Mid-Morning Market Update: Markets Mostly Flat, Citigroup Profit Beats Estimates

Following the market opening Monday, the Dow traded up 0.03 percent to 15,469.06 while the NASDAQ dropped 0.03 percent to 3,599.01. The S&P also fell, dropping 0.01 percent to 1,680.09.

Citigroup

reported a rise in its second-quarter profit. Citigroup's quarterly profit jumped to $4.2 billion, or $1.34 per share, from $2.95 billion, or $1 per share, in the year-ago quarter. Its adjusted earnings per share came in at $1.25 per share, beating analysts' estimates of $1.18 per share. Its total net revenue rose to $20.5 billion from $18.64 billion. However, analysts were projecting earnings of $1.18 per share on revenue of $19.73 billion.

Leap Wireless International

shot up 114.91 percent to $17.15 after AT&T

agreed to buy Leap Wireless for around $1.19 billion in cash. Shares of Forest Oil

got a boost, shooting up 7.21 percent to $4.91 after the company announced its intent to sell Texas Panhandle assets. Citigroup

was also up, gaining 2.26 percent to $51.96 after the company reported upbeat Q2 earnings.

Shares of Cash America International

were down 5.19 percent to $46.19 after the company cut its Q2 earnings outlook. J.B. Hunt Transport Services

was down, falling 1.40 percent to $74.67 after the company reported downbeat Q2 profit. Michael Kors Holdings

shares tumbled 2.01 percent to $62.54 after Piper Jaffray downgraded the stock from “overweight” to “neutral.”

In commodity news, oil traded down 0.40 percent to $105.53, while gold traded up 0.39 percent to $1,282.60. Silver traded up 0.07 percent Monday to $19.81, while copper fell 0.43 percent to $3.14.

European shares were mostly higher today. The Spanish Ibex Index fell 0.34 percent and the Italian FTSE MIB Index gained 0.48 percent. Meanwhile, the German DAX jumped 0.26 percent and the French CAC 40 rose 0.59 percent while U.K. shares surged 0.49 percent.

US retail sales increased 0.4% in June, versus economists' expectations for a 0.9% gain. The Empire State manufacturing index surged to 9.46 in July, from 7.84 in June. However, economists were expecting a reading of 5.00 in July. US business inventories increased 0.1% to $1.66 trillion in May. However, economists were projecting no change. The Treasury is set to hold the weekly auction of 3- and 6-month bills.