The biggest movers today were on earnings; Lululemon Athletica Inc. and Smith & Wesson Holdings Corp. Both beat analysts projections and gained over 10% on their stock prices.
Lululemon (LULU) reported a net revenue increase of 33% to $282.6 million from $212.3 million in the second quarter fiscal 2011. Gross profit for the quarter increased 28% to 155.8 million and made up 55.1% of net revenue.
Pandora (P) stock was crushed today on an announcement from Apple, Inc. (AAPL), stating plans to develop a competing internet radio product. Apple has been aggressively competing with other companies who have their service on Apple products, like Google Maps. P was down over 16% today ending at $10.47.
Monday, the Bureau of Economic Analysis (BEA) will release its monthly report on international trade. The current global marketplace has been weak; Some of the stronger european economies have begun to struggle and China’s manufacturing has been shrinking for months now. The report on monday is composed of goods and services that are exported and imported into the US, calculating the balance between the two values. The report will primarily affect currencies.