US Stocks Edge Higher; Pandora Shares Drop On Weak Outlook
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.
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
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.
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.
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.
Sales of new homes declined 13.4% to an annual rate of 394,000 in July.
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