Mid-Morning Market Update: Apple Falling as Netflix Posts a Massive Rally

Following the market opening Thursday, the Dow traded up 0.47 percent to 13,843.77 while the NASDAQ fell 0.25 percent to 3,145.63. The S&P also rose, increasing 0.46 percent to 1,499.45.

In earnings this morning there were a few notable releases, one that made headlines was Nokia

which came out missing EPS estimates by over 16 percent and revenue estimates by just under 2 percent. Following the report, shares spiked down over 7.3 percent, erasing much of the gains made earlier in the month.

Netflix

had its day after the close Wednesday, crushing analyst estimates causing a sharp short squeeze. Shares were up 39.66 percent in the premarket to $144.21 on the news. Swift Transportation

was also up, gaining a solid 23.46 percent to $12.63 after the company beat street estimates on both the top and bottom lines. Shares of F5 Networks

were up as well, rising 6.27 percent to $105.01 after the company missed estimates but posted better than expected second-quarter guidance.

Mellanox Technologies

traded down 12.79 percent to $45.08 despite posting an earnings beat after the close Wednesday, possibly linked to downgrades at Craig-Hallum and Pacific Crest. Shares of Apple

were also down, falling 9.73 percent to $464.00 after the company posted a thin beat of analyst expectations, but disappointed traders on its earnings call. Altera

took a hit as well, falling 3.95 percent to $33.79 after the company missed street estimates on both the top and bottom lines.

In commodity news, oil traded up 0.75 percent to $95.94, while gold traded down 0.97 percent to $1,670.50. Silver traded down 0.40 percent Thursday to $31.78.

European markets posted mixed results this morning after Apple's poor earnings report and some stronger than expected Chinese economic data. Leading the gainers, U.K. shares rose 0.27 percent while the French CAC rose 0.23 percent.

In economic news, initial jobless claims came in at 330 thousand, below the projected 355 thousand and the prior report of 335 thousand, while continuing claims came in at 3.157 million, edging below expectations of 3.20 million and the prior release of 3.214 million. The Markit US PMI preliminary was also out, coming in at 56.1, beating expectations of 53.0 and the previous report of 54.0.