Mid-Morning Market Update: Markets Mostly Higher; GE Profit Beats Estimates
Following the market opening Friday, the Dow traded up 0.02 percent to 15,374.52 while the NASDAQ surged 0.78 percent to 3,893.23. The S&P also rose, gaining 0.37 percent to 1,739.56.
General Electric Co (NYSE: GE) reported an 8.6% drop in its third-quarter net profit. GE's quarterly profit declined to $3.2 billion, or $0.31 per share, down from $3.5 billion, or $0.33 per share, in the year-ago period. Its operating earnings came in at $0.36 per share. Excluding one-time items, it earned $0.40 per share. Its total revenue fell to $35.7 billion from $36.3 billion. However, analysts were expecting a profit of $0.35 per share on revenue of $35.96 billion. Revenue from GE Capital declined 5.4% to $10.67 billion.
Equities Trading UP
Align Technology (NASDAQ: ALGN) shot up 25.23 percent to $57.52 after the company reported upbeat third-quarter results.
Shares of Baker Hughes (NYSE: BHI) got a boost, shooting up 8.45 percent to $56.15 on upbeat third-quarter results.
Advanced Micro Devices (NYSE: AMD) shares tumbled 12.96 percent to $3.56 after the company reported a 6% fall in its personal computer chip sales.
Acacia Research (NASDAQ: ACTG) was down, falling 21.25 percent to $15.45 after the company reported Q3 results. Stephens downgraded the stock from Overweight to Underweight.
In commodity news, oil traded up 0.83 percent to $101.51, while gold traded down 0.31 percent to $1,318.90. Silver traded up 0.01 percent Friday to $21.95, while copper rose 0.27 percent to $3.31.
European shares were higher today. The Spanish Ibex Index rose 0.61 percent, while Italy's FTSE MIB Index gained 0.13 percent. Meanwhile, the German DAX rose 0.21 percent and the French CAC 40 surged 0.81 percent while U.K. shares climbed 0.47 percent.
There were no major economic releases Friday morning.
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