Mid-Morning Market Update: Markets Edge Lower; Zumiez Beats Q1 Views

Following the market opening Friday, the Dow traded down 0.09 percent to 25,218.13 while the NASDAQ declined 0.19 percent to 7,620.30. The S&P also fell, dropping 0.10 percent to 2,767.61.

Leading and Lagging Sectors

Friday morning, the consumer staples shares surged 0.86 percent. Meanwhile, top gainers in the sector included Monster Beverage Corporation MNST up 5 percent, and Revlon, Inc. REV up 3 percent.

In trading on Friday, information technology shares fell 0.38 percent.

Top Headline

Zumiez Inc. ZUMZ reported better-than-expected results for its first quarter. The company also issued strong second-quarter guidance.

Earnings came in at $(0.10), beating estimates by 4 cents. Sales came in at $206 million, beating estimates by $5 million. First-quarter comps were up 8.3 percent, with comps up 7.5 percent in May.

Equities Trading UP

EDAP TMS S.A. EDAP shares shot up 68 percent to $3.71 after the company reported the FDA approval for Focal One.

Shares of TapImmune, Inc. TPIV got a boost, shooting up 37 percent to $8.17. TapImmune reported the pricing of 17.5 million share common stock offering at $4 per share.

Stitch Fix, Inc. SFIX shares were also up, gaining 11 percent to $21.79 after the company reported stronger-than-expected results for its third quarter. The company also announced the launch of Stitch Fix Kids.

Equities Trading DOWN

MicroVision, Inc. MVIS shares dropped 7 percent to $1.325 after reporting an $18 million common stock offering.

Shares of Iteris, Inc. ITI were down 6 percent to $4.64 after the company posted downbeat Q4 results.

Lumentum Holdings Inc. LITE was down, falling around 5 percent to $58.05 after the company reported the resignation of its CFO Aaron Tachibana.

Commodities

In commodity news, oil traded down 0.41 percent to $65.68 while gold traded down 0.06 percent to $1,302.20.

Silver traded down 0.27 percent Friday to $16.77, while copper rose 0.23 to $3.2825.

Eurozone

European shares were lower today. The eurozone’s STOXX 600 fell 0.10 percent, the Spanish Ibex Index fell 0.91 percent, while Italy’s FTSE MIB Index declined 1.44 percent. Meanwhile the German DAX slipped 0.41 percent, and the French CAC 40 fell 0.03 percent while U.K. shares fell 0.09 percent.

Economics

US wholesale inventories rose 0.1 percent for April.

The Baker Hughes North American rig count report for the latest week is schedule for release at 1:00 p.m. ET.