Stocks mixed, Foot Locker plunges, Catalent surges in morning session

Yahoo Finance markets contributor Remy Blaire breaks down the morning market action while also taking a look at shares of Foot Locker and Catalent.

Video transcript

- All right. Time now to take a look at the latest market action. We've been seeing stocks trade rangebound. To help us dig into that deeper is Yahoo Finance's contributor Remy Blaire. She's over at the New York Stock Exchange. Remy, take it away.

REMY BLAIRE: Well, the major US stock averages may have opened higher on Friday morning. But this does come on the heels of extended gains for the major averages in the past two sessions. As we head into the noon hour here at the New York Stock Exchange, we are seeing mostly flat trading for the Dow, NASDAQ, and S&P 500.

Now, this week we had a slew of earnings reports as well as economic data, and we are digesting the latest Fed comments as we look ahead to the weekend. And in terms of market moving stocks that we are watching today, we are looking at Foot Locker. Shares of the company opened lower by a double digit percentage point, down by about 24% after it reported dismal quarterly earnings for the fiscal first quarter, and also reduced its outlook.

Now, the footwear, footwear retailer missed on both its top as well as bottom lines, and the company also had to increase markdowns to drive sales in the latest quarter. And another company that we're looking at this morning is Cadillac. Shares are up over 10%, and earlier there are reports that the company had received a notice from the New York Stock Exchange that it wasn't in compliance with listing requirements, after delaying the release of quarterly earnings.

But we're here about to head into the noon hour and we know that Catalent did cut its full year net revenue as well as its profit forecast, and results also showed that operational challenges as well as higher than expected costs affected the company. This does come as Catalent did flag over $400 million of a hit to both it's annual sales as well as poor profit expectations earlier this month.

- All right. Remy Blaire at the New York Stock Exchange. We appreciate that report.