Mid-Day Market Update: Stocks Turn Red, Oracle Tumbles On Weak Sales

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Midway through trading Friday, the Dow traded down 0.37 percent to 14,703.66 while the NASDAQ declined 0.96 percent to 3,332.44. The S&P fell, dropping 0.58 percent to 1,578.90.
Top Headline
Darden Restaurants
DRI
reported a drop in its fourth-quarter profit. Darden's quarterly profit declined to $133.2 million, or $1.01 per share, versus $151.2 million, or $1.15 per share, in the year-ago period. Its revenue climbed to $2.30 billion from $2.07 billion. However, analysts were projecting earnings of $1.04 per share on revenue of $2.27 billion. Darden estimates 2014 diluted earnings per share to decline by 3% to 5%, while it expects sales to increase by 6% to 8%.
Equities Trading UP
Spreadtrum Communications
SPRD
shot up 16.64 percent to $26.00 after the company received a buyout offer from a unit of Tsinghua Holdings Co for $28.50 in cash per ADS. Shares of Rexnord
RXN
got a boost, shooting up 5.63 percent to $17.08 after the company announced the pricing of public offering of common stock by selling stockholder. Facebook
FB
was also up, gaining 1.13 percent to $24.17 after analysts at UBS upgraded the stock from “neutral” to “buy.”
Equities Trading DOWN
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Shares of Oracle
ORCL
were down 8.08 percent to $30.53 after the company reported downbeat fiscal fourth-quarter revenue. Ashford Hospitality Trust
AHT
was down, falling 6.43 percent to $11.64 after the firm priced 11 million shares of common stock at $12.00 per share. Zynga
ZNGA
shares tumbled 6.30 percent to $2.68 after Morgan Stanley downgraded the stock from “equal-weight” to “underweight.”
Commodities
In commodity news, oil traded down 1.96 percent to $93.28, while gold traded up 0.35 percent to $1,290.70. Silver traded up 0.16 percent Friday to $19.86, while copper rose 0.34 percent to $3.08.
Eurozone
European shares were lower today. The current account for the eurozone for April declined less than expected to 19.5 billion euros from 25.9 billion euros vs. the expected 14.2 billion euros. The Spanish Ibex Index fell 1.56 percent and the Italian FTSE MIB Index declined 1.89 percent. Meanwhile, the German DAX fell 1.76 percent and the French CAC 40 declined 1.11 percent while U.K. shares tumbled 0.70 percent.
Economics
The ECRI Weekly Leading Index declined to 130.3 in the recent week ended June 14, versus 131.2 the earlier week.
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Posted In: EarningsNewsGuidanceCommoditiesEventsGlobalEcon #sEconomicsHotIntraday UpdateMarketsMoversTech
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