After Market: Late Rally Saves Investors from a Down Day
Stocks drifted mainly lower throughout the day, but in the last hour of trading Friday, the Dow and the S&P 500 staged a turnaround, and all three major indices ended in the green.
At market close, the Dow Jones industrial average (^DJI) gained 5 points, the Nasdaq composite (^IXIC) picked up 18 points, and the Standard & Poor's 500 index (^GPSC) edged higher by 3 points.
DuPont (DD) was a drag on the Dow though, falling more than 2 percent after lowering its outlook for the second quarter and full year. The chemicals giant reported weakness in its agricultural division and chemicals line.
Dollar General (DG) also dropped falling 4.5 percent after lowering its full-year profit guidance. The company also announced its CEO would retire in May 2015. That could disrupt activist investor Carl Icahn's proposal for Dollar General to merge with Family Dollar Store (FDO), the stock of which lost 1 percent on the day. Both discount retailers have been struggling against competition from Walmart (WMT).
On the upside, GoPro (GPRO), a favorite among sporting enthusiasts, had another stellar day. After rising 30 percent on its first day of trading yesterday, the stock gained another 4.5 percent on Friday.
And Nike (NKE), which is clothing 10 World Cup teams, also had a win on Friday rising almost 1 percent after earnings topped expectations. Revenue grew in all of its main markets.
Another sporting goods company Finish Line (FINL) also impressed on earnings and the stock rose half a percent.
Tripadvisor's (TRIP) price target was raised by Bank of America and the stock rose more than 2 percent.
Keurig Green Mountain (GMCR) also gained more than 4.5 percent on an upgrade from Argus Research.
Intuitive Surgical (ISRG), which makes robotics for surgery, rallied 12.5 percent after it got the green light to market its da Vinci Xi in Europe and other countries that demand CE Marking.
Western Union (WU) gained slightly after announcing it has expanded its scope in Saudi Arabia.
And finally, arts and crafts retailer The Michaels Companies (MIK) started trading on the NASDAQ Friday and but its shares barely budged.
-Produced by Karina Huber.
What to Watch Monday:
- The Institute For Supply Management-Chicago release its survey of business conditions in the region for June at 9:45 a.m. Eastern time.
- The National Association of Realtors releases pending home sales index for May at 10 a.m.
- The Federal Reserve Bank of Dallas releases its manufacturing survey for June at 10:30 a.m.