Mid-Day Market Update: Nike Jumps On Strong Results; SYNNEX Shares Slide

Midway through trading Friday, the Dow traded up 0.54 percent to 17,986.02 while the NASDAQ slipped 0.36 percent to 5,093.64. The S&P also rose, gaining 0.13 percent to 2,105.11.

Leading and Lagging Sectors

Cyclical consumer goods & services shares rose by 0.46 percent on Friday. Meanwhile, top gainers in the sector included Winnebago Industries, Inc. WGO, up 6 percent, and Nathan's Famous, Inc. NATH, up 5 percent.

In trading on Friday, technology shares slipped by 0.62 percent. Meanwhile, top losers in the sector included Micron Technology, Inc. MU, down 18 percent, and SYNNEX Corporation SNX, off 8 percent.

Top Headline

Finish Line Inc FINL surged over 5 percent in pre-market trading after the company reported stronger-than-expected results for its first quarter.

The Indianapolis, Indiana-based company posted quarterly earnings of $13.8 million, or $0.30 per share, compared to $12.4 million, or $0.25 per share, in the year-ago period. Non-GAAP EPS rose to $0.30 from $0.28.

Its revenue climbed 9.1 percent year-over-year to $443.4 million. However, analysts were expecting a profit of $0.24 per share on revenue of $429.83 million.

Equities Trading UP

Nike Inc NKE shares shot up 5 percent to $110.01 after the company reported stronger-than-expected results for its fiscal fourth quarter.

Shares of Finish Line Inc FINL got a boost, shooting up 4 percent to $28.17 after the company reported stronger-than-expected results for its first quarter.

NN, Inc. NNBR shares were also up, gaining 4 percent to $25.67. NN priced its 6.6 million shares offering at $24.00 per share.

Equities Trading DOWN

Micron Technology, Inc. MU shares tumbled 18 percent to $19.73 after the company reported weaker-than-expected results for its fiscal third quarter on Thursday.

Shares of SYNNEX Corporation SNX were down 8 percent to $75.36. SYNNEX reported better-than-expected earnings for its fiscal second quarter, but the company’s revenue missed analysts’ estimates. The company also issued a weak forecast for the current quarter.

Zoetis Inc ZTS was down, falling 10 percent to $49.81. The decline in the shares may be attributed to negative comments by David Faber on CNBC. Zoetis closed up more than 11 percent Thursday on a report that it’s the target of takeover interest by Valeant Pharmaceuticals Intl Inc VRX.

Commodities

In commodity news, oil traded down 0.54 percent to $59.38, while gold traded up 0.02 percent to $1,172.00.

Silver traded down 0.32 percent Friday to $15.79, while copper rose 0.25 percent to $2.63.

Eurozone

European shares were mostly higher today. The eurozone’s STOXX 600 rose 0.27 percent, the Spanish Ibex Index jumped 0.75 percent, while Italy’s FTSE MIB Index rose 0.78 percent. Meanwhile, the German DAX rose 0.40 percent, and the French CAC 40 climbed 0.76 percent while UK shares slipped 0.53 percent.

Economics

The University of Michigan's consumer sentiment index climbed to 96.10 in June, versus a prior reading of 94.60. However, economists were expecting a reading of 94.60.