Legacy Reserves LP (NASDAQ:LGCY), SM Energy Company (NYSE:SM) – Mid-Afternoon Market Update: Nimble Storage Dips 50% On Weak Results; Aegean Marine Petroleum Shares Spike Higher

Toward the end of trading Friday, the Dow traded up 0.44 percent to 17,810.29 while the NASDAQ climbed 0.52 percent to 5,099.82. The S&P also rose, gaining 0.31 percent to 2,087.61.

Leading and Lagging Sectors

In trading on Friday, cyclical consumer goods & services shares rose by 0.73 percent. Top gainers in the sector included Abercrombie & Fitch Co. (NYSE: ANF), up 26 percent, and Hibbett Sports, Inc. (NASDAQ: HIBB), up 15 percent.

Energy shares slipped by 0.90 percent in Friday’s trading. Meanwhile, top losers in the sector included Legacy Reserves LP (NASDAQ: LGCY), down 11 percent, and SM Energy Co (NYSE: SM), off 7 percent.

Top Headline

Abercrombie & Fitch Co. (NYSE: ANF) reported better-than-expected earnings for the third quarter.

The New Albany, Ohio-based company reported quarterly net income of $41.9 million, or $0.60 per share, versus $18.2 million, or $0.25 per share, in the year-ago period. Excluding certain items, the company’s adjusted earnings rose to $0.48 per share from $0.42 per share.

Its net sales dropped 4 percent to $878.6 million. However, analysts were expecting earnings of $0.22 per share on revenue of $864.65 million.

Equities Trading UP

Aegean Marine Petroleum Network Inc. (NYSE: ANW) shares shot up 23 percent to $8.83 on upbeat quarterly earnings.

Shares of Abercrombie & Fitch Co. (NYSE: ANF) got a boost, shooting up 26 percent to $24.49 after the company reported better-than-expected earnings for the third quarter.

Hibbett Sports, Inc. (NASDAQ: HIBB) shares were also up, gaining 15 percent to $32.92 after the company reported better-than-expected earnings for the third quarter.

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Equities Trading DOWN

Nimble Storage Inc (NYSE: NMBL) shares tumbled 50 percent to $10.24 after the company reported weaker-than-expected Q3 results and issued a downbeat outlook.

Shares of Mentor Graphics Corp (NASDAQ: MENT) were down 34 percent to $18.27 after the company reported downbeat Q3 earnings and issued a weak outlook.

American Woodmark Corporation (NASDAQ: AMWD) was down, falling 9 percent to $65.98. Baird downgraded American Woodmark from Outperform to Neutral.

Commodities

In commodity news, oil traded down 2.84 percent to $39.39, while gold traded down 0.16 percent to $1,076.20.

Silver traded down 0.90 percent Friday to $14.13, while copper fell 1.58 percent to $2.05.

Eurozone

European shares closed mixed today. The eurozone’s STOXX 600 rose 0.22 percent, the Spanish Ibex Index fell 0.62 percent, while Italy’s FTSE MIB Index declined 0.23 percent. Meanwhile, the German DAX climbed 0.31 percent, and the French CAC 40 slipped 0.08 percent, while U.K. shares rose 0.07 percent.

Economics

The Kansas City Fed composite manufacturing index gained to a reading of 1.00 in November, versus a prior reading of -1.00.

© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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