Afternoon Market Update
QLogic Corp (NASDAQ: QLGC) turned into the worst performer on the S&P 500 Index after reporting weaker-than-expected results for the fiscal first quarter. The company, however, reported a year-over-year rise in its Q1 net income and revenues.
Shares of Microsoft Corp (NASDAQ: MSFT) moved down, despite reporting a 48% jump in its profits for the latest quarter, yesterday. The results also beat the Street expectations. Caris & Co analyst Sandeep Aggarwal mentioned, "Almost all segments experienced material growth acceleration and healthy business trends, including strong enterprise demand pickup." He further added, "In our view, Street continues to underappreciate the product cycle Microsoft is currently going through."
Gold turned to negative territory after posting gains in the initial session as the euro moved down. Traders are awaiting the results of the European bank stress tests. Gold futures for August delivery fell 0.4% to $1,191.70 an ounce on the Comex division of the New York Mercantile Exchange (NYMEX), after touching an intraday high of $1,203.90 an ounce in the earlier session. The euro also dropped to $1.2823 from $1.2901 in late North American trading. Meanwhile, the dollar index (DXY) gained about 0.4% to 82.94.
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