Mid-Morning Market Update: Markets Mixed; CarMax Results Miss Estimates

Following the market opening Friday, the Dow traded up 0.14 percent to 16,595.16 while the NASDAQ declined 0.45 percent to 4,218.54. The S&P also rose, gaining 0.12 percent to 1,890.99.

Leading and Lagging Sectors
Basic materials sector gained 1.01 percent, with LSB Industries LXU moving up 5.9 percent to gain the top spot. Among leading sector stocks, gains came from Eldorado Gold EGO, Thompson Creek Metals Company TC and Companhia Siderurgica Nacional SID.

Technology sector was the leading decliner in the US market today. Top losers in the sector included Youku Tudou YOKU, off 6 percent, and Ku6 Media Co KUTV, down 5.7 percent.

Top Headline
CarMax KMX reported weaker-than-expected fiscal fourth-quarter results and increased its share-buyback plan by $1 billion. CarMax's quarterly profit fell to $99.2 million, or $0.44 per share, versus a year-ago profit of $107.2 million, or $0.46 per share. Its revenue climbed 8.8% to $3.08 billion. However, analysts were expecting earnings of $0.53 per share on revenue of $3.12 billion.

Equities Trading UP
SYNNEX SNX shares shot up 18.84 percent to $74.18 after the company reported better-than-expected fiscal first-quarter results and issued a strong forecast for the fiscal second quarter. For the current quarter, Synnex expected earnings of $1.34 to $1.38 per share on revenue of $3.1 billion to $3.2 billion.

Shares of Mylan MYL got a boost, shooting up 5.56 percent to $52.63 on reports of interest in Sweden's Meda.

Micron Technology MU was also up, gaining 2.54 percent to $24.61 after the company swung to a profit in the fiscal second quarter. Micron posted its quarterly profit of $731 million, or $0.61 per share, versus a year-ago loss of $286 million, or $0.28 per share. Its revenue surged to $4.11 billion versus $2.08 billion. On an adjusted basis, Micron earned $0.85 per share, beating analysts' estimates of $0.74 per share.

Equities Trading DOWN
Shares of Halozyme Therapeutics HALO were down 28.39 percent to $8.30 after the company announced the temporary halt of Phase 2 trial enrollment.

CarMax KMX shares tumbled 3.16 percent to $46.06 after the company reported weaker-than-expected fiscal fourth-quarter results and increased its share-buyback plan by $1 billion.

E*TRADE Financial ETFC was down, falling 4.71 percent to $21.12. E*TRADE has replaced the talking baby with Kevin Spacey, according to Bloomberg.

Commodities
In commodity news, oil traded up 0.91 percent to $101.20, while gold traded up 1.11 percent to $1,298.80.

Silver traded up 1.41 percent Friday to $20.09, while copper rose 0.84 percent to $3.05.

Eurozone
European shares were higher today.

The Spanish Ibex Index rose 0.38 percent, while Italy's FTSE MIB Index climbed 0.40 percent.

Meanwhile, the German DAX surged 0.56 percent and the French CAC 40 jumped 0.46 percent while U.K. shares gained 0.58 percent.

Economics
The US economy added 192,000 jobs in March, while the unemployment rate remained steady at 6.7%. However, economists were estimating an addition of 200,000 nonfarm jobs in the month.