Mid-Afternoon Market Update: Sierra Wireless Drops On Downbeat Earnings; TrueCar Shares Spike Higher
Toward the end of trading Friday, the Dow traded down 0.11 percent to 17,844.65 while the NASDAQ gained 0.02 percent to 5,128.77. The S&P also fell, dropping 0.38 percent to 2,091.96.
Leading and Lagging Sectors
Utilities shares declined around 3.46 percent in Friday's trading. Meanwhile, top losers in the sector included Vectren Corp (NYSE: VVC), down 7 percent, and South Jersey Industries Inc (NYSE: SJI), off 9 percent.
Humana Inc (NYSE: HUM) reported stronger-than-expected earnings for the third quarter on Friday, but the company's sales missed analysts' expectations.
The Louisville, Kentucky-based company reported a quarterly profit of $314 million, or $2.09 per share, versus a year-ago profit of $290 million, or $1.85 per share. Excluding items, the company's earnings increased to $2.16 per share.
Its total revenue rose 9.2 percent to $13.36 billion, while premiums and services revenue gained 9 percent to $13.23 billion. However, analysts were expecting earnings of $2.13 per share on revenue of $13.64 billion.
Equities Trading UP
Shares of Stamps.com Inc. (NASDAQ: STMP) got a boost, shooting up 36 percent to $103.55 on stronger-than-expected Q3 results.
TrueCar Inc (NASDAQ: TRUE) shares were also up, gaining 36 percent to $8.36 after the company reported upbeat Q3 results.
Equities Trading DOWN
Iconix Brand Group Inc (NASDAQ: ICON) shares tumbled 56 percent to $7.05 after the company reported that it will restate previously-filed statements for Q1, Q2 '15, FY13 and FY14. The company also reported preliminary Q3 results and updated its outlook for the full year 2015. Brean Capital downgraded Iconix Brand Group from Buy to Neutral.
Shares of Men's Wearhouse Inc (NYSE: MW) were down 43 percent to $22.70 after the company lowered its earnings forecast for third quarter and year ending in January.
Sierra Wireless, Inc. (USA) (NASDAQ: SWIR) was down, falling 24 percent to $19.01 after the company reported weak Q3 results.
In commodity news, oil traded down 1.86 percent to $44.36, while gold traded down 1.45 percent to $1,088.20.
Silver traded down 1.86 percent Friday to $14.71, while copper fell 0.62 percent to $2.24.
European shares closed mostly higher today. The eurozone's STOXX 600 rose 0.31 percent, the Spanish Ibex Index rose 0.21 percent, while Italy's FTSE MIB Index climbed 1.38 percent. Meanwhile, the German DAX rose 0.92 percent, and the French CAC 40 gained 0.08 percent, while U.K. shares fell 0.17 percent.
The U.S. economy added 271,000 new jobs in October, while the unemployment rate declined to 5 percent in the month. However, economists were projecting a gain of 180,000 nonfarm jobs for October.
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