Mid-Afternoon Market Update: Markets Get Hammered on China Fears as Microsoft Provides on of the Few Havens of Strength

Toward the end of trading Friday, the Dow traded down 1.64 percent to 15,930.23 while the NASDAQ tumbled 1.91 percent to 4,138.91. The S&P also fell, dropping 1.77 percent to 1,795.51.

Procter & Gamble Co

reported a

second-quarter net profit. Procter & Gamble's quarterly profit declined to $3.43 billion, or $1.18 per share, from a year-ago profit of $4.06 billion, or $1.39 per share. Its core earnings fell to $1.21 per share. Its sales came in at $22.28 billion versus $22.18 billion. However, analysts were projecting earnings of $1.20 per share on sales of $22.36 billion.

Juniper Networks

shot up 7.04 percent to $27.85 after the company reported better-than-expected fourth-quarter results. Barclays

from Equalweight to Overweight and lifted the price target from $29.00 to $34.00. Shares of Ariad Pharmaceuticals

were up as well, gaining a staggering 21.68 percent to $9.14 as rumours of a takeover from a major pharma name swirled around the street. Microsoft

was also up, gaining 2.66 percent to $37.01 after the company reported

fiscal second-quarter results. Credit Suisse raised the price target on the stock from $40.00 to $42.50.

Shares of Kansas City Southern

were down 15.32 percent to $99.22 after the company reported downbeat Q4 earnings. International Game Technology

shares tumbled 14.16 percent to $15.15 after the company reported weaker-than-expected fiscal first-quarter results. Sterne Agee downgraded the stock from Buy to Neutral and cut the price target from $21.50 to $18.00. First Niagara Financial Group

was down, falling 10.79 percent to $9.22 on Q4 results. The company issued weak FY14 earnings outlook.

In commodity news, oil

to $96.79, while gold traded up 0.32 percent to $1,266.20. Silver traded down 0.99 percent Friday to $19.848, while copper fell 0.52 percent to $3.27.

European shares

today. The Spanish Ibex Index declined 3.88 percent, while Italy's FTSE MIB Index tumbled 2.30 percent. Meanwhile, the German DAX fell 2.61 percent and the French CAC 40 slipped 2.79 percent while U.K. shares declined 1.71 percent.

On the economics calendar Friday, there is no important data due out.