Consumer sentiment as measured by the University of Michigan index declined during October, falling 0.5 points from the prior month to a final reading of 71.7 but improving on a preliminary reading of 71.4 and topping forecasts also looking for a 71.4 final reading. The index fell to a nearly 10-year low of 70.3 in August.
In company news, Skechers USA (SKX) was hanging on to a narrow gain, giving back most of a nearly 11% gain earlier Friday that followed a Bloomberg report the footwear company is weighing strategic alternatives for its Asia business, including a potential initial public offering for the company on the Hong Stock stock market. Chief financial officer John Vandemore told the news service the company frequently evaluates strategic opportunities, adding it believes the Asian unit is “meaningfully undervalued by the market.”
Newell Brands (NWL) added 6.8% after the household products company raised its FY21 guidance above analyst estimates after exceeding Wall Street expectations with its Q3 profit and sales. Excluding one-time items, it earned $0.54 per share on $2.79 billion in sales compared with the Capital IQ consensus looking for $0.50 per share and $2.78 billion, respectively.
Among decliners, Amazon (AMZN) declined 2.8%, paring a portion of its earlier slide that followed the online retailer reporting a big drop in its Q3 earnings and projected revenue for the current quarter also lagging analyst forecasts. Net income fell to $6.12 per share from $12.37 per share last year earlier and missing the $8.93 per share consensus. Revenue grew more than 15% year-over-year but also lagged expectations.
Grand Canyon Education (LOPE) dropped 9% after the for-profit educator reported non-GAAP Q3 net income of $1.11 per share, down from $1.14 per share during the same quarter last year and trailing the three-analyst mean expecting $1.14 per share. Service revenue increased 4.2% over year-ago levels to $206.8 million, also lagging the $209.6 million Street view.
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