Mid-Day Market Update: Hibbett Sports Jumps On Upbeat Earnings; Urban Tea Shares Plunge

Midway through trading Friday, the Dow traded up 0.05 percent to 25503 while the NASDAQ rose 0.17 percent to 7,641. The S&P also rose, gaining 0.05 percent to 2,823.

Leading and Lagging Sectors

Real estate shares rose by 0.6 percent on Friday. Meanwhile, top gainers in the sector included Newmark Group Inc NMRK, up 4 percent, and Spirit MTA REIT SMTA, up 4 percent.

In trading on Friday, energy shares fell by 0.2 percent.

Top Headline

Foot Locker, Inc. FL reported downbeat results for its first quarter.

Foot Locker reported first-quarter earnings of $1.53 per share Friday, missing the analyst consensus estimate of $1.61 by 4.97 percent. The company reported quarterly sales of $2.078 billion, missing the consensus estimate of $2.11 billion. During the quarter, Foot Locker said it opened 14 new stores, remodeled or relocated 13 stores and closed 34 stores. Comps rose 4.6 percent, the retailer said.

Equities Trading UP

Cyclacel Pharmaceuticals, Inc. CYCC shares shot up 34 percent to $0.84. Roth Capital assumed Cyclacel Pharmaceuticals with a Buy rating and a price target of $8.

Shares of Cavco Industries, Inc. CVCO got a boost, shooting up 16 percent to $157.80 after the company posted upbeat Q4 results.

Hibbett Sports, Inc. HIBB shares were also up, gaining 26 percent to $24.89 after the company reported better-than-expected Q1 EPS and sales. The company raised its FY20 EPS and sales guidance.

Equities Trading DOWN

Urban Tea Inc MYT shares tumbled 50 percent to $1.20 after the company announced a direct offering of its ordinary shares worth approximately $4.6 million.

Shares of Diffusion Pharmaceuticals Inc DFFN were down 19 percent to $3.88 after the company announced a direct offering of 1.3 million shares priced at $4.77 per share.

Foot Locker, Inc. FL was down, falling 17 percent to $44.02 after reporting downbeat results for its first quarter.

Commodities

In commodity news, oil traded down 0.1 percent to $57.87, while gold traded down 0.2 percent to $1,282.60.

Silver traded down 0.5 percent Friday to $14.54, while copper rose 0.9 percent to $2.704.

Euro zone

European shares were higher today. The eurozone’s STOXX 600 rose 0.63 percent, the Spanish Ibex Index climbed 0.75 percent, while Italy’s FTSE MIB Index surged 1.24 percent. Meanwhile, the German DAX climbed 0.53 percent, and the French CAC 40 rose 0.67 percent while UK shares rose 0.54 percent.

Economics

U.S. durable goods orders fell 2.1 percent for April, versus economists’ expectations for a 2 percent drop.

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