Skip to main content

Market Overview

Mid-Morning Market Update: Markets Open Higher; Foot Locker Posts In-Line Q1 Earnings

Share:

Following the market opening Friday, the Dow traded up 0.47 percent to 17,517.89 while the NASDAQ climbed 0.82 percent to 4,751.34. The S&P also rose, gaining 0.65 percent to 2,053.23.

Leading and Lagging Sectors

Technology shares gained by 0.96 percent in trading on Friday. Top gainers in the sector included Applied Materials, Inc. (NASDAQ: AMAT), Renren Inc (NYSE: RENN), and LG Display Co Ltd. (ADR) (NYSE: LPL).

In trading on Friday, utilities shares slipped by just 0.02 percent. Meanwhile, top losers in the sector included Atlantic Power Corp (NYSE: AT), down 2 percent, and ONEOK, Inc. (NYSE: OKE), down 1.4 percent.

Top Headline

Foot Locker, Inc. (NYSE: FL) reported in-line quarterly earnings, but the company's revenue came in slightly short of analysts' expectations.

Foot Locker's quarterly earnings advanced 7.8 percent to $1.39 per share from $1.29 per share in the same quarter preceding year. Street analysts also predicted the company to earn $1.39 a share.

The company's revenue grew 3.7 percent to $1.987 billion from $1.916 billion in the previous year quarter. Excluding the currency impact, it would have recorded 3.9 percent growth in revenue. However, this was slightly short of the analysts' expectations of $2.0 billion. The company indicated that comparable store sales grew 2.9 percent

Equities Trading UP

Ocean Rig UDW Inc. (NASDAQ: ORIG) shares shot up 43 percent to $2.59 after the company reported stronger-than-expected quarterly results.

Shares of InterOil Corporation (USA) (NYSE: IOC) got a boost, shooting up 32 percent to $41.68 as Oil Search Ltd. agreed to acquire InterOil in a deal valued at around $2.2 billion.

Applied Materials, Inc. (NASDAQ: AMAT) shares were also up, gaining 12 percent to $22.38 after the company reported better-than-expected results for its second quarter and issued a strong forecast for the current quarter.

Equities Trading DOWN

New York & Company, Inc. (NYSE: NWY) shares dropped 38 percent to $1.83 after the company reported downbeat quarterly results.

Shares of Abraxas Petroleum Corp. (NASDAQ: AXAS) were down 23 percent to $1.03. Abraxas Petroleum expected FY16 total production of 6,000 to 6,400 boepd and priced 25 million share offering at $1.00 per share.

DryShips Inc. (NASDAQ: DRYS) was down, falling around 18 percent to $2.14. DryShips reported a Q2 loss of $0.78 per share.

Commodities

In commodity news, oil traded down 0.08 percent to $48.12 while gold traded up 0.43 percent to $1,260.20.

Silver traded up 0.92 percent Friday to $16.65, while copper rose 0.73 percent to $2.08.

Eurozone

European shares were higher today. The eurozone's STOXX 600 rose 0.99 percent, the Spanish Ibex Index rose 0.92 percent, while Italy's FTSE MIB Index gained 0.86 percent. Meanwhile the German DAX gained 0.94 percent, and the French CAC 40 climbed 1.18 percent, while U.K. shares rose 1.37 percent.

Economics

Existing-home sales increased 1.7 percent to an annual rate of 5.45 million in April, according to the National Association of Realtors. However, economists were expecting a 5.40 million rate.

 

Related Articles (LPL + RENN)

View Comments and Join the Discussion!

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

Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Premarket Activity
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
SPAC
Everything you need to know about the latest SPAC news.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at vipaccounts@benzinga.com