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Market Overview

Mid-Morning Market Update: Markets Open Higher; Hibbett Sports Q4 Earnings Top Expectations

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Following the market opening Friday, the Dow traded up 1.03 percent to 17,170.72 while the NASDAQ climbed 1.15 percent to 4,715.96. The S&P also rose, gaining 1.01 percent to 2,009.68.

Leading and Lagging Sectors

On Friday, energy shares surged by 2.07 percent. Top gainers in the sector included Seadrill Ltd (NYSE: SDRL), Carrizo Oil & Gas Inc (NASDAQ: CRZO), and Denbury Resources Inc. (NYSE: DNR).

In trading on Friday, utilities shares rose by just 0.4 percent. Meanwhile, top losers in the sector included SJW Corp. (NYSE: SJW), down 2 percent, and CPFL Energia S.A. (ADR) (NYSE: CPL), down 2 percent.

Top Headline

Hibbett Sports, Inc. (NASDAQ: HIBB) reported better-than-expected earnings for its fourth quarter on Friday.

The Birmingham, Alabama-based company posted a quarterly profit of $0.76 per share, on revenue of $245.7 million. However, analysts were expecting earnings of $0.73 per share on revenue of $246.2 million.

Hibbett projects full-year earnings of $2.90 to $3.04 per share, versus analysts' estimates of $3.08 per share.
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Equities Trading UP

1st Century Bancshares, Inc. (NASDAQ: FCTY) shares shot up 34 percent to $11.00 after the company agreed to be acquired by MidFirst Bank for $11.22 per share in cash.

Shares of Surgery Partners Inc (NASDAQ: SGRY) got a boost, shooting up 18 percent to $16.28 after the company reported stronger-than-expected earnings for its fourth quarter.

Finisar Corporation (NASDAQ: FNSR) shares were also up, gaining 15 percent to $16.30 after the company reported upbeat Q3 earnings.

Equities Trading DOWN

FXCM Inc (NYSE: FXCM) shares dropped 26 percent to $10.81 after the company delivered a fourth-quarter net loss of $(15.75) per share, and revenue of $66.99 million.

Shares of TrovaGene Inc (NASDAQ: TROV) were down 11 percent to $5.41. Trovagene reported a Q4 loss of $(0.26) per share.

Sunrun Inc (NASDAQ: RUN) was down, falling around 14 percent to $6.16. Sunrun reported a Q4 loss of $(0.15) per share on revenue of $99.6 million.

Commodities

In commodity news, oil traded up 2.59 percent to $38.82, while gold traded down 0.57 percent to $1,265.50.

Silver traded up 0.26 percent Friday to $15.59, while copper rose 1.01 percent to $2.24.

Eurozone

European shares were higher today. The eurozone's STOXX 600 rose 2.43 percent, the Spanish Ibex Index rose 3.02 percent, while Italy's FTSE MIB Index jumped 4.24 percent. Meanwhile, the German DAX climbed 3.18 percent, and the French CAC 40 surged 3.06 percent, while U.K. shares rose 1.62 percent.

Economics

U.S. import prices declined 0.3 percent in February, versus economists' expectations for a 0.6 percent drop.

 

Related Articles (CRZO + SDRL)

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Posted-In: Earnings M&A News Eurozone Commodities Global Intraday Update Markets

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