Infosys Jumps On Upbeat Earnings; Microchip Technology Shares Decline

Toward the end of trading Friday, the Dow traded down 0.10 percent to 16,642.17 while the NASDAQ tumbled 1.33 percent to 4,319.94. The S&P also fell, dropping 0.34 percent to 1,921.68.

Leading and Lagging Sectors

Non-cyclical consumer goods & services shares gained 0.71 percent on Friday. Top gainers in the sector included Synutra International SYUT, up 6.2 percent, and Cadiz CDZI, up 6.8 percent.

In trading on Friday, technology shares were relative laggards, down on the day by about 1.82 percent. Top losers in the sector included Procera Networks PKT, down 32.2 percent, and Spansion CODE, off 12.1 percent.

Top Headline

Fastenal Co FAST reported in-line earnings for the third quarter.

The Winona, Minnesota-based company posted quarterly net income of $133.3 million, or $0.45 per share, up from $119.4 million, or $0.40 per share, in the year-ago period.

Its revenue rose 14.3% to $980.8 million from $858.4 million. However, analysts were expecting earnings of $0.45 per share on revenue of $980.1 million.

Equities Trading UP

Exact Sciences EXAS shares shot up 37.42 percent to $24.90 following the company’s announcement that its stool DNA test to detect colorectal cancer has been approved for coverage by the Centers for Medicare and Medicaid Services.

Shares of Infosys INFY got a boost, shooting up 6.08 percent to $63.02 after the company reported better-than-expected Q2 earnings.

Synutra International SYUT shares were also up, gaining 6.29 percent to $4.69 after the company announced preliminary second quarter financial results.

Equities Trading DOWN

Shares of Knowles KN were down 3.66 percent to $23.33 after the company lowered its Q3 forecast.

The Manitowoc Company MTW shares tumbled 12.42 percent to $18.86 following cautious guidance. BMO Capital downgraded Manitowoc from Market Perform to Underperform and lowered the price target from $28.00 to $24.00.

Microchip Technology MCHP was down, falling 10.58 percent to $40.72 after the company lowered its sales forecast for the second quarter.

Commodities

In commodity news, oil traded up 0.34 percent to $86.06, while gold traded down 0.24 percent to $1,222.40.

Silver traded down 0.48 percent Friday to $17.34, while copper rose 0.38 percent to $3.04.

Eurozone

European shares were lower today. The eurozone’s STOXX 600 dropped 1.55 percent, the Spanish Ibex Index fell 1.20 percent, while Italy’s FTSE MIB Index declined 0.94 percent. Meanwhile, the German DAX slipped 2.40 percent and the French CAC 40 fell 1.64 percent while UK shares fell 1.43 percent.

Economics

US import price index dropped 0.5% in September, versus economists’ expectations for a 0.7% decline. US export price index dropped 0.2% in September.