Market Overview

Mid-Morning Market Update: Markets Mixed; Foot Locker Q2 Profit Rises 12%

Mid-Morning Market Update: Markets Mixed; Foot Locker Q2 Profit Rises 12%

Following the market opening Friday, the Dow traded down 0.14 percent to 14,943.28 while the NASDAQ surged 0.26 percent to 3,648.12. The S&P also fell, dropping 0.04 percent to 1,656.30.

Top Headline
Foot Locker (NYSE: FL) reported a 12% rise in its fiscal second-quarter profit.

Foot Locker's quarterly profit surged to $66 million, or $0.44 per share, from $59 million, or $0.39 per share, in the year-ago period. Excluding one-time items, its earnings climbed to $0.46 per share from $0.38 per share.

Its total sales gained 6.4% to $1.45 billion. However, analysts were projecting earnings of $0.47 per share on sales of $1.45 billion.

Equities Trading UP
Renren (NYSE: RENN) shot up 9.34 percent to $3.72 after Baidu announced its plans to buy 59% interest in Renren's Nuomi for $160 million in cash. Jefferies upgraded the stock from Underperform to Hold

Shares of Microsoft (NASDAQ: MSFT) got a boost, shooting up 6.76 percent to $34.58 after the company reported that its CEO Steve Ballmer will retire within the next 12 months.

Expedia (NASDAQ: EXPE) was also up, gaining 8.18 percent to $50.27 on Travelocity marketing deal.

Equities Trading DOWN
Shares of Aeropostale (NYSE: ARO) were down 15.96 percent to $9.23 after the company posted a loss in the second quarter and issued a weak view for the third quarter. Analysts at Bank of America downgraded the stock from Buy to Underperform.

Pandora Media (NYSE: P) shares tumbled 9.58 percent to $19.63 after the company reported issued downbeat earnings forecast for the third quarter. Stifel Nicolaus downgraded the stock from Buy to Hold.

Hibbett Sports (NASDAQ: HIBB) was down, falling 6.88 percent to $54.45 after the company cut its earnings forecast for the year.

In commodity news, oil traded down 0.46 percent to $104.55, while gold traded up 0.07 percent to $1,371.80.

Silver traded up 0.15 percent Friday to $23.12, while copper rose 0.12 percent to $3.34.

European shares were higher today. The Spanish Ibex Index surged 0.48 percent, while Italy's FTSE MIB Index gained 0.07%. Meanwhile, the German DAX jumped 0.15 percent and the French CAC 40 climbed 0.11 percent while U.K. shares rose 0.60 percent.

Sales of new homes declined 13.4% to an annual rate of 394,000 in July.


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