Mid-Morning Market Update: Markets Fall; Krispy Kreme Profit Misses Expectations
Following the market opening Friday, the Dow traded down 0.11 percent to 14,824.63 while the NASDAQ tumbled 0.40 percent to 3,605.93. The S&P also fell, dropping 0.14 percent to 1,635.92.
Yesterday, Krispy Kreme Doughnuts (NYSE: KKD) reported downbeat fiscal second-quarter earnings and issued a weak forecast.
Krispy Kreme's quarterly net income declined to $4.7 million, or $0.07 per share, from $4.9 million, or $0.07 per share, in the year-ago quarter. Excluding one-time items, it earned $0.14 per share.
Its revenue surged over 10% to $112.7 million from $102.1 million. However, analysts were expecting earnings of $0.16 per share on revenue of $111.9 million.
Shares of Apache (NYSE: APA) got a boost, shooting up 7.95 percent to $84.89 after the company announced its plans to sell a 33% stake in its Egypt oil operations to Sinopec Group for $3.1 billion. RBC Capital upgraded the stock from Sector perform to Outperform.
Splunk (NASDAQ: SPLK) was also up, gaining 7.83 percent to $52.75 after the company lifted its sales view for the year.
Equities Trading DOWN
Shares of OmniVision Technologies (NASDAQ: OVTI) were down 12.22 percent to $16.16 after the company issued weak current-quarter adjusted profit view. Analysts at Oppenheimer downgraded the stock from Outperform to Perform.
Krispy Kreme Doughnuts (NYSE: KKD) shares tumbled 9.73 percent to $20.97 after the company reported downbeat fiscal second-quarter earnings and issued a weak forecast.
Sears Hometown and Outlet Stores (NASDAQ: SHOS) was down, falling 10.70 percent to $34.87 on Q2 results.
In commodity news, oil traded down 0.86 percent to $107.86, while gold traded down 1.30 percent to $1,394.60.
Silver traded down 2.32 percent Friday to $23.58, while copper fell 0.75 percent to $3.24.
European shares were lower today. The Spanish Ibex Index dropped 0.97 percent, while Italy's FTSE MIB Index declined 0.69 percent. Meanwhile, the German DAX dropped 0.64 percent and the French CAC 40 tumbled 0.60 percent while U.K. shares fell 0.52 percent.
US consumer spending rose 0.1% in July, versus economists' expectations for a 0.3% increase. Personal income also gained 0.1% in July, versus expectations for a 0.2% rise.
The Chicago PMI surged to 53.0 in August, versus 52.3 in July. However, economists were expecting a reading index of 53.0.
The Reuter's/University of Michigan's consumer sentiment index dropped to 82.10 in August, versus a final July reading of 85.10. However, economists were projecting a reading of 80.50.
Data on farm prices will be released at 3:00 p.m. ET.
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