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Mid-Afternoon Market Update: Nektar Therapeutics Gains After Q4 Results; Foot Locker Shares Plummet


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Toward the end of trading Friday, the Dow traded down 0.85 percent to 24,398.97 while the NASDAQ gained 0.21 percent to 7,195.64. The S&P also fell, dropping 0.16 percent to 2,673.30.

Leading and Lagging Sectors

Friday afternoon, the non-cyclical consumer goods & services shares gained 0.81 percent. Meanwhile, top gainers in the sector included American Public Education, Inc. (NASDAQ: APEI ), up 18 percent, and SpartanNash Co (NASDAQ: SPTN ), up 12 percent.

In trading on Friday, basic materials shares tumbled 0.84 percent. Meanwhile, top losers in the sector included Companhia Siderurgica Nacional (ADR) (NYSE: SID ), down 5 percent, and Olympic Steel, Inc. (NASDAQ: ZEUS ) down 10 percent.

Top Headline

J C Penney Company Inc (NYSE: JCP ) reported upbeat earnings for its fourth quarter, while sales missed estimates.

The department store earned 57 cents per share on revenue of $4.03 billion versus expectations of 47 cents and $4.05 billion. Comparable-store sales rose 2.6 percent, missing analysts' expectations for a 2.9 percent growth.

The company also guided its fiscal 2018 EPS to a range of 5 cents to 25 cents per share versus expectations of 20 cents per share.

Equities Trading UP

Zosano Pharma Corp (NASDAQ: ZSAN ) shares shot up 36 percent to $7.41 as the company reported the issuance of a new US patent covering M207 as an acute treatment for migraine.

Shares of Nektar Therapeutics (NASDAQ: NKTR ) got a boost, shooting up 19 percent to $100.72 as the company posted a narrower-than-expected Q4 loss.

Vectrus Inc (NYSE: VEC ) shares were also up, gaining 27 percent to $34.90 as the company posted better-than-expected quarterly results and issued a strong FY18 outlook.

Equities Trading DOWN

Atlas Financial Holdings Inc (NASDAQ: AFH ) shares dropped 40 percent to $11.25 after the company issued weak FY 2018 forecast.

Shares of Foot Locker, Inc. (NYSE: FL ) were down 15 percent to $39.07 after the retailer of shoes and apparel reported mixed fourth-quarter results. Foot Locker reported that it earned $1.26 per share in Q4 on revenue of $2.21 billion versus expectations of $1.25 per share and $2.22 billion. . Engility Holdings, Inc. (NYSE: EGL ) was down, falling around 20 percent to $22.00. Engility reported Q4 GAAP loss of $1.62 per share on sales of $464.8 million.

Commodities

In commodity news, oil traded up 0.13 percent to $61.07 while gold traded up 1.29 percent to $1,322.00.

Silver traded up 1.35 percent Friday to $16.495, while copper fell 0.05 percent to $3.1215.

Eurozone

European shares closed lower today. The eurozone's STOXX 600 fell 1.99 percent, the Spanish Ibex Index fell 2 percent, while Italy's FTSE MIB Index slipped 2.19 percent. Meanwhile the German DAX dropped 2.23 percent, and the French CAC 40 fell 2.39 percent while U.K. shares fell 1.47 percent.

Economics

The final reading of University of Michigan's consumer sentiment index declined to 99.7 in February, versus an initial reading of 99.9. Economists projected a reading of 99.5 reading.

© 2018 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.



This article appears in: Investing , Commodities
Referenced Symbols: APEI , NKTR , SPTN , ZEUS , FL



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