Mid-Afternoon Market Update: Markets Mixed as Cubist Trades Up on Revenue Figure
Toward the end of trading Friday, the Dow traded down 0.08 percent to 15,535.35 while the NASDAQ tumbled 0.73 percent to 3,584.86. The S&P rose however, gaining 0.09 percent to 1,690.86.
General Electric (NYSE: GE) reported a 0.9 percent rise in its second-quarter earnings. GE's quarterly profit surged to $3.13 billion, or $0.30 per share, from $3.11 billion, or $0.29 per share, in the year-earlier period. Its operating earnings declined to $0.36 from $0.38 per share. Its revenue dropped 3.5 percent to $35.12 billion. However, analysts were projecting earnings of $0.35 per share on revenue of $35.56 billion. Its total costs and expenses declined 2.5 percent to $31.39 billion. Revenue from GE Capital dropped 3.3 percent to $10.98 billion.
Equities Trading UP
Skyworks Solutions (NASDAQ: SWKS) shot up 6.77 percent to $23.98 after the company reported upbeat third-quarter profit. Shares of Cubist Pharmaceuticals (NASDAQ: CBST) were up as well, gaining 9.00 percent to $56.22 after the company reported a strong top line figure in its earnings report Thursday. (Sale) (NASDAQ: SALE) was also up, gaining 33.31 percent to $28.00 after the company posted a successful IPO this morning.
Equities Trading DOWN
Shares of Microsoft (NASDAQ: MSFT) were down 11.48 percent to $31.37 after the company reported downbeat FQ4 earnings. Community Health Systems (NYSE: CYH) was down, falling 9.19 percent to $42.96 after the company issued weak Q2 outlook. Advanced Micro Devices (NYSE: AMD) shares tumbled 13.79 percent to $3.99 after the company posted a loss in the second quarter.
In commodity news, oil traded up 0.19 percent to $108.25, while gold traded up 0.76 percent to $1,294.00. Silver traded up 0.70 percent Friday to $19.54, while copper rose 0.45 percent to $3.15.
European shares were mostly lower today. The Spanish Ibex Index fell 0.48 percent and the Italian FTSE MIB Index gained 0.18 percent. Meanwhile, the German DAX declined 0.21 percent and the French CAC 40 fell 0.26 percent while U.K. shares dropped 0.29 percent.
On the economics calendar Friday, there is no important data due out.
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