Market Overview

Mid-Morning Market Update: Markets Mixed; CarMax Results Miss Estimates

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Following the market opening Friday, the Dow traded up 0.14 percent to 16,595.16 while the NASDAQ declined 0.45 percent to 4,218.54. The S&P also rose, gaining 0.12 percent to 1,890.99.

Leading and Lagging Sectors
Basic materials sector gained 1.01 percent, with LSB Industries (NYSE: LXU) moving up 5.9 percent to gain the top spot. Among leading sector stocks, gains came from Eldorado Gold (NYSE: EGO), Thompson Creek Metals Company (NYSE: TC) and Companhia Siderurgica Nacional (NYSE: SID).

Technology sector was the leading decliner in the US market today. Top losers in the sector included Youku Tudou (NYSE: YOKU), off 6 percent, and Ku6 Media Co (NASDAQ: KUTV), down 5.7 percent.

Top Headline
CarMax (NYSE: KMX) reported weaker-than-expected fiscal fourth-quarter results and increased its share-buyback plan by $1 billion. CarMax's quarterly profit fell to $99.2 million, or $0.44 per share, versus a year-ago profit of $107.2 million, or $0.46 per share. Its revenue climbed 8.8% to $3.08 billion. However, analysts were expecting earnings of $0.53 per share on revenue of $3.12 billion.

Equities Trading UP
SYNNEX (NYSE: SNX) shares shot up 18.84 percent to $74.18 after the company reported better-than-expected fiscal first-quarter results and issued a strong forecast for the fiscal second quarter. For the current quarter, Synnex expected earnings of $1.34 to $1.38 per share on revenue of $3.1 billion to $3.2 billion.

Shares of Mylan (NASDAQ: MYL) got a boost, shooting up 5.56 percent to $52.63 on reports of interest in Sweden's Meda.

Micron Technology (NASDAQ: MU) was also up, gaining 2.54 percent to $24.61 after the company swung to a profit in the fiscal second quarter. Micron posted its quarterly profit of $731 million, or $0.61 per share, versus a year-ago loss of $286 million, or $0.28 per share. Its revenue surged to $4.11 billion versus $2.08 billion. On an adjusted basis, Micron earned $0.85 per share, beating analysts' estimates of $0.74 per share.

Equities Trading DOWN
Shares of Halozyme Therapeutics (NASDAQ: HALO) were down 28.39 percent to $8.30 after the company announced the temporary halt of Phase 2 trial enrollment.

CarMax (NYSE: KMX) shares tumbled 3.16 percent to $46.06 after the company reported weaker-than-expected fiscal fourth-quarter results and increased its share-buyback plan by $1 billion.

E*TRADE Financial (NASDAQ: ETFC) was down, falling 4.71 percent to $21.12. E*TRADE has replaced the talking baby with Kevin Spacey, according to Bloomberg.

Commodities
In commodity news, oil traded up 0.91 percent to $101.20, while gold traded up 1.11 percent to $1,298.80.

Silver traded up 1.41 percent Friday to $20.09, while copper rose 0.84 percent to $3.05.

Eurozone
European shares were higher today.

The Spanish Ibex Index rose 0.38 percent, while Italy's FTSE MIB Index climbed 0.40 percent.

Meanwhile, the German DAX surged 0.56 percent and the French CAC 40 jumped 0.46 percent while U.K. shares gained 0.58 percent.

Economics
The US economy added 192,000 jobs in March, while the unemployment rate remained steady at 6.7%. However, economists were estimating an addition of 200,000 nonfarm jobs in the month.

Posted-In: Earnings News Guidance Eurozone Futures Forex Global Econ #s

 

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