Market Overview

Mid-Morning Market Update: Morgan Stanley Beats, Chip Makers Fall

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Following the market opening Friday, the Dow traded down 0.01 percent to 13,594.13 while the NASDAQ fell 0.27 percent to 3,127.63. The S&P also rose however, increasing 0.43 percent to 1,478.25.

Top Headline
Boeing (NYSE: BA) continues to make headlines this morning as the probe into its problematic 787 dreamliner begins. As details of the probe come out, the focus has been placed on its highly flammable lithium-ion batteries. It seems that shares have stabilized as traders look to decide what moves to make, and traded down just under 0.4 percent early in the session.

Equities Trading UP
Research in Motion (NASDAQ: RIMM) continued its multi day rally Friday morning, gaining 2.95 percent to $15.35 as the release date for BlackBerry 10 nears and Jefferies upgraded the stock to a Buy, increasing its price target to $19.50.

Morgan Stanley (NYSE: MS) also saw a boost, gaining 6.59 percent to $22.12 after posting a large increase in profits for the fourth-quarter.

Shares of Sony (NYSE: SNE) were also up, gaining 5.96 percent to $12.62 after the company announced it would sell its HQ building in New York City for $1.1 billion.

Equities Trading DOWN
Intel (NASDAQ: INTC) took a hit in early trading, falling 5.74 percent to $21.38 after the company beat on the bottom line but missed on the top line after the close Thursday.

Shares of Advanced Micro Devices (NYSE: AMD) dropped as well, falling 6.93 percent to $2.55 as traders feared what the company's earnings may look like following Intel's poor performance.

Capital One Financial (NYSE: COF) was also down, dropping 7.40 percent to $57.03 after the company missed analyst estimates.

Commodities
In commodity news, oil traded down 0.11 percent to $95.83, while gold traded down 0.08 percent to $1,689.50.

Silver traded up 0.12 percent Thursday to $30.16.

Eurozone
European markets were up across the board this morning, shrugging off some weak data out of Japan and Spain. Tied for the lead were the Italian MIB index and the Spanish Ibex, both rising 0.45 percent, while the French CAC rose a solid 0.36 percent.

Economics
In economic news Friday morning, Michigan consumer sentiment came in at 71.30, analyst estimates of 75.00 and the prior release of 72.90.

Posted-In: Earnings News Guidance Commodities Asset Sales Global Econ #s Economics

 

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