Saturday, February 28, 2015

Mid-Afternoon Market Update: Markets on the Rise as Intel Falls

Toward the end of trading Friday, the Dow traded up 0.29 percent to 16,056.02 while the NASDAQ surged 0.52 percent to 3,989.78. The S&P also rose, gaining 0.46 percent to 1,804.22.

Top Headline

Foot Locker (NYSE: FL) reported a better-than-expected third-quarter profit.

Foot Locker's quarterly profit surged to $0.70 per share, versus $0.69 per share, in the year-ago period. However, its profit declined to $104 million versus $106 million. Excluding one-time items, it earned $0.68 per share.

Its revenue climbed to $1.62 billion from $1.52 billion. However, analysts were projecting earnings of $0.66 per share on revenue of $1.57 billion.

Equities Trading UP
Ariad Pharmaceuticals (NASDAQ: ARIA) shot up 34.05 percent to $3.72 after the company announced positive opinion by EMA on continued availability of Iclusig.

Shares of Splunk (NASDAQ: SPLK) got a boost, shooting up 22.70 percent to $73.50 after the company reported upbeat results for the third quarter and issued a strong forecast.

Aruba Networks (NASDAQ: ARUN) was also up, gaining 6.63 percent to $18.34 after the company reported upbeat Q1 results. Needham upgraded the stock from Hold to Buy.

Equities Trading DOWN
Shares of Nordic American Tankers (NYSE: NAT) were down 10.08 percent to $7.98 after the company announced the pricing of follow-on offering.

The Fresh Market (NASDAQ: TFM) shares tumbled 18.41 percent to $41.12 after the company reported downbeat Q3 results and issued a weak profit outlook. Sterne Agee downgraded the stock from Buy to Neutral and lowered the price target from $59.00 to $44.00.

Intel (NASDAQ: INTC) was also down, falling 5.31 percent to $23.90 after Nomura maintained its reduce rating on the company this morning following comments from the company's CFO at its analyst day Thursday that they expect PC sales down in the mid single digits range for 2014.

In commodity news, oil traded down 0.58 percent to $94.89, while gold traded down 0.06 percent to $1,242.00.

Silver traded down 0.55 percent Friday to $19.86, while copper rose 0.77 percent to $3.22.

European shares were mostly higher today. The Spanish Ibex Index rose 0.75 percent, while Italy's FTSE MIB Index declined 0.11 percent. Meanwhile, the German DAX gained 0.20 percent and the French CAC 40 surged 0.58 percent while U.K. shares fell 0.11 percent.

US job openings climbed to 3.91 million in September, versus 3.84 million in August. However, job openings increased 8.6% y/y in September.

The Kansas City Fed manufacturing index rose to 7.00 in November, from a prior reading of 6.00. However, economists were expecting a reading of 6.00.

Posted-In: Earnings News Guidance Futures Forex Global Econ #s Economics Hot Intraday Update Markets Movers Tech

(c) 2013 Benzinga does not provide investment advice. All rights reserved.

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