Mid-Afternoon Market Update: Markets Rallying Into The Close As Dillard's Catches A Boost On Earnings
Toward the end of trading Friday, the Dow traded flat to 16,447.73 while the NASDAQ gained 0.02 percent to 4,069.98. The S&P also rose, gaining 0.06 percent to 1,871.19.
Leading and Lagging Sectors
In trading on Friday, telecommunications services shares were relative leaders, up on the day by about 0.83 percent. Meanwhile, top gainers in the sector included NQ Mobile (NYSE: NQ), up 5.2 percent, and PT Telekomunikasi Indonesia Tbk (NYSE: TLK), up 5.3 percent. Basic materials shares fell about 0.33 percent in trading on Friday.
On Thursday, J.C. Penney (NYSE: JCP) reported stronger-than-expected first-quarter results. J.C. Penney's same-store sales also surged 6.2% in the quarter. J.C. Penney posted a quarterly loss of $352 million, or $1.15 per share. However, analysts were expecting a loss of $1.25 per share. Its revenue climbed to $2.8 billion, beating analysts' estimates of $2.71 billion.
Equities Trading UP
Rackspace Hosting (NYSE: RAX) shares shot up 18.22 percent to $36.27 on confirmation of approach by potential buyers and partners.
Shares of Dillard's NYSE: DDS) were up as well, rising 14.29 percent to $110.40 after the company beat on both top and bottom lines in its report following Thursday's close.
Nordstrom (NYSE: JWN) shares were also up, gaining 13.53 percent to $69.73 as the company reported upbeat first-quarter results. Nordstrom posted a quarterly profit of $0.72 per share on revenue of $2.93 billion. However, analysts were expecting a profit of $0.68 per share on revenue of $2.86 billion. Analysts at Credit Suisse upgraded Nordstrom from Neutral to Outperform.
Equities Trading DOWN
Shares of World Wrestling Entertainment (NYSE: WWE) were 42.50 percent to $11.46 following announcement of NBCUniveral deal on Thursday. Benchmark downgraded WWE from Buy to Hold.
Vonage Holdings (NYSE: VG) was down as well, dropping 6.06 percent to $3.48 despite seemingly little news.
Canadian Solar (NASDAQ: CSIQ) was down, falling 12.20 percent to $22.23 after the company reported weaker-than-expected Q1 earnings and issued a weak forecast.
In commodity news, oil traded up 0.52 percent to $102.03, while gold traded down 0.05 percent to $1,292.70.
Silver traded down 0.98 percent Friday to $19.31, while copper fell 0.02 percent to $3.14.
European shares were mixed today.
The eurozone's STOXX 600 gained 0.14 percent, the Spanish Ibex Index rose 1.10 percent, while Italy's FTSE MIB Index surged 1.12 percent.
Meanwhile, the German DAX declined 0.28 percent and the French CAC 40 tumbled 0.99 percent while UK shares rose 0.16 percent.
US housing starts surged 13.2% to an annual rate of 1.07 million in April, versus a revised rate of 947,000 in March. However, economists were expecting a rate of 980,000 in April.
The preliminary reading of Reuter's/University of Michigan's consumer sentiment index fell to 81.80 in May, versus a prior reading of 84.10. However, economists were expecting a reading of 84.50.
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