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Market Overview

Mid-Morning Market Update: Markets Edge Lower; Big Lots Earnings Top Views

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Following the market opening Friday, the Dow traded down 0.30 percent to 16,605.56 while the NASDAQ declined 0.18 percent to 4,803.91. The S&P also fell, dropping 0.14 percent to 1,984.92.

Leading and Lagging Sectors

In trading on Friday, energy shares were relative leaders, up on the day by about 0.50 percent. Meanwhile, top gainers in the sector included Arch Coal Inc (NYSE: ACI), up 17 percent, and SandRidge Permian Trust (NYSE: PER), up 10 percent.

Telecommunications services shares slipped by 1.08 percent in Friday’s trading. Meanwhile, top losers in the sector included China Telecom Corporation Limited (ADR) (NYSE: CHA), down 3 percent, and Telecom Italia SpA (ADR) (NYSE: TI), off 3 percent.

Top Headline

Big Lots, Inc. (NYSE: BIG) reported better-than-expected earnings for the second quarter on Friday.

The Columbus, Ohio-based company reported quarterly net income of $17.64 million, or $0.34 per share, compared to $19.94 million, or $0.36 per share, in the year-ago quarter. On an adjusted basis, the company’s income from continuing operations rose to $0.40 per share from $0.31 per share.

Its net sales gained 1.2 percent year-over-year to $1.21 billion. However, analysts were expecting earnings of $0.34 per share on revenue of $1.20 billion.

Equities Trading UP

Ashford Hospitality Prime Inc (NYSE: AHP) shares shot up 14 percent to $13.97 after the company announced its plans to explore strategic alternatives for increasing holder value.

Shares of Big Lots, Inc. (NYSE: BIG) got a boost, shooting up 12 percent to $47.10 after the company reported better-than-expected earnings for the second quarter.

Smith & Wesson Holding Corp (NASDAQ: SWHC) shares were also up, gaining 9 percent to $17.72 after the company reported upbeat results for its fiscal first quarter.

Equities Trading DOWN

Regis Corporation (NYSE: RGS) shares tumbled 11 percent to $11.77 after the company reported weaker-than-expected Q2 results.

Shares of GameStop Corp. (NYSE: GME) were down 8 percent to $42.46. GameStop reported better-than-expected earnings for the second quarter and lifted its forecast for the full year. Analysts at Benchmark downgraded Gamestop from Hold to Sell.

Autodesk, Inc. (NASDAQ: ADSK) was down, falling 3 percent to $48.33. Autodesk reported better-than-expected earnings for the second quarter, but the company issued a weak forecast.

Commodities

In commodity news, oil traded down 1.46 percent to $41.94, while gold traded up 0.29 percent to $1,125.80.

Silver traded up 0.09 percent Friday to $14.45, while copper fell 0.06 percent to $2.33.

Eurozone

European shares were lower today. The eurozone’s STOXX 600 declined 0.51 percent, the Spanish Ibex Index fell 0.02 percent, while Italy’s FTSE MIB Index dropped 1.16 percent. Meanwhile, the German DAX slipped 0.53 percent, and the French CAC 40 dropped 0.20 percent while UK shares fell 0.36 percent.

Economics

US consumer spending increased 0.3 percent in July, versus economists’ expectations for a 0.3 percent growth. However, personal income gained 0.4 percent, versus economists’ expectations for a 0.4 percent growth.

The final reading of the University of Michigan’s consumer confidence index slipped to 91.90 in August, versus a prior reading of 92.90.

 

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Posted-In: Earnings M&A News Guidance Eurozone Futures Commodities Global

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