What Happened in the Stock Market Today

By Demitrios Kalogeropoulos Markets Fool.com

Stocks dipped on Friday, as both the Dow Jones Industrial Average(DJINDICES: ^DJI) and the S&P 500 (SNPINDEX: ^GSPC) indexes finished lower by less than 0.5%.

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Today's stock market


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S&P 500



Data source: Yahoo! Finance.

Financial stocks trailed the market by a slight margin, and so the popular Financial Select Sector SPDR ETF (NYSEMKT: XLF) declined by 0.8%. Gold prices rose slightly, which helped the leveraged bet on the precious metal, Direxion Daily Gold Miners Bull 3X ETF (NYSEMKT: NUGT), rise close to 3%.

As for individual stocks,Franklin Covey (NYSE: FC)posted market-thumping gains following the release of fresh quarterly earnings.

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Image source: Getty Images.

Franklin Covey's business-model shift

Franklin Covey shares spiked 26% to regain nearly all the ground they had lost in 2017. The catalyst for the jump was the business performance software specialist's announcement of fiscal second-quarter earnings results. Sales and profit figures met management's targets, with revenue dipping slightly to $42.2 million from $45.3 million a year ago, and operating loss expanding to $4.5 million from $0.3 million.

Results were held back by strong demand for Franklin Covey's new product offering that provides unlimited access to a wide range of its intellectual property for a specified period of time. Contracts for that pass more than doubled to $7.8 million.

The bad news is the shift toward this "all access" product hurts revenue and profits in the short term. However, executives believe it's ultimately a great move for the business. The transition "will provide growth in future periods through higher initial sale sizes, consistently strong renewals, and from sales of add-on services and training materials," CEO Bob Whitman said in a press release. The recent quarter provides a good example of that last point, as the company booked $3.5 million worth of add-on materials attached to all-access pass sales. Investors expressed their optimism that Franklin Covey could see sharper growth ahead by bidding the stock past $20 per share on Friday.

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Demitrios Kalogeropoulos has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.