Market Overview

Mid-Afternoon Market Update; Big Lots EPS Beat & Increases Guidance

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Nearing the Friday close, the Dow traded down 0.07 percent to 16,686.96 while the NASDAQ declined 0.33 percent to 4,234.11. The S&P rose, gaining 0.03 percent to 1,922.54.

Leading and Lagging Sectors

Utilities surged around 0.47 percent in trading on Friday. Top gainers in the sector included Genie Energy (NYSE: GNE), Calpine (NYSE: CPN), and Exelon (NYSE: EXC).

Basic materials sector was the top loser in trading on Friday. Top decliners in the sector included Rio Tinto plc (NYSE: RIO), down 4.04 percent, and United States Steel (NYSE: X), off 4.56 percent.

Top Headline

Big Lots (NYSE: BIG) reported better-than-expected fiscal first-quarter earnings and lifted its forecast for the current fiscal year.

Big Lots posted a quarterly profit of $3.3 million, or $0.06 per share, versus a year-ago profit of $32.3 million, or $0.56 per share. Its earnings from continuing operations came in at $28.6 million, or $0.50 per share, compared to $37.1 million, or $0.64 per share. The company had expected earnings from continuing operations of $0.40 to $0.45 per share.

Its revenue climbed 1.1% to $1.28 billion. However, analysts were expecting earnings of $0.44 per share on revenue of $1.26 billion.

Equities Trading UP

OmniVision Technologies (NASDAQ: OVTI) shares shot up 13.95 percent to $22.95 after the company reported better-than-expected fourth-quarter results and issued a strong Q1 outlook. Analysts at Northland Securities upgraded OmniVision from Market Perform to Outperform and lifted the target price from $21 to $28.

Shares of Big Lots (NYSE: BIG) got a boost, shooting up 11.84 percent to $41.84 after the company reported better-than-expected fiscal first-quarter earnings and lifted its forecast for the current fiscal year.

NPS Pharmaceuticals (NASDAQ: NPSP) shares were also up, gaining 13.37 percent to $31.32. Shire could be considering a cash bid for NPS Pharma, FT Alphaville reported.

Equities Trading DOWN

Shares of Infoblox (NYSE: BLOX) were 38.08 percent to $12.71 after the company reported that its CEO Robert Thomas is stepping down. The company also issued a downbeat forecast for the fiscal fourth quarter. Analysts at Deutsche Bank downgraded Infoblox from Buy to Hold and lowered the target price from $30 to $18.

Annie's (NYSE: BNNY) shares tumbled 8.70 percent to $31.85 after the company posted disappointing Q4 earnings and issued a weak outlook for the current fiscal year.

Express (NYSE: EXPR) was down, falling 8.99 percent to $12.40 after the company reported weaker-than-expected first-quarter earnings and lowered its full-year earnings guidance.

Commodities

In commodity news, oil traded down 0.82 percent to $102.73, while gold traded down 0.85 percent to $1,246.40.

Silver traded down 1.70 percent Friday to $18.69, while copper fell 0.68 percent to $3.123.

Eurozone

European shares were mostly lower today.

The eurozone’s STOXX 600 fell 0.13 percent, the Spanish Index rose 0.60 percent, while Italy’s FTSE MIB Index surged 0.55 percent.

Meanwhile, the German DAX rose 0.04 percent and the French CAC 40 declined 0.24 percent while UK shares fell 0.39 percent.

Economics

US consumer spending declined 0.1% in April, while personal income increased 0.3%. However, economists were expecting 0.2% gain in spending and 0.3% rise in income.

The Chicago PMI surged to 65.50 in May, versus a prior reading of 63.00. However, economists were expecting a reading of 61.00.

The final reading of Reuter's/University of Michigan's consumer sentiment index rose to 81.90 in May, versus a final April reading of 84.1. However, economists were expecting a final reading of 82.50 in May, versus a preliminary reading of 81.8.

Posted-In: Earnings News Guidance Eurozone Futures Commodities Economics Intraday Update

 

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