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Mid-Morning Market Update: Markets Open Mixed; Foot Locker Profit Beats Estimates

By: Benzinga
Posted: 11/22/2013 10:34:00 AM
Referenced Stocks: ARIA;ARUN;FL;NAT;ROST

Following the market opening Friday, the Dow traded down 0.18 percent to 15,980.75 while the NASDAQ surged 0.13 percent to 3,974.38. The S&P also fell, dropping 0.06 percent to 1,794.82.

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 24.73 percent to $3.48 after the company announced positive opinion by the EMA on continued availability of Iclusig.

Shares of Splunk (NASDAQ: SPLK ) got a boost, shooting up 17.26 percent to $70.24 after the company reported upbeat results for the third quarter and issued a strong forecast.

Aruba Networks (NASDAQ: ARUN ) was also up, gaining 9.65 percent to $18.86 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 10.47 percent to $7.95 after the company announced the pricing of follow-on offering.

The Fresh Market (NASDAQ: TFM ) shares tumbled 15.96 percent to $42.35 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.

Ross Stores (NASDAQ: ROST ) was down, falling 7.69 percent to $74.09 after the company reported weak Q3 revenue and cut its Q4 earnings forecast. Maxim Group downgraded the stock from Hold to Sell and lowered the price target from $75.00 to $63.00.

Commodities In commodity news, oil traded down 0.21 percent to $95.24, while gold traded up 0.06 percent to $1,244.30.

Silver traded up 0.05 percent Friday to $19.99, while copper rose 0.42 percent to $3.21.

Eurozone European shares were mostly higher today. The Spanish Ibex Index rose 0.93 percent, while Italy's FTSE MIB Index gained 0.10 percent. Meanwhile, the German DAX gained 0.13 percent and the French CAC 40 surged 0.53 percent while U.K. shares fell 0.07 percent.

Economics Federal Reserve Gov. Daniel Tarullo is expected to speak at 12:15 p.m. ET.

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

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