Mid-Morning Market Update: Markets Rise; Visa Earnings Beat Street View
Following the market opening Thursday, the Dow traded up 0.31 percent to 15,787.60 while the NASDAQ surged 1.14 percent to 4,097.68. The S&P also rose, gaining 0.68 percent to 1,786.19.
Visa (NYSE: V) reported a 9% rise in its first-quarter profit. Visa's quarterly profit surged to $1.41 billion, or $2.20 per share, from a year-ago profit of $1.29 billion, or $1.93 per share. Its revenue climbed to $3.16 billion from $2.85 billion. However, analysts were estimating earnings of $2.17 per share on revenue of $3.14 billion.
Shares of Infinera (NASDAQ: INFN) got a boost, shooting up 21.67 percent to $8.59 after the company posted an upbeat profit in the fourth quarter.
Equities Trading DOWN
Shares of NeuStar (NYSE: NSR) were down 16.80 percent to $36.40 after the company issued downbeat FY14 earnings forecast. Baird downgraded the stock from Outperform to Neutral and cut the price target from $58.00 to $36.00.
ADT (NYSE: ADT) shares tumbled 14.06 percent to $32.49 after the company reported downbeat Q1 results. Oppenheimer downgraded the stock from Outperform to Perform.
Citrix Systems (NASDAQ: CTXS) was down, falling 10.23 percent to $51.71 after the company issued downbeat forecast. Baird downgraded the stock from Outperform to Neutral and cut the price target from $75.00 to $64.00.
In commodity news, oil traded up 0.83 percent to $98.17, while gold traded down 1.65 percent to $1,241.40. Silver traded down 2.26 percent Thursday to $19.11, while copper fell 0.43 percent to $3.23.
European shares were higher today. The Spanish Ibex Index rose 0.73 percent, while Italy's FTSE MIB Index gained 0.70 percent. Meanwhile, the German DAX climbed 0.42 percent and the French CAC 40 surged 0.68 percent while U.K. shares rose 0.05 percent.
US jobless claims climbed by 19,000 to 348,000 in the week ended January 25. However, economists were estimating claims to reach 330,000 in the week. The US economy expanded at an annual pace of 3.2% in the fourth quarter, versus economists' expectations for a 3.2% rise.
The Bloomberg Consumer Comfort Index declined to -31.80 for the week ended January 26. The NAR's pending home sales index declined 8.7% to 92.4 in December. However, economists were expecting a 0.3% drop in the index.
The Treasury is set to auction 3-month, 6-month and 52-week bills. The Treasury will also auction 5-and 7-year notes. Data on money supply will be released at 4:30 p.m. ET.
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