Mid-Morning Market Update: Markets Go Red, BlackBerry Posts Loss
Following the market opening Friday, the Dow traded down 0.74 percent to 14,913.29 while the NASDAQ declined 0.43 percent to 3,387.18. The S&P fell, dropping 0.58 percent to 1,603.92.
BlackBerry (NASDAQ: BBRY) posted a loss in the first quarter.
BlackBerry posted a quarterly loss of $84 million, or $0.16 per share, versus a year-ago loss of $518 million, or $0.99 per share. Its loss from continuing operations came in at $84 million, while its adjusted loss from continuing operations was $67 million, or $0.13 per share.
BlackBerry's revenue surged to $3.07 billion from $2.81 billion. However, analysts were projecting adjusted earnings of $0.07 per share on revenue of $3.38 billion. BlackBerry shipped 6.8 million smartphones in the first quarter.
Equities Trading UP
Molycorp (NYSE: MCP) shot up 9.09 percent to $ 6.12 following announcement of end of SEC investigation.
Shares of Dendreon (NASDAQ: DNDN) got a boost, shooting up 6.13 percent to $4.33 after the company received positive opinion for PROVENGE in the EU.
Arch Coal (NYSE: ACI) was also up, gaining 4.90 percent to $3.78 after the company agreed to sell Utah mines to Bowie Resources for $435 million in cash.
Equities Trading DOWN
Shares of BlackBerry (NASDAQ: BBRY) were down 28.32 percent to $10.38 after the company posted a loss in the first quarter.
Accenture plc (NYSE: ACN) was down, falling 12.93 percent to $69.85 after the company lowered its forecast for the fiscal year.
Nike (NYSE: NKE) shares tumbled 2.70 percent to $60.64 after the company slightly cut its earnings outlook for 2014.
In commodity news, oil traded up 0.09 percent to $97.14, while gold traded down 1.53 percent to $1,193.10.
Silver traded up 0.23 percent Friday to $18.60, while copper rose 0.20 percent to $3.07.
European shares were lower today. German retail sales jumped 0.8 percent in May vs. April on expectations of a modest gain of 0.2 percent.
The Spanish Ibex Index fell 1.27 percent and the Italian FTSE MIB Index dropped 1.50 percent. Meanwhile, the German DAX tumbled 0.73 percent and the French CAC 40 dipped 0.93 percent while U.K. shares declined 0.40 percent.
The Chicago PMI declined to a reading of 51.6 in June, versus 58.7 in May. However, economists were projecting a 55.0 reading.
The final reading of the Reuter's/University of Michigan's consumer sentiment index dropped to a reading of 84.10 in June, versus a final reading of 84.5 in May. The preliminary June reading was 82.70. However, economists were expecting a reading of 83.00.
Fed member John Williams is expected to speak.
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