Mid-Morning Market Update: Markets Go Red, Zynga Issues Downbeat Q3 View
Following the market opening Friday, the Dow traded down 0.43 percent to 15,489.25 while the NASDAQ dropped 0.29 percent to 3,594.66. The S&P also fell, declining 0.38 percent to 1,683.90.
Yesterday, Zynga (NASDAQ: ZNGA) issued a weak outlook for the current quarter. However, the company reported upbeat Q2 results.
Zynga posted a quarterly loss of $15.8 million, or $0.02 per share, versus a year-ago loss of $22.8 million, or $0.03 per share.
For the current quarter, Zynga expected an adjusted loss of $0.09 per share to $0.05 per share. However, analysts were expecting a loss of $0.02 per share.
Equities Trading UP
Activision Blizzard (NASDAQ: ATVI) shot up 14.59 percent to $17.40 after Vivendi SA announced its plans to sell its majority stake in Activision Blizzard for $8.2 billion.
Shares of LogMeIn (NASDAQ: LOGM) got a boost, shooting up 7.87 percent to $30.55 after the company reported upbeat Q2 results and lifted its forecast.
Starbucks (NASDAQ: SBUX) was also up, gaining 7 percent to $72.94 on upbeat earnings.
Equities Trading DOWN
Shares of Expedia (NASDAQ: EXPE) were down 26.08 percent to $47.95 after the company reported downbeat second-quarter results.
Zynga (NASDAQ: ZNGA) was down, falling 16.86 percent to $2.91 after the company issued a weak outlook for the current quarter.
Cirrus Logic (NASDAQ: CRUS) shares tumbled 12.75 percent to $17.73 after the company reported weaker-than-expected Q1 revenue.
In commodity news, oil traded down 0.46 percent to $105.00, while gold traded down 0.41 percent to $1,324.00.
Silver traded down 1.09 percent Friday to $19.94, while copper fell 2.28 percent to $3.11.
European shares were mostly lower today. The Spanish Ibex Index surged 0.92 percent and the Italian FTSE MIB Index dropped 0.13 percent. Meanwhile, the German DAX declined 0.64 percent and the French CAC 40 gained 0.56 percent while U.K. shares fell 0.38 percent.
The Reuter's/University of Michigan's final index of consumer sentiment surged to 85.1 in July, versus an initial reading of 83.9. However, economists were estimating a reading of 84.0.
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