Mid-Morning Market Update: Markets Drop After Jobs Report, LinkedIn Posts Upbeat Earnings
Following the market opening Friday, the Dow traded down 0.31 percent to 15,579.79 while the NASDAQ declined 0.22 percent to 3,667.86. The S&P also fell, dropping 0.27 percent to 1,702.33.
LinkedIn's quarterly earnings surged to $3.7 million, or $0.03 per share, from $2.8 million, or $0.03 per share, in the year-ago period. Excluding one-time items, it earned $0.38 per share, beating analysts' estimates of $0.31 per share.
Its revenue rose 59% to $364 million from $228 million. LinkedIn expected Q3 revenue of $367 million to $373 million, versus estimates of $383 million.
Equities Trading UP
LinkedIn (NYSE: LNKD) shot up 9.62 percent to $233.49 after the company reported upbeat Q2 earnings.
YY (NASDAQ: YY) was also up, gaining 7.48 percent to $44.97 on Q2 results.
Equities Trading DOWN
Shares of MRC Global (NYSE: MRC) were down 9.47 percent to $24.58 after the company reported downbeat Q2 revenue and issued weak FY13 forecast.
ValueClick (NASDAQ: VCLK) was down, falling 14.98 percent to $21.34 after the company reported a 41% fall in its Q2 profit and issued downbeat Q3 outlook.
In commodity news, oil traded down 0.78 percent to $107.05, while gold traded down 0.19 percent to $1,308.80.
Silver traded up 1.58 percent Friday to $19.94, while copper rose 0.77 percent to $3.19.
European shares were mostly lower today. The Spanish Ibex Index dropped 0.17 percent and the Italian FTSE MIB Index declined 0.70 percent. Meanwhile, the German DAX fell 0.18 percent and the French CAC 40 climbed 0.01 percent while U.K. shares fell 0.45 percent.
The US economy added 162,000 jobs in July, while the unemployment rate dropped to 7.4% in the month. However, economists were expecting a rise of 185,000 jobs and jobless rate of 7.5% in July.
US consumer spending increased 0.5% in June, versus economists' expectations for a 0.5% rise. However, personal income climbed 0.3%, missing estimates of a 0.4% rise.
US factory orders increased 1.5% to an annual rate of $496.7 billion in June, versus economists' expectations for a 2.3% growth rate.
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