Stocks opened to thin losses Friday's open, as earnigns reports sent retail-related names into erratic early trade.
X The Nasdaq composite traded flat as Apple (AAPL) climbed and half the FANG stocks advanced. The S&P 500 slipped 0.2% as Deere (DE), Nike (NKE) and Under Amour (UA) dived in early trade. The Dow Jones industrial average also traded 0.2% lower.
Friday's economic calendar is comparatively quiet, with the University of Michigan reporting its preliminary estimate on August consumer sentiment at 10 a.m. ET, Dallas Federal Reserve Bank President Robert Kaplan speaking at 10:15 and Baker Hughes (BHGE) weekly rig report due at 1 p.m.
Apple Up, Nike Down On Dow; Applied Materials Rumbles, Deere Dives
Retailers continued what has been a crazy week, with Ross Stores (ROST) surging 11%, Gap (GPS) up 4% and Sportsman's Warehouse Holdings (SWPH) posting a 27% leap after reporting quarterly results.
The positive retail mood carried through somewhat to the Dow industrials, where Wal-Mart (WMT) bounced 0.3% after taking a 1.6% dive Thursday. Goldman Sachs (GS) led the Dow in early action, up 0.5%. Apple saw a o,3% gain slip to flat trade, following Thursday's 1.9% downshift. Apple is attempting on its third weekly advance, holding just above a 156.75 buy point in a three-month cup base.
On the downside, a very weak second-quarter report sent Foot Locker (FL) down 25% in opening trade. The undertow from that report sucked Under Armour (UA) to a 4% loss.
Foot Locker's earnings miss also struck Nike (NKE), which posted the Dow's largest early loss, down more than 5% in a move that sent shares back below the stock's 10-week moving average.
Among FANG stocks, Netflix (NFLX) and Facebook (FB) each traded up 0.5%. Netflix is leaning toward a fourth straight weekly decline, pulled back to test support at its 10-week line after giving up a 15% gain from a July breakout.
IBD 50 stock Applied Materials (AMAT) climbed 4% after scoring a solid fiscal third-quarter beat late Thursday. The gain boosted the chip equipment maker back above support at its 10-week moving average, within a two-month basing pattern.
Cosmetics leader Estee Lauder (EL) penciled in an early 5% gain. The New York-based company turned in a broad fiscal fourth-quarter beat. The gain broke shares out above a 98.50 buy point in a flat base.
Farm and construction equipment maker Deere (DE) rolled 8% lower on mixed fiscal third-quarter results. The stock broke support at its 10-week moving average in heavy trade on Thursday, triggering a sell signal.
Beyond earnings news, power generator Calpine (CPN) spiked 9% after agreeing to a takeover bid from a group led by Energy Capital Partners. The 15.25 per share bid was a 13% premium to Calpine's closing price on Thursday.
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