Stocks Edge Higher
U.S. stocks edged higher in early trading on Friday as global markets stabilized after previous session’s mayhem.
At last check, the DJIA edged up 0.44%; the NASDAQ Composite Index added 0.20% while the S&P 500 Index advanced 0.21%.
Shares of Darden Restaurants Inc. (NYSE: DRI) fell in early trade after the parent company of Olive Garden and Red Lobster, handed slightly lower-than-expected earnings; revenue matched Street’s estimate though. Separately, the Company also said that its Board has approved to increase the quarterly dividend by 10% to 55 cents a share.
Shares of CarMax Inc. (NYSE: KMX) rallied in early trade after the used vehicles provider reported stronger-than-expected fiscal first quarter results. The Company reported earnings of 64 cents a share on revenue of $3.31 billion, comfortably exceeding Street’s consensus estimate for earnings of 53 cents a share on revenue of $2.81 billion.
Shares of Tibco Software Inc. (NASDAQ: TIBX) edged up in early trade. The data management and analytics software maker late last evening said that fiscal second quarter income slumped 67% due to weaker margin, drop in licensing revenue and higher operating cost. However, adjusted earnings matched analysts’ consensus estimate. Revenue stood slightly short of analysts’ expectation.
The U.S. economic data calendar is empty on Friday.
In some other markets, gold staged a mini-recovery on Friday after plunging more than 5% in the previous session. Bargain hunting mainly from China helped pushing the metal towards $1,300 an ounce mark.
Crude oil futures plunged 3.36% to $94.94 a barrel while gold futures for August delivery gained 0.50% to $1,292.60 an ounce, at last check.
The U.S. dollar index slipped on Friday but the currency was still trading broadly higher.