Post Market News
Stocks that were active in the U.S. trading on Friday include OmniVision Technologies, Inc. (NASDAQ:OVTI), Krispy Kreme Doughnuts (NYSE:KKD), Guess?, Inc. (NYSE:GES), Lions Gate Entertainment Corp. (NYSE:LGF) and Palo Alto Networks Inc (NYSE:PANW).
- U.S.: Dow Jones: 15,209.81 (-0.75 percent), S&P 500: 1,630.78 (-1.43 percent), Nasdaq: 3,455.91 (-1.01 percent)
- World Markets: Shanghai: 2,300.59 (-0.74 percent), Nikkei 225: 13,774.54 (+1.37 percent), Hang Seng Index: 22,392.16 (-0.41 percent), TSEC: 8,254.80 (+0.14 percent), FTSE 100: 6,583.09 (-1.11 percent), EURO STOXX 50: 2,769.64 (-1.06 percent), BSE Sensex: 19,760.30 (-2.25 percent)
- Metals: Gold: $1,392.60 (-1.34 percent), Silver: $22.24 (-1.97 percent), Platinum: $1,461.80 (-1.41 percent)
- Currency: EUR/USD: 1.2987 (-0.44 percent), USD/JPY: 100.84 (-0.11 percent), GBP/USD: 1.5182 (-0.24 percent), USD/CAD: 1.0337 (+0.36 percent), USD/CNY: 6.1347 (+0.06 percent), AUD/USD: 0.9607 (-0.64 percent)
- 10 year U.S. Treasury: 2.19 percent (+0.10), 30 year U.S. Treasury: 3.34 percent (+0.08)
Market & Economy Update
Data showed today that consumer spending unexpectedly declined in the United States in April due to stagnating income. Purchases declined 0.2 percent in April after rising 0.1 percent in March, the Commerce Department said. Eurozone seems to be sinking deeper into recession. Eurostat said today that unemployment in the 17-nation bloc rose to a record 12.2 percent in April. Spain has the highest unemployment rate of 26.8 percent.
Stock markets witnessed a decline today. The Dow Jones Industrial Average slipped 114.71 points to 15,209.81, the S&P 500 Index was down 23.63 points to 1,630.78, while Nasdaq fell 35.39 points to 3,455.91.
Stocks In Focus
OmniVision Technologies, Inc. (NASDAQ:OVTI)
OmniVision reported better than expected fourth quarter earnings amid strong revenue growth. Though margin rates continue to shrink. Results handily beat consensus estimates, and the company issued current quarter guidance above Wall Street expectations. OmniVision shares soared 19.66 percent to $18.54.
Krispy Kreme Doughnuts (NYSE:KKD)
The doughnut chain’s first quarter profits surged 33 percent as same store sales and revenues continue to improve. Excluding one-time items, earnings came at 20 cents with $120.6 million revenues. Analysts polled by Thompson Reuters were expecting 16 cents in earnings and $111 million in sales. Krispy Kreme also upgraded its full-year earnings guidance. Shares rose 22.16 percent to $17.43 at the end of the trading session.
Guess?, Inc. (NYSE:GES)
Though the clothing company’s first quarter earnings plunged 63 percent due to poor sales in North America and Europe, they were still better than the company’s own forecasts. Guess’ earnings came at 14 cents a share with $549 million in revenues. Analysts were expecting 8 cents in earnings. Shares rallied 8.28 percent to $31.78 at the close of trading session.
Lions Gate Entertainment Corp. (NYSE:LGF)
The entertainment giant swung to a fourth quarter profit due to strong home video sales. Earnings were further helped by a huge income tax benefit. The company earned 51 cents a share on revenues of $785.7 million, beating the consensus estimate of 44 cents and $753 million respectively. Shares rose 2.755 to close the session at $28.80.
Palo Alto Networks Inc (NYSE:PANW)
The security software maker swung to a third quarter loss despite improvement in revenues. Earnings were hurt by higher operating expenses and income tax provisions. Palo Alto issued pessimistic guidance for the current quarter. Shares plunged 10.79 percent to $48.52 a share.