Mid-Morning Market Update: Markets Open Higher; Procter & Gamble Net Profit Surges 7.6 percent
Following the market opening Friday, the Dow traded up 0.26 percent to 15,548.96 while the NASDAQ surged 0.75 percent to 3,958.23. The S&P also rose, gaining 0.30 percent to 1,757.34.
P&G's quarterly profit surged to $3.03 billion, or $1.04 per share, from $2.81 billion, or $0.96 per share, in the year-ago period. Excluding special items, its core earnings declined to $1.05 per share from $1.06 per share. Its sales rose 2.2 percent to $21.21 billion. However, analysts were expecting earnings of $1.05 per share on sales of $21.04 billion.
Callaway Golf Co (NYSE: ELY) was also up, gaining 8.73 percent to $7.89 after the company reported narrower third-quarter loss and lifted its 2013 forecast. DA Davidson upgraded the stock from Neutral to Buy and lifted the price target from $7.50 to $11.00.
Equities Trading DOWN
Shares of Qlik Technologies (NASDAQ: QLIK) were down 16.56 percent to $27.93 after the company reported downbeat Q3 revenue and lowered its full-year view.
ResMed (NYSE: RMD) shares tumbled 8.75 percent to $51.38 after the company reported weaker-than-expected Q1 results. Synaptics (NASDAQ: SYNA) was down, falling 12.80 percent to $46.25 after the company issued a downbeat Q2 revenue outlook.
In commodity news, oil traded up 0.34 percent to $97.44, while gold traded down 0.58 percent to $1,342.50. Silver traded down 1.94 percent Friday to $22.38, while copper fell 0.66 percent to $3.24.
European shares were mostly lower today. The Spanish Ibex Index fell 0.76 percent, while Italy's FTSE MIB Index tumbled 1.31 percent. Meanwhile, the German DAX climbed 0.06 percent and the French CAC 40 fell 0.20 percent while U.K. shares gained 0.02 percent.
US durable-goods orders rose 3.7 percent in September, versus economists' expectations for a 2.3 percent gain. However, core durable-goods orders fell 0.1 percent in the month. The final reading of the Reuter's/University of Michigan's consumer sentiment index declined to 73.2 in October, versus a final reading of 77.5 in September. However, economists were projecting a final reading of 75.0. US wholesale inventories rose 0.50 percent in August, versus economists' expectations for a 0.30 percent gain.
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