Mid-Morning Market Update: Markets Rise; CarMax Results Top Estimates
Following the market opening Friday, the Dow traded up 0.16 percent to 16,948.58 while the NASDAQ surged 0.17 percent to 4,366.55. The S&P also rose, gaining 0.17 percent to 1,962.87.
Leading and Lagging Sectors
Telecommunications services shares dropped about 0.23 percent in trading on Friday. Top decliners in the sector included DigitalGlobe (NYSE: DGI), down 5.6 percent, and Telecom Italia S.p.A. (NYSE: TI), off 2.5 percent.
CarMax (NYSE: KMX) reported upbeat results for the first quarter.
CarMax posted its quarterly profit of $169.7 million, or $0.76 per share, versus a year-ago profit of $146.7 million, or $0.64 per share.
Its sales climbed to $3.75 billion from $3.31 billion. However, analysts were expecting earnings of $0.67 per share on sales of $3.598 billion. Total wholesale unit sales gained 9.9%.
Equities Trading UP
Shares of CarMax (NYSE: KMX) got a boost, shooting up 12.90 percent to $51.12 after the company reported upbeat results for the first quarter. CarMax posted its quarterly profit of $169.7 million, or $0.76 per share, versus a year-ago profit of $146.7 million, or $0.64 per share.
Entegris (NASDAQ: ENTG) shares were also up, gaining 1.30 percent to $13.25 after the company lifted its second-quarter outlook.
Equities Trading DOWN
Oracle (NYSE: ORCL) shares tumbled 4.38 percent to $40.65 after the company reported weaker-than-expected fiscal fourth-quarter results. Its adjusted earnings came in at $0.92 per share, missing analysts’ estimates of $0.95 per share. Citigroup downgraded Oracle from Buy to Neutral.
Targa Resources (NYSE: TRGP) was down, falling 7.85 percent to $138.80. On Thursday, Targa confirmed that it had high level discussions to be acquired by Energy Transfer Equity, but the talks have been terminated.
In commodity news, oil traded up 0.46 percent to $106.92, while gold traded down 0.24 percent to $1,311.00.
Silver traded up 0.52 percent Friday to $20.76, while copper rose 0.67 percent to $3.10.
European shares were mixed today.
The eurozone’s STOXX 600 surged 0.18 percent, the Spanish Ibex Index dropped 0.17 percent, while Italy’s FTSE MIB Index fell 0.73 percent.
Meanwhile, the German DAX gained 0.25 percent and the French CAC 40 declined 0.10 percent while UK shares gained 0.29 percent.
On the economics calendar Friday, there is no important data due out.
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