Mid-Afternoon Market Update: Marvell Gains On Earnings Beat; Hibbett Shares Plummet

 


Toward the end of trading Friday, the Dow traded down 0.10 percent to 18,884.34 while the NASDAQ declined 0.14 percent to 5,326.48. The S&P also fell, dropping 0.13 percent to 2,184.22.

Leading and Lagging Sectors

Friday afternoon, energy shares gained by 0.74 percent. Meanwhile, top gainers in the sector included Cloud Peak Energy Inc.. CLD, and Comstock Resources Inc CRK.

In trading on Friday, healthcare shares fell by 0.88 percent. Meanwhile, top losers in the sector included Simulations Plus, Inc. SLP, down 7 percent, and ZIOPHARM Oncology Inc. ZIOP, down 7 percent.

Top Headline

Foot Locker, Inc. FL reported better-than-expected earnings for its third quarter on Friday.

Foot Locker posted quarterly EPS of $1.13, beating analysts’ estimates by three cents per share. Its revenue of $1.89 billion was in-line with estimates.

Its same-store sales rose 4.7 percent in the quarter. Foot Locker paid investors a quarterly dividend of $0.275 and also bought back 1.15 million shares during the quarter.

Equities Trading UP

Marvell Technology Group Ltd. MRVL shares shot up 10 percent to $14.70 after the company reported upbeat Q3 results and announced a $1 billion share buyback.

Shares of Nuance Communications Inc. NUAN got a boost, shooting up 10 percent to $17.05 after the company posted better-than-expected Q4 earnings. Raymond James upgraded Nuance Communications from Outperform to Strong Buy.

Synutra International, Inc. SYUT shares were also up, gaining 17 percent to $5.28 after the company disclosed that it has entered into a definitive merger agreement for "going private" transaction.


Equities Trading DOWN

Gap Inc GPS shares dropped 16 percent to $25.74. Gap posted in-line profit for its third quarter. However, the company reported a decline in quarterly sales.

Shares of Hibbett Sports, Inc. HIBB were down 12 percent to $39.75 after the company reported weaker-than-expected earnings for its third quarter.

Abercrombie & Fitch Co. ANF was down, falling around 14 percent to $14.55 after the company reported downbeat earnings for its third quarter.


Commodities


In commodity news, oil traded down 0.20 percent to $45.89 while gold traded down 0.76 percent to $1,207.70.

Silver traded down 0.94 percent Friday to $16.62, while copper fell 1 percent to $2.48.

Eurozone

European shares closed lower today. The eurozone’s STOXX 600 declined 0.36 percent, the Spanish Ibex Index fell 1.09 percent, while Italy’s FTSE MIB Index fell 1.75 percent. Meanwhile the German DAX declined 0.20 percent, and the French CAC 40 dropped 0.52 percent while U.K. shares fell 0.28 percent.

Economics

The index of leading economic indicators rose 0.1 percent for October, versus economists’ expectations for a 0.1 percent growth

Federal Reserve Governor Jerome Powell is set to speak in San Francisco at 9:45 p.m. ET.

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Posted In: EarningsNewsEurozoneCommoditiesM&AGlobalIntraday UpdateMarketsMoversMid-Afternoon Market Update
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