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Mid-Morning Market Update: Markets Open Higher; Abercrombie & Fitch Earnings Top Views

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Following the market opening Friday, the Dow traded up 0.98 percent to 17,906.56 while the NASDAQ climbed 0.67 percent to 5,107.53. The S&P also rose, gaining 0.72 percent to 2,096.27.

Leading and Lagging Sectors

In trading on Friday, cyclical consumer goods & services shares rose by 0.97 percent. Top gainers in the sector included Abercrombie & Fitch Co. (NYSE: ANF ), up 18 percent, and Hibbett Sports, Inc. (NASDAQ: HIBB ), up 11 percent.

Energy shares slipped by 0.09 percent in Friday's trading. Meanwhile, top losers in the sector included Denbury Resources Inc. (NYSE: DNR ), down 5 percent, and Chesapeake Energy Corporation (NYSE: CHK ), off 6 percent.

Top Headline

Abercrombie & Fitch Co. (NYSE: ANF ) reported better-than-expected earnings for the third quarter.

The New Albany, Ohio-based company reported quarterly net income of $41.9 million, or $0.60 per share, versus $18.2 million, or $0.25 per share, in the year-ago period. Excluding certain items, the company's adjusted earnings rose to $0.48 per share from $0.42 per share.

Its net sales dropped 4 percent to $878.6 million. However, analysts were expecting earnings of $0.22 per share on revenue of $864.65 million.

Equities Trading UP

Aegean Marine Petroleum Network Inc. (NYSE: ANW ) shares shot up 29 percent to $9.30 on upbeat quarterly earnings.

Shares of Liberator Medical Holdings Inc (NYSE: LBMH ) got a boost, shooting up 25 percent to $3.34 after the company agreed to be acquired by C R Bard Inc (NYSE: BCR ) for $181 million.

Sportsman's Warehouse Holdings Inc (NASDAQ: SPWH ) shares were also up, gaining 19 percent to $11.11 after the company reported upbeat Q3 earnings.

Equities Trading DOWN

Nimble Storage Inc ( NMBL ) shares tumbled 47 percent to $10.89 after the company reported weaker-than-expected Q3 results and issued a downbeat outlook.

Shares of Mentor Graphics Corp (NASDAQ: MENT ) were down 31 percent to $19.11 after the company reported downbeat Q3 earnings and issued a weak outlook.

American Woodmark Corporation (NASDAQ: AMWD ) was down, falling 9 percent to $65.98. Baird downgraded American Woodmark from Outperform to Neutral.

Commodities

In commodity news, oil traded down 0.67 percent to $40.27, while gold traded up 0.35 percent to $1,081.70.

Silver traded down 0.13 percent Friday to $14.24, while copper rose 0.60 percent to $2.10.

Eurozone

European shares were mostly higher today. The eurozone's STOXX 600 rose 0.44 percent, the Spanish Ibex Index fell 0.06 percent, while Italy's FTSE MIB Index surged 0.14 percent. Meanwhile, the German DAX climbed 0.60 percent, and the French CAC 40 gained 0.10 percent, while U.K. shares rose 0.43 percent.

Economics

The Kansas City Fed composite manufacturing index for November will be released at 11:00 a.m. ET.

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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.


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

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