Mid-Afternoon Market Update: BlackBerry Releases Awful Guidance, Proves Bears Right
Toward the end of trading Friday, the Dow traded down 0.77 percent to 15,516.25 while the NASDAQ declined 0.22 percent to 3,781.93. The S&P also fell, dropping 0.57 percent to 1,712.23.
Right at the 3 o'clock hour, BlackBerry (NASDAQ: BBRY) shares were halted pending news. The release was preliminary results from its second quarter, announcing it would cut 4500 jobs and a preliminary Q2 operating loss of over a billion dollars. The company also announced its sales were $1.6 billion, well below street estimates of $3.06 billion.
Equities Trading UP
Sarepta Therapeutics (NASDAQ: SRPT) shot up 22.22 percent to $44.76 on failure of GlaxoSmithKline, Prosensa duchenne muscular dystrophy treatment.
Shares of Rocket Fuel (NASDAQ: FUEL) lived up to their name Friday, as the company posted a wildly successful IPO. After shares priced at $29, they opened for trade at $59.95, stunning the street.
Equities Trading DOWN
Shares of AK Steel Holding (NYSE: AKS) were down 7.55 percent to $4.11 after the company projected a wider loss for the third quarter.
Darden Restaurants (NYSE: DRI) shares tumbled 6.45 percent to $46.12 after the company reported a drop in its first-quarter profit.
Eldorado Gold (NYSE: EGO) was also down, falling 8.20 percent to $6.94 as gold took a hit Friday afternoon.
In commodity news, oil traded down 0.89 percent to $104.92, while gold traded down 2.69 percent to $1,332.10. Silver traded down 5.48 percent Friday to $21.81, while copper fell 1.31 percent to $3.30.
European shares were lower today. The Spanish Ibex Index gained 0.20 percent, while Italy's FTSE MIB Index fell 0.49 percent. Meanwhile, the German DAX dropped 0.21 percent and the French CAC 40 fell 0.06 percent while U.K. shares declined 0.44 percent.
On the economics calendar Friday, there is no important data due out.
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