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Market Overview

Mid-Day Market Update: Finisar Gains On Earnings Beat; FXCM Shares Drop


Midway through trading Friday, the Dow traded up 1.10 percent to 17,182.53 while the NASDAQ climbed 1.30 percent to 4,722.66. The S&P also rose, gaining 1.18 percent to 2,013.02.

Leading and Lagging Sectors

On Friday, financial shares surged by 1.90 percent. Top gainers in the sector included 1st Century Bancshares, Inc. (NASDAQ: FCTY), Hertz Global Holdings Inc (NYSE: HTZ), and Investors Real Estate Trust (NYSE: IRET).

In trading on Friday, non-cyclical consumer goods & services shares rose by just 0.5 percent. Meanwhile, top losers in the sector included Medifast Inc (NYSE: MED), down 7 percent, and Bridgford Foods Corporation (NASDAQ: BRID), down 5 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.

Equities Trading UP

1st Century Bancshares, Inc. (NASDAQ: FCTY) shares shot up 33 percent to $10.96 after the company agreed to be acquired by MidFirst Bank for $11.22 per share in cash.

Shares of Ulta Salon, Cosmetics & Fragrance, Inc. (NASDAQ: ULTA) got a boost, shooting up 16 percent to $190.05 after the company reported upbeat results for its fourth quarter and issued a strong forecast for the current quarter. The company also announced a new $425 million share repurchase program, and plans to enter a $200 million "accelerated" buyback program with Goldman Sachs.

Finisar Corporation (NASDAQ: FNSR) shares were also up, gaining 18 percent to $16.68 after the company reported upbeat Q3 earnings.

Equities Trading DOWN

FXCM Inc (NYSE: FXCM) shares dropped 23 percent to $11.26 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 12 percent to $5.32. Trovagene reported a Q4 loss of $(0.26) per share.

Sunrun Inc (NASDAQ: RUN) was down, falling around 14 percent to $6.12. Sunrun reported a Q4 loss of $(0.15) per share on revenue of $99.6 million.


In commodity news, oil traded up 0.95 percent to $38.20, while gold traded down 1.06 percent to $1,259.30.

Silver traded up 0.36 percent Friday to $15.61, while copper rose 1.15 percent to $2.25.


European shares were higher today. The eurozone's STOXX 600 rose 2.50 percent, the Spanish Ibex Index rose 3.70 percent, while Italy's FTSE MIB Index jumped 4.78 percent. Meanwhile, the German DAX climbed 3.26 percent, and the French CAC 40 surged 3.03 percent, while U.K. shares rose 1.67 percent.


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


Related Articles (FCTY + HTZ)

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

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