Market Overview

Mid-Morning Market Update: Markets Mostly Lower; Goldman Sachs Posts Upbeat Profit

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Following the market opening Thursday, the Dow traded down 0.27 percent to 16,437.04 while the NASDAQ gained 0.01 percent to 4,215.44. The S&P also fell, dropping 0.17 percent to 1,845.32.

Top Headline
Goldman Sachs Group (NYSE: GS) reported a 19% drop in its fourth-quarter net income.

Goldman Sachs posted its quarterly net income at $2.33 billion, versus a year-ago net income of $2.89 billion. Its per-share earnings came in at $4.60.

Its net revenue declined 4.9% to $8.78 billion. However, analysts were projecting earnings of $4.22 per share on revenue of $7.71 billion.

Equities Trading UP
Shares of CEC Entertainment (NYSE: CEC) got a boost, shooting up 12.53 percent to $54.50 after the company agreed to be bought by an affiliate of Apollo Global Management (NYSE: APO) for $54.00 per share in cash.

Sarepta Therapeutics (NASDAQ: SRPT) shot up 13.61 percent to $22.70 after the company reported that its drug, eteplirsen, showed continued stability.

BlackRock (NYSE: BLK) was also up, gaining 3.28 percent to $323.00 after the company reported a 22% gain in its fourth-quarter net income.

Equities Trading DOWN
Shares of Best Buy Co (NYSE: BBY) were down 28.97 percent to $26.68 after the company reported a 0.8% drop in its comparable store sales for the nine weeks ended January 4. Oppenheimer downgraded Best Buy from Outperform to Market Perform and cut the price target from $50.00 to $30.00.

Nu Skin Enterprises (NYSE: NUS) tumbled 23.15 percent to $88.56. Shen reported that China MOFCOM will check company's operations following The People's Daily report. Canaccord Genuity downgraded the stock from Buy to Hold.

iGATE (NASDAQ: IGTE) was down, falling 14.60 percent to $34.34 after the company reported Q4 results.

Commodities
In commodity news, oil traded down 0.12 percent to $94.06, while gold traded up 0.39 percent to $1,243.10.

Silver traded up 0.13 percent Thursday to $20.16, while copper fell 0.37 percent to $3.35.

Eurozone
European shares were mostly lower today. The Spanish Ibex Index fell 0.30 percent, while Italy's FTSE MIB Index declined 0.36 percent. Meanwhile, the German DAX dropped 0.11 percent and the French CAC 40 declined 0.20 percent while U.K. shares gained 0.06 percent.

Economics
U.S. initial jobless claims fell by 2,000 to 326,000 in the week ended January 11. However, economists were estimating claims to total 328,000 in the week.

U.S. consumer prices climbed 0.3% in December, while the core CPI gained 0.1%. However, economists were projecting the overall CPI to increase 0.3% and core CPI to rise 0.1% in the month.

The Bloomberg Consumer Comfort Index declined to -31.00 for the week ended January 12, versus a prior reading of -28.40.

The Philadelphia Fed's manufacturing index rose to 9.4 in January, versus a revised reading of 6.4 in December. However, economists were expecting a reading of 8.7.

The NAHB housing-market index fell to 56 in January, from a reading of 57 in December. However, economists were estimating a reading of 58.

The Treasury is set to auction 3-and 6-month bills.

Data on money supply will be released at 4:30 p.m. ET.

Posted-In: Earnings News Guidance Eurozone Futures Commodities Forex Global

 

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