Mid-Morning Market Update: Markets Mostly Flat, McDonald's Posts Downbeat Profit
Following the market opening Monday, the Dow traded down 0.04 percent to 15,537.71 while the NASDAQ gained 0.04 percent to 3,588.92. The S&P also rose, gaining 0.02 percent to 1,692.34.
McDonald's (NYSE: MCD) reported a downbeat second-quarter profit.
McDonald's quarterly profit climbed to $1.4 billion, or $1.38 per share, versus $1.35 billion, or $1.32 per share, in the year-ago period.
Its sales increased 2% to $7.08 billion from $6.92 billion. However, analysts were estimating earnings of $1.40 per share on sales of $7.08 billion. McDonald's global same-store sales climbed 1% in the quarter.
Shares of Federal-Mogul (NASDAQ: FDML) got a boost, shooting up 9.46 percent to $11.69 after the company swung to a profit in the second quarter.
Spartan Stores (NASDAQ: SPTN) was also up, gaining 14.20 percent to $24.21 after the company announced its plans to buy Nash Finch Co (NASDAQ: NAFC) in an all-stock deal valued at $1.30 billion including debt.
Equities Trading DOWN
Shares of Yahoo! (NASDAQ: YHOO) were down 2.95 percent to $28.25 on Loeb's exit. The company announced its plans to repurchase 40 million shares of its stock owned by Third Point LLC.
Gannett Co (NYSE: GCI) was down, falling 4.02 percent to $25.30 after the company reported a 5.2% drop in its second-quarter profit.
McDonald's (NYSE: MCD) shares tumbled 2.67 percent to $97.59 after the company posted a downbeat Q2 profit.
In commodity news, oil traded up 0.62 percent to $108.72, while gold traded up 2.10 percent to $1,321.20.
Silver traded up 4.14 percent Monday to $20.27, while copper rose 1.53 percent to $3.19.
European shares were mostly higher following strong earnings and positive sentiment out of Asia. The Spanish Ibex Index rose 0.21 percent and the Italian FTSE MIB Index gained 0.85 percent. Meanwhile, the German DAX rose 0.01 percent and the French CAC 40 climbed 0.38 percent while U.K. shares dropped 0.26 percent.
The Chicago Fed national activity index increased to negative 0.13 in June, versus negative 0.29 in May.
Existing home sales dropped 1.2% to an annual rate of 5.08 million in June, versus a revised 5.14 million in the prior month, the National Association of Realtors reported. However, economists were projecting an annual rate of 5.26 million in June.
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