Market Overview

Mid-Morning Market Update: Markets Edge Lower; Foot Locker Misses Q2 Expectations


Following the market opening Friday, the Dow traded down 0.08% to 26231.12 while the NASDAQ fell 0.33% to 7964.86. The S&P also fell, dropping 0.21% to 2916.88.

Leading and Lagging Sectors

Real estate shares rose 0.3% on Friday. Meanwhile, top gainers in the sector included CIM Commercial Trust Corporation (NASDAQ: CMCT), up 1%, and Omega Healthcare Investors, Inc. (NYSE: OHI), up 2%.

In trading on Friday, consumer discretionary shares fell 0.7%.

Top Headline

Foot Locker, Inc. (NYSE: FL) reported worse-than-expected second-quarter results.

The company reported second-quarter earnings of 66 cents per share, which missed the analyst consensus estimate of 67 cents. Foot Locker reported quarterly sales of $1.774 billion, which missed the analyst consensus estimate of $1.82 billion.

Equities Trading UP

Fuwei Films (Holdings) Co., Ltd. (NASDAQ: FFHL) shares shot up 158% to $5.09 after the company reported Q2 EPS and sales results up from last year..

Shares of Ocean Power Technologies, Inc. (NASDAQ: OPTT) got a boost, shooting up 26% to $2.0309 after the company announced the successful North Sea deployment of the PB3 PowerBuoy for its customer, Premier Oil.

China Green Agriculture, Inc. (NYSE: CGA) shares were also up, gaining 9% to $5.99 after Shaanxi Baoyu Science and Technology Investment reported a 19.5% stake in the company.

Equities Trading DOWN

Craft Brew Alliance, Inc. (NASDAQ: BREW) shares tumbled 18% to $10.69 after the company confirmed it will receive $20 million incentive payment from Anheuser-Busch in lieu of qualifying offer.

Shares of Adtalem Global Education Inc. (NYSE: ATGE) were down 12% to $44.74 after reporting Q4 results.

Foot Locker, Inc. (NYSE: FL) was down, falling 11% to $37.29 after the company reported worse-than-expected second-quarter results.


In commodity news, oil traded down 1.1% to $54.73, while gold traded down 0.1% to $1,507.90.

Silver traded up 0.1% Friday to $17.045, while copper fell 0.7% to $2.5385.

Euro zone

European shares were higher today. The eurozone’s STOXX 600 rose 0.5%, the Spanish Ibex Index rose 0.6%, while Italy’s FTSE MIB Index climbed 0.2%. Meanwhile, the German DAX rose 0.4% and the French CAC 40 rose 0.4% while UK shares rose 0.2%.


U.S. new home sales declined 12.8% to an annual rate of 635,000 in July.

The Baker Hughes North American rig count report for the latest week is schedule for release at 1:00 p.m. ET.

Posted-In: Mid-Morning Market UpdateEarnings News Eurozone Commodities Global Intraday Update Markets


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