Mid-Morning Market Update: Markets Open Lower; Time Warner Earnings Beat Street View
Following the market opening Wednesday, the Dow traded down 0.38 percent to 15,385.97 while the NASDAQ tumbled 0.86 percent to 3,996.93. The S&P also fell, dropping 0.59 percent to 1,744.85.
Time Warner (NYSE: TWX) reported a 12% drop in its fourth-quarter profit. Time Warner's quarterly profit fell to $983 million, or $1.06 per share, from a year-ago profit of $1.11 billion, or $1.15 per share.
Excluding one-time items, its earnings climbed to $1.17 per share from $1.16 per share. Its revenue climbed 4.9% to $8.57 billion. However, analysts were projecting earnings of $1.15 per share on revenue of $8.39 billion.
Equities Trading UP
Tableau Software (NASDAQ: DATA) shot up 17.25 percent to $93.13 after the company reported upbeat Q4 results. FBN Securities lifted the price target on the stock from $85.00 to $110.00.
Shares of Myriad Genetics (NASDAQ: MYGN) got a boost, shooting up 9.23 percent to $29.69 after the company reported upbeat fiscal second-quarter results and lifted its revenue outlook for the year. Myriad also bought Crescendo Bioscience for $270 million.
Level 3 Communications (NYSE: LVLT) was also up, gaining 10.01 percent to $34.56 on Q4 results.
Equities Trading DOWN
Shares of 3D Systems (NYSE: DDD) were down 26.52 percent to $55.67 after the company lowered its quarterly earnings outlook.
Extreme Networks (NASDAQ: EXTR) shares tumbled 18.47 percent to $5.74 after the company reported downbeat Q2 results and issued a weak Q3 profit forecast.
CH Robinson Worldwide (NASDAQ: CHRW) was down, falling 9.33 percent to $53.17 after the company reported downbeat Q4 results.
In commodity news, oil traded up 0.95 percent to $98.11, while gold traded up 1.21 percent to $1,266.40.
Silver traded up 3.13 percent Wednesday to $20.03, while copper rose 0.41 percent to $3.21.
European shares were mostly higher today.
The Spanish Ibex Index rose 0.12 percent, while Italy's FTSE MIB Index gained 0.16 percent.
Meanwhile, the German DAX tumbled 0.10 percent and the French CAC 40 gained 0.18 percent while U.K. shares rose 0.33 percent.
The MBA reported that its index of mortgage application activity rose 0.4% in week ended January 31.
U.S. private sector employers added 175,000 jobs in January, Automatic Data Processing said. However, economists were expecting an addition of 185,000 jobs in the month.
The ISM non-manufacturing composite index rose to 54.00 in January, versus a prior reading of 53.00. However, economists were expecting a reading of 53.70.
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