Mid-Afternoon Market Update: Markets Rallying Into the Close as Dillard's Catches a Boost on Earnings

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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
NQ
, up 5.2 percent, and PT Telekomunikasi Indonesia Tbk
TLK
, up 5.3 percent. Basic materials shares fell about 0.33 percent in trading on Friday. Top losers in the sector included Cliffs Natural Resources
CLF
, down 4 percent, and Thompson Creek Metals Company
TC
, off 3 percent.
Top Headline
On Thursday, J.C. Penney
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
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
JWN
shares were also up, gaining 13.53 percent to $69.73 as the company
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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
WWE
were 42.50 percent to $11.46 following announcement of
NBCUniveral deal
on Thursday. Benchmark downgraded WWE from Buy to Hold. Vonage Holdings
VG
was down as well, dropping 6.06 percent to $3.48 despite seemingly little news. Canadian Solar
CSIQ
was down, falling 12.20 percent to $22.23 after the company reported weaker-than-expected Q1 earnings and issued a weak forecast.
Commodities
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.
Euro zone
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.
Economics
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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Posted In: EarningsNewsGuidanceEurozoneFuturesForexGlobalEcon #sEconomicsIntraday UpdateMarketsMoversTech
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