Market Overview

Mid-Afternoon Market Update: U.S. Stocks Turn Lower; Ulta Beauty Shares Fall After Q2 Miss

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Toward the end of trading Friday, the Dow traded down 0.11% to 26332.08 while the NASDAQ fell 0.52% to 7932.07. The S&P also fell, dropping 0.22% to 2,918.19.

Leading and Lagging Sectors

Materials shares climbed 0.6% on Friday. Meanwhile, top gainers in the sector included Endeavour Silver Corp. (NYSE: EXK), up 4%, and CEMEX, S.A.B. de C.V. (NYSE: CX), up 5%.

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

Top Headline

Big Lots, Inc. (NYSE: BIG) reported better-than-expected Q2 earnings and issued Q3 EPS guidance above analyst estimates.

Big Lots reported second-quarter earnings of 53 cents per share on Friday, which beat the analyst consensus estimate of 40 cents. The retailer reported quarterly sales of $1.25 billion, which met the analyst consensus estimate. Comps rose by 1.2%.

Big Lots guided for an adjusted non-GAAP loss of 15-25 cents per share in the third quarter against Street expectations of a 31-cent per share loss; guided for flat comps in the coming quarter.

Equities Trading UP

Ambarella Inc (NASDAQ: AMBA) shares shot up 16% to $54.96 after the company reported better-than-expected results for its second quarter.

Shares of SeaChange International (NASDAQ: SEAC) got a boost, shooting up 20% to $2.3127 after the company reported better-than-expected Q2 EPS results.

Dell Technologies Inc. (NYSE: DELL) shares were also up, gaining 9% to $51.01 after the company reported better-than-expected Q2 EPS and sales results.

Equities Trading DOWN

Ulta Beauty Inc (NASDAQ: ULTA) shares tumbled 30% to $236.95 after the company reported worse-than-expected Q2 EPS and sales results. The company also cut its FY19 EPS guidance.

Shares of Afya Limited (NASDAQ: AFYA) were down 28% to $22.49 after reporting Q2 results.

American Outdoor Brands Corp (NASDAQ: AOBC) was down, falling 20% to $6.16 after the company reported worse-than-expected Q1 EPS and sales results. The company also issued Q2 EPS and sales guidance below analyst estimates.

Commodities

In commodity news, oil traded down 2.9% to $55.08, while gold traded down 0.3% to $1,533.00.

Silver traded up 0.8% Friday to $18.46, while copper fell 1.1% to $2.55.

Euro zone

European shares closed mostly higher today. The eurozone’s STOXX 600 gained 0.73%, the Spanish Ibex Index rose 0.21%, while Italy’s FTSE MIB Index fell 0.35%. Meanwhile, the German DAX rose 0.85% and the French CAC 40 climbed 0.56% while UK shares rose 0.32%.

Economics

U.S. consumer spending rose 0.6% in July, versus economists’ estimates for a 0.5% increase. Incomes increased 0.1% last month.

The Chicago PMI rose to 50.4 in August, compared to 44.4 in July.

The final reading of University of Michigan's consumer sentiment index dropped to 89.8, versus initial reading of 92.3.

The total number of active U.S. oil rigs fell by 12 to 742 rigs this week, Baker Hughes Inc reported.

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

 

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