Following the market opening Friday, the Dow traded up 0.40 percent to 18,522.57 while the NASDAQ rose 0.36 percent to 5,230.75.
The S&P also rose, gaining 0.34 percent to 2,179.91.
Leading and Lagging Sectors
Friday morning, basic materials shares gained by 0.85 percent. Meanwhile, top gainers in the sector included A Schulman
Inc (NASDAQ: SHLM), and DRDGOLD Ltd. (ADR) (NYSE:
DRD).
In trading on Friday, cyclical consumer goods & services shares rose by just 0.08 percent. Meanwhile, top losers in the sector
included GameStop Corp. (NYSE: GME), down 7 percent, and
Ulta Salon, Cosmetics & Fragrance, Inc. (NASDAQ: ULTA), down 6 percent.
Top Headline
Big Lots, Inc. (NYSE: BIG) reported
better-than-expected second quarter earnings and boosted its full year earnings forecast.
The retailer's net income increased from $17.64 million to $22.72 million and EPS from $0.35 to $0.51. On an adjusted basis, it
would have earned $0.52 a share, which is $0.06 a share more than the analysts' estimates of $0.46.
Big Lots' net sales were $1.203 billion compared to $1.209 billion in the previous year quarter. Analysts expected $1.22 billion
revenue. Its comparable store sales rose 0.3 percent in the second quarter.
Going forward, the retailer offered guidance of an adjusted loss of $0.04 a share – adjusted income of $0.01 a share for the
third quarter. Street expects the company to suffer a loss per share of $0.01. For the full year, Big Lots boosted its adjusted EPS
forecast from $3.35-$3.45 to $3.45-$3.55. Analysts are looking for an EPS of $3.47.
Equities Trading UP
Petroquest Energy Inc (NYSE: PQ) shares shot up 32
percent to $2.32 as the company reported private exchange offers and a consent solicitation for its outstanding 10% Senior Notes
due 2017 and its outstanding 10% Second Lien Senior Secured Notes due 2021. The company announced an entry into commitment letter
for four year $50 million term loan facility. Johnson Rice upgraded Petroquest Energy from Accumulate to Buy.
Shares of Staffing 360 Solutions Inc (NASDAQ: STAF) got a boost, shooting up 16 percent to $1.50. Staffing 360 Solutions is
scheduled to release financial results for the fiscal year ended May 31, 2016 on Monday, August 29, 2016.
Bottomline Technologies (NASDAQ: EPAY) shares were
also up, gaining 12 percent to $23.37 as the company posted better-than-expected Q4 results.
Equities Trading DOWN
ITT Educational Services, Inc. (NYSE: ESI) shares
dropped 57 percent to $0.600 amid news that the U.S. Department of Education will have increased oversight for the company.
Shares of Aceto Corporation (NASDAQ: ACET) were
down 18 percent to $21.02 as the company posted weak Q4 results.
Talend SA ADR (NASDAQ: TLND) was down, falling
around 10 percent to $27.31. Talend reported a Q2 loss of $2.02 per share on revenue of $25.4 million, and issued a weak earnings
forecast.
Commodities
In commodity news, oil traded up 0.04 percent to $47.35 while gold traded up 0.62 percent to $1,332.80.
Silver traded up 0.99 percent Friday to $18.80, while copper rose 0.34 percent to $2.09.
Eurozone
European shares were higher today. The eurozone’s STOXX 600 rose 0.11 percent, the Spanish Ibex Index gained 0.41 percent, while
Italy’s FTSE MIB Index gained 0.22 percent. Meanwhile the German DAX gained 0.04 percent, and the French CAC 40 climbed 0.35
percent, while U.K. shares rose 0.15 percent.
Economics
The U.S. economy grew at an annual rate of 1.1 percent in the second quarter, versus a prior reading of a 1.2 percent growth.
Economists were projecting a 1.1 percent growth.
The U.S. trade deficit narrowed to $59.3 billion in July, versus $64.5 billion in June. However, economists were expecting a
$62.5 billion deficit. Exports increased by $2.9 billion for the month, while imports declined by $2.4 billion.
The University of Michigan's consumer sentiment for August is schedule for release at 10:00 a.m. ET.
Federal Reserve Chair Janet Yellen is set to speak at Kansas City Fed's monetary policy symposium, in Jackson Hole, Wyoming at
10:00 a.m. ET.
The Baker Hughes North American rig count report for the recent week will be released at 1:00 p.m. ET.
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.