Mid-Day Market Update: Infinera Surges On Earnings Beat; ChannelAdvisor Shares Plunge

Midway through trading Friday, the Dow traded up 0.43 percent to 20,258.28 while the NASDAQ gained 0.27 percent to 5,730.85. The S&P also rose, gaining 0.29 percent to 2,314.47.

Leading and Lagging Sectors

Basic materials shares climbed by 1.31 percent in trading on Friday. Meanwhile, top gainers in the sector included Companhia Siderurgica Nacional (ADR) SID, and Freeport-McMoRan Inc FCX.

In trading on Friday, healthcare shares rose by just 0.02 percent. Meanwhile, top losers in the sector included BioTime, Inc. BTX, down 9 percent, and Seattle Genetics, Inc. SGEN, down 4 percent.

Top Headline

NVIDIA Corporation NVDA reported stronger-than-expected results for its fourth quarter on Thursday.

NVIDIA reported Q4 adjusted earnings of $1.13 per share on revenue of $2.17 billion. Analysts were expecting earnings of $0.83 per share on revenue of $2.10 billion.

Equities Trading UP

Sierra Wireless, Inc. (USA) SWIR shares shot up 28 percent to $23.78 after the company posted strong Q4 results.

Shares of Sears Holdings Corp SHLD got a boost, shooting up 29 percent to $7.13. Sears announced plans to reduce outstanding debt and pension obligations by at least $1.5 billion. The company also issued a strong revenue forecast.

Infinera Corp. INFN shares were also up, gaining 28 percent to $12.02 after the company reported stronger-than-expected Q4 results.

Equities Trading DOWN

ChannelAdvisor Corp ECOM shares dropped 22 percent to $11.15 following Q4 results. ChannelAdvisor reported Q4 net income of $5.8 million on revenue of $31.8 million.

Shares of iPass Inc. IPAS were down around 18 percent to $1.31. iPass reported a Q4 loss of $0.02 per share on revenue of $16.117 million.

Ubiquiti Networks Inc UBNT was down, falling around 15 percent to $54.30 after reporting downbeat Q2 earnings.

Commodities

In commodity news, oil traded up 1.42 percent to $53.75 while gold traded down 0.23 percent to $1,234.00.

Silver traded up 0.98 percent Friday to $17.92, while copper rose 3.90 percent to $2.76.

Eurozone

European shares were mostly lower today. The eurozone’s STOXX 600 slipped 0.02 percent, the Spanish Ibex Index fell 0.80 percent, while Italy’s FTSE MIB Index slipped 0.96 percent. Meanwhile the German DAX climbed 0.06 percent, and the French CAC 40 fell 0.01 percent while U.K. shares rose 0.50 percent.

Economics

U.S. import prices increased 0.4 percent in January, versus a revised 0.5 percent growth in December. Export prices rose 0.1 percent in January.

The University of Michigan's consumer sentiment index declined to 95.70 in February, versus a prior reading of 98.50. Economists projected a reading of 97.90.

The Baker Hughes North American rig count report for the recent week will be released at 1:00 p.m. ET.

The U.S. Treasury budget data for January is schedule for release 2:00 p.m. ET.