Mid-Morning Market Update: Markets Rising as Select Comfort Drops
Following the market opening Friday, the Dow traded up 0.27 percent to 13,862.13 while the NASDAQ rose 0.54 percent to 3,147.63. The S&P also rose, increasing 0.34 percent to 1,499.25.
In a shocking move, Goldman Sachs upgraded Autodesk (NYSE: ADSK) from sell all the way to conviction buy, citing macro strength in the company's primary markets. The upgrade sent shares soaring in the pre-market, rising over 5 percent and holding the gains following the market open.
Equities Trading UP
Synaptics (NASDAQ: SYNA) saw a 16.74 percent boost to $38.00 in early trading Friday after the company posted a beat on both top and bottom lines following the market close on Thursday.
Shares of QLogic (NASDAQ: QLGC) was also up, gaining 18.11 percent to $12.78 following an earnings beat Thursday and a series of upgrades this week.
Informatica (NASDAQ: INFA) was up as well, rising 11.55 percent to $37.08 after an earnings beat and some upbeat guidance following Thursday's market close.
Equities Trading DOWN
Select Comfort (NASDAQ: SCSS) lead the movers on the downside, declining 18.94 percent to $22.86 after the company posted poor earnings following the market close on Thursday.
8x8 (NASDAQ: EGHT) was down as well, dropping 12.85 percent to $6.92 following a slight earnings beat that apparently did not impress traders.
Shares of Flextronics (NASDAQ: FLEX) were also down, falling 6.47 percent to $6.29 after posting an earnings beat releasing some poor guidance.
In commodity news, oil traded down 0.34 percent to $96.28, while gold traded down 0.65 percent to $1,659.50.
Silver traded down 1.13 percent Thursday to $31.31.
In the Eurozone this morning, markets rose on a strong IFO survey, ignoring the fact that British GDP missed estimates. Leading the rally was the German DAX, gaining 1.09 percent while the French CAC gained 0.74 percent.
In economic news Friday morning, new home sales were reported at 369 thousand, below the surveyed 385 thousand and the prior release of 398 thousand.
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