A Volatile Holiday Season (BBY, FDS, PTRY, JIVE, BBY, ZX)

Stocks gave up early gains after the Fed left rates untouched and gave a little changed statement from its last assessment of the economy. The central bank noted that it continues to expect “moderate” economic growth, while “strains in global financial markets continue to pose significant downside risks to the economic outlook.” Weaker-than-expected retail sales, combined with poor results from Best Buy (BBY), were brushed off early, but also set a negative tone. We’re expecting the market to remain volatile heading into year-end, with news out of Europe likely to be a primary directional driver. With the market continuing to be headline driven, we’re largely neutral on stocks as a whole at the moment.

The Chinese Auto Parts Stocks Index was the top performing tickerspy Index on the day, led by China Zenix Auto (ZX) with a 19% gain. The Electronics Retailer Stocks Index was the day’s worst performing tickerspy Index, with Best Buy (BBY) down -15%.

Stocks fell on the day, led lower by a -33 point, or -1.3%, decline in the Nasdaq to 2,579. The Dow fell -66 points to 11,955, while the S&P gave back -11 points to 1,226. Oil climbed $2.37 to $100.14 a barrel, while gold fell -$5.10 to $1,663.10 an ounce.

In economic news, the Commerce Department said retail sales rose 0.2% in November compared with a 0.6% increase in October. Economists were expecting an increase of 0.6%. Separately, the Commerce Department said business inventories rose by 0.8% in October, topping the 0.6% increase economists expected.

In earnings news, shares of Best Buy plunged -15.5% after the company said its fiscal third-quarter profit fell -29% to $154 million, or 42 cents per share, from $217 million, or 54 cents per share, a year earlier. On an adjusted basis, the company earned 47 cents a share. Revenue rose 2% to $12.1 billion, while same-store sales increased 0.3% overall and 0.9% in the U.S. Analysts had expected a profit of 52 cents on sales of $12.13 billion. Best Buy reiterated full-year guidance of $3.35-$3.65 a share on revenue of $51.0-$52.5 billion. Analysts were expecting a profit of $3.44 a share on sales of $51.83 billion. Nine pros counted Best Buy among their top holdings at the end of Q3 and more than 600 tickerspy members own the stock in their portfolios.

Financial data provider FactSet Research Systems (FDS) reported that its fiscal first-quarter profit rose 10% to $45.5 million, or 99 cents per share, from $41.6 million, or 88 cents per share, a year earlier. Revenue climbed 13% to $196.4 million. On an adjusted basis, the company earned $1.10 a share. Analysts had expected a profit of $1.00 per share on $197.3 million in revenue. FactSet expects a profit of 99 cents to $1.01 a share on revenue of $197-$200 million for the current quarter. Analysts were expecting a profit of $1.02 per share on $201.7 million in revenue. Shares of the company fell -6.9%. Eight pros counted FactSet among their top holdings at the end of Q3 and nearly 100 tickerspy members own the stock in their portfolios.

Shares of convenience store operator The Pantry (PTRY) tumbled -9.8% after the North Carolina-based company said its fiscal fourth-quarter profit fell to $3.3 million, or 15 cents per share, from $8.5 million, or 38 cents per share, a year earlier. On an adjusted basis, the company earned 37 cents. Revenue rose 12% to $2.18 billion, while same-store sales fell -0.8%. Analysts had expected EPS of 55 cents on sales of $2.22 billion.

Shares of software maker Jive (JIVE) surged 25.4% in their first day of trading after pricing at $12 per share. The company makes software for corporate customers that is intended to help facilitate social networking for business purposes. The company generated $54.8 million in revenue for the three months ended in September, and recorded a net loss of -$38 million.

Tags: BBY, FDS, JIVE, PTRY, ZX