Market Overview

Mid-Day Market Update: Markets Flatten Out As Hibbett Sports Shows Weakness

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Toward the end of trading Friday, the Dow traded up 0.33 percent to 16,598.03 while the NASDAQ surged 0.37 percent to 4,169.74. The S&P also rose, gaining 0.33 percent to 1,898.76.

Leading and Lagging Sectors
Industrials lead the rally in US markets on Friday, with names like Nordson (NASDAQ: NDSN) which gained 8.73 percent and StealthGas which rallied 7.31 percent.

Healthcare proved to be a relative laggard Thursday as traders rotated out of defensive plays, with large healthcare names looking sluggish.

Top Headline
Making the top of headlines Friday was Hewlett Packard's (NYSE: HPQ) earnings leak before the close Thursday. While the report itself held little in the way of fireworks, the company did announce expanded job cuts, moving its layoffs to near 50 thousand, or almost a sixth of the company's workforce.

Equities Trading UP
Parsley Energy (NYSE: PE) showed strength Friday, gaining 20.30 percent to $22.25 after the company's IPO impressed the street.

Shares of Isis Pharmaceuticals (NASDAQ: ISIS) were up as well, gaining 9.34 percent to $27.27 after the company rode a tide of strong investor sentiment from its positive phase II data on Thursday.

MakeMyTrip Limited (NASDAQ: MMYT) was also on the rise, gaining 7.24 percent to $27.54 as the shares continued to rally following its earnings report.

Equities Trading DOWN
Aruba Networks (NASDAQ: ARUN) looked to be leading things to the downside, falling 13.07 percent to $17.44 after gross margin concerns took a toll on the share price.

RetailMeNot (NASDAQ: SALE) fell once again Friday, dropping 6.50 percent to $23.59 following a downgrade from Stifel to a Hold rating.

Hibbett Sports (NASDAQ: HIBB) was down as well, falling 8.16 percent to $52.45 after the company matched analyst expectations on the bottom line, but left street expectations towards the top end of its guidance. The company also guided a $0.11 per share cost of adding a new wholesale and logistics facility.

Commodities
In commodity news, oil traded up 0.61 percent to $104.37, while gold traded down 0.26 percent to $1,291.70.

Silver traded down 0.53 percent Friday to $19.40, while copper rose 0.81 percent to $3.17.

Eurozone
Europe's markets were mostly lower Friday; the UK's FTSE lost 0.25 percent, the STOXX 600 was down 0.11 percent and both the German DAX and the Spanish IBEX lost 0.01 percent.

However, France's CAC 40 rose 0.03 percent and Italy's MIB gained 0.34 percent.

Economics
In economic news Friday, new home sales came in at 433K, beating estimates of 425K, and showing significant growth over the revised prior figure of 407k.

The month over month growth in new home sales came in at 6.4 percent, missing consensus estimates of 10.7 percent, but crushing the revised prior figure of a loss of 6.9 percent.

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

 

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