Stocks enjoyed a late bounce Friday, with shares overcoming worries over lackluster financial results from several bellwether companies early in the new earnings season to finish with small gains. All three of the major market gauges nudged into the black although the afternoon gains were not enough to keep the S&P 500 from experiencing its biggest weekly drop in nearly two months.
Wells Fargo & Company (NYSE:WFC)posted Q2 earning that matched analyst estimates and above-consensus revenue but the bank's share price slid Friday after it saw a five-year streak of better-than-expected per-share earnings come to an end. Several retailers -- including discount retailer Family Dollar (NYSE:FDO) and Rent-A-Center (NASDAQ:RCII) also reported sub-par results, keeping worries simmering that consumer spending may not rebound as quickly as Wall Street hoped following this winter's slump.
Most industry sectors in the S&P 500 turned positive as late-session buying lifted the broader markets above their break-even marks. Amazon.com (NASDAQ:AMZN), eBay (NASDAQ:EBAY) and other Internet names outperformed, carrying tech stocks higher. Gains for most other sectors were smaller, although energy stocks notched significant losses as Crude Oil resumed its two-week slide following a one-day respite yesterday. Utility stocks also posted large losses Friday.
Crude oil for August delivery settled $2.10 lower at $100.83 per barrel while August Natural Gas rose 3 cents to $4.15 per 1 million BTU. August Gold fell $2.20 to $$1,337.30 per ounce while September Silver declined 6 cents to $21.45 per ounce. September Copper was unchanged at $3.27 per pound.
Here's Where U.S. Stocks Stood At Day's End
- Dow Jones Industrial Average up 28.74 (+0.17%) to 16,943.81
- S&P 500 up 2.89 (+0.15%) to 1,967.57
- NASDAQ Composite Index up 19.29 (+0.44%) to 4,415.49
GLOBAL SENTIMENT
- Hang Seng Index down 0.02%
- Shanghai Composite Index up 0.42%
- FTSE 100 Index up 0.27%
UPSIDE MOVERS
- (+) JOEZ, Q2 revenue jumps 56% over the same quarter last year to $48.2 mln although it per-share earnings fall to $0.01 during the quarter from a $0.02 per share profit last year. Analysts estimates were not available for comparison.
- (+) ICLD, reports an influx of new purchase orders for its WiFi, distributed antenna systems and other next-generation mobile network solutions, including more than $3.1 mln in orders from existing clients.
- (+) ACHN, Renewed market speculation of a possible buyout, with Gilead Sciences (GILD) most frequently mentioned as the likely buyer.
DOWNSIDE MOVERS
- (-) RCII, Forecasts Q2 adjusted EPS of $0.36 to $0.38 on around $773 mln in revenue, trailing analyst estimates on both ends. Street is looking for a $0.48 per share profit on around $785.3 mln in revenue.
- (-) KFX, Projected FY14 revenue rises as much as 11.9% over prior-year levels but trail the enterprise software firm's financial guidance, largely due to $6 million in delays in license revenue transactions.
- (-) ISLE, Pushes out incumbent chief financial officer and other executives as part of a broader management and board shake-up expected to save the casino operator around $2.5 million yearly in reduced expenses, excluding severance costs.
After Hours Stock News From Midnight Trader.
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