Mid-Morning Market Update: Markets Open Mostly Higher, 3M Cuts 2013 Forecast
Following the market opening Thursday, the Dow traded up 0.03 percent to 14,680.64 while the NASDAQ gained 0.56 percent to 3,287.98. The S&P also rose, surging 0.27 percent to 1,583.00.
The S&P 500 looks to be stalling under the 1,580/1,583 resistance, with 1,575 support below, and 1,590 resistance above.
The Dow is also stalling, halting at its 14,750 resistance with 14,650 support below that, and 14,850 resistance above.
Next up, the NASDAQ is stalling at its 3,275 resistance with 3,250 acting as support, while 3,295/3300 acts as resistance above.
Finally, the Russell ended yesterday strong with 950 resistance above and 915 resistance below.
3M Company (NYSE: MMM) reported downbeat first-quarter earnings and lowered its 2013 earnings view.
3M's quarterly earnings surged to $1.129 billion, or $1.61 per share, from $1.125 billion, or $1.59 per share, in the year-ago period. Its sales climbed to $7.63 billion, from $7.49 billion. However, analysts were expecting earnings of $1.65 per share on revenue of $7.81 billion.
3M now projects 2013 earnings of $6.60 to $6.85 per share, versus analysts' estimates of $6.82 per share. The company had earlier expected earnings of $6.70 to $6.95 per share.
Equities Trading UP
Infinera (NASDAQ: INFN) shot up 19.52 percent to $7.96 after the company reported upbeat Q1 earnings.
Shares of Cliffs Natural Resources (NYSE: CLF) got a boost, shooting up 9.93 percent to $20.03 on Q1 earnings.
Akamai Technologies (NASDAQ: AKAM) was also up, gaining 18.31 percent to $42.70 after the company reported strong Q1 results.
Equities Trading DOWN
Intuit (NASDAQ: INTU) was down, falling 13.10 percent to $55.78 after the company lowered its Q3 forecast.
Shares of Zynga (NASDAQ: ZNGA) were down 8.93 percent to $3.0501 after the company posted lower Q1 revenue.
Citrix Systems (NASDAQ: CTXS) shares tumbled 7.38 percent to $62.67 on weak Q2 forecast.
In commodity news, oil traded down 0.01 percent to $91.42, while gold traded up 1.73 percent to $1,448.30.
Silver traded up 3.16 percent Thursday to $23.60, while copper rose 2.77 percent to $3.24.
European shares were mostly lower after strong gains yesterday following increased hopes of further ECB easing as well as the U.K. GDP data. The U.K. reported that first quarter GDP grew 0.3 percent vs. 0.1 percent expected and better than the previous estimate of 0.2 percent.
Spain's unemployment rate rose to a new record in the first quarter, as Spain reported that an astounding 27.2 percent of the labor force is unemployed, more than the fourth quarter of 2012's 26.02 percent.
The Spanish Ibex Index fell 1.05 percent while the Italian FTSE MIB Index declined 0.12 percent. Meanwhile, the German DAX gained 0.32 percent and the French CAC tumbled 0.30 percent and U.K. shares declined 0.02 percent.
US jobless claims declined 16,000 to 339,000 in the week ended April 20. However, economists were projecting claims to total 351,000 last week. Continuing jobless claims fell 93,000 to 3.0 million in the week ended April 13.
The Bloomberg Consumer Comfort Index declined to -29.90 in the latest week ended April 21, versus a prior reading of -29.20.
The Kansas City Fed manufacturing Index for April will be released at 11:00 a.m. ET.
The Treasury is expected to auction 7-year notes.
Data on money supply will be released at 4:30 p.m. ET.
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