Mid-Morning Market Update: Markets Mixed; Fastenal Earnings Meet Estimates

Following the market opening Friday, the Dow traded up 0.26 percent to 16,703.21 while the NASDAQ tumbled 0.41 percent to 4,360.25. The S&P also rose, gaining 0.13 percent to 1,930.72.

Leading and Lagging Sectors

Non-cyclical consumer goods & services shares gained 0.73 percent on Friday. Top gainers in the sector included Synutra International SYUT, up 5.9 percent, and The Pantry PTRY, up 3.3 percent.

In trading on Friday, energy shares were relative laggards, down on the day by about 0.62 percent. Top losers in the sector included SM Energy Company SM, down 7.3 percent, and Vanguard Natural Resources, LLC VNR, off 5.4 percent.

Top Headline

Fastenal Co FAST reported in-line earnings for the third quarter.

The Winona, Minnesota-based company posted quarterly net income of $133.3 million, or $0.45 per share, up from $119.4 million, or $0.40 per share, in the year-ago period.

Its revenue rose 14.3% to $980.8 million from $858.4 million. However, analysts were expecting earnings of $0.45 per share on revenue of $980.1 million.

Equities Trading UP

Exact Sciences EXAS shares shot up 46.63 percent to $26.57 following the company’s announcement that its stool DNA test to detect colorectal cancer has been approved for coverage by the Centers for Medicare and Medicaid Services.

Shares of Infosys INFY got a boost, shooting up 5.36 percent to $62.60 after the company reported better-than-expected Q2 earnings.

Isis Pharmaceuticals ISIS shares were also up, gaining 5.18 percent to $39.18 after the company reported encouraging data from ISIS-SMN Rx Phase 2 studies in infants and children with SMA at World Muscle Society.

Equities Trading DOWN

Shares of Knowles KN were down 21.81 percent to $18.93 after the company lowered its Q3 forecast.

The Manitowoc Company MTW shares tumbled 11.98 percent to $18.95 following cautious guidance. BMO Capital downgraded Manitowoc from Market Perform to Underperform and lowered the price target from $28.00 to $24.00.

Microchip Technology MCHP was down, falling 10.17 percent to $40.91 after the company lowered its sales forecast for the second quarter.

Commodities

In commodity news, oil traded down 3.55 percent to $84.21, while gold traded up 1.42 percent to $1,223.10.

Silver traded up 1.59 percent Friday to $17.34, while copper fell 0.25 percent to $3.00.

Euro zone

European shares were mostly lower today. The eurozone’s STOXX 600 dropped 1.32 percent, the Spanish Ibex Index fell 0.77 percent, while Italy’s FTSE MIB Index declined 1.05 percent. Meanwhile, the German DAX slipped 1.97 percent and the French CAC 40 fell 1.35 percent while UK shares fell 1.14 percent.

Economics

US import price index dropped 0.5% in September, versus economists’ expectations for a 0.7% decline. US export price index dropped 0.2% in September.