Mid-Afternoon Market Update: Apple Continues Fall, Netflix Still Has its Legs
Toward the end of trading Thursday, the Dow traded up 0.40 percent to 13,834.77 while the NASDAQ fell 0.64 percent to 3,133.63. The S&P also rose, increasing 0.11 percent to 1,496.45.
In earnings this morning there were a few notable releases, one that made headlines was Nokia (NYSE: NOK) 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.
Equities Trading UP
Netflix (NASDAQ: NFLX) had its day after the close Wednesday, crushing analyst estimates causing a sharp short squeeze. Shares were up 42.53 percent in the premarket to $147.18 on the news.
Swift Transportation (NYSE: SWFT) was also up, gaining a solid 29.32 percent to $13.23 after the company beat street estimates on both the top and bottom lines.
Shares of InvenSense (NYSE: INVN) were also up, rising 11.29 percent to $14.74 following its earnings release Wednesday.
Equities Trading DOWN
Flagstar Bancorp (NYSE: FBC) fell throughout the early trading day, dropping 12.80 percent t $15.47 following its earnings report Wednesday.
Shares of Apple (NASDAQ: AAPL) were also down, falling 12.28 percent to $450.90 after the company posted a thin beat of analyst expectations, but disappointed traders on its earnings call.
Diebold (NYSE: DBD) was down as well, losing 8.21 percent to $29.98 after warning of decreased profit and the announcement that the company's CEO would step down.
In commodity news, oil traded up 0.77 percent to $95.96, while gold traded down 1.10 percent to $1,668.20.
Silver traded down 0.50 percent Thursday to $31.68.
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.
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