Markets Edge Lower; Zumiez Issues Weak Outlook
Following the market opening Friday, the Dow traded down 0.14 percent to 17,046.18 while the NASDAQ declined 0.03 percent to 4,560.89. The S&P also fell, dropping 0.07 percent to 1,996.29.
Leading and Lagging Sectors
In trading on Friday, healthcare shares were relative laggards, down on the day by about 0.43 percent. Top decliners in the sector included Achillion Pharmaceuticals (NASDAQ: ACHN), Gilead Sciences (NASDAQ: GILD), LHC Group (NASDAQ: LHCG).
On Thursday, Zumiez (NASDAQ: ZUMZ) issued a weak third-quarter forecast. However, the company reported better-than-expected second-quarter earnings.
Zumiez reported its Q2 earnings of $0.26 per share, beating analysts’ estimates of $0.23 per share. The company expected Q3 earnings of $0.49 to $0.52 per share, versus analysts’ expectations of $0.54 per share.
Equities Trading UP
Infoblox (NYSE: BLOX) shares shot up 10.75 percent to $15.04 after the company reported upbeat results for the fiscal fourth quarter.
Shares of Ambarella (NASDAQ: AMBA) got a boost, shooting up 7.16 percent to $38.33 on upbeat quarterly results.
El Pollo Loco Holdings (NASDAQ: LOCO) shares were also up, gaining 3.05 percent to $35.85 after the company reported stronger-than-expected fiscal second-quarter earnings.
Equities Trading DOWN
Shares of Zumiez (NASDAQ: ZUMZ) were down 12.33 percent to $28.42 after the company issued a weak third-quarter earnings forecast. However, the company reported better-than-expected second-quarter earnings. Analysts at Piper Jaffray downgraded Zumiez from Overweight to Neutral.
The Gap (NYSE: GPS) shares tumbled 4.66 percent to $44.42 after the company posted a 2% drop in August same-store sales, versus analysts’ expectations for a 1.6% gain.
Michael Kors Holdings (NYSE: KORS) was down, falling 5.21 percent to $75.80 after the company priced 11.6 million shares at $76.75 per share.
In commodity news, oil traded down 0.33 percent to $94.14, while gold traded up 0.31 percent to $1,270.40.
Silver traded up 0.01 percent Friday to $19.14, while copper fell 0.13 percent to $3.15.
European shares were mixed today. The eurozone’s STOXX 600 fell 0.44 percent, the Spanish Ibex Index surged 0.48 percent, while Italy’s FTSE MIB Index gained 0.02 percent. Meanwhile, the German DAX rose 0.40 percent and the French CAC 40 surged 0.04 percent while UK shares dropped 0.27 percent.
The US economy added 142,000 jobs in August, while the unemployment rate declined to 6.1% in the month. However, economists were projecting an addition of 228,000 nonfarm jobs.
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