Mid-Day Market Update: Green Mountain Coffee Shares Jump After Coca-Cola Deal; Twitter Falls
Midway through trading Thursday, the Dow traded up 1 percent to 15,595.20 while the NASDAQ surged 1.06 percent to 4,053.99. The S&P also rose, gaining 1.02 percent to 1,769.49.
General Motors Co (NYSE: GM) reported a 13% drop in its fourth-quarter profit. GM's quarterly profit declined to $1.04 billion, or $0.57 per share, versus a year-ago profit of $1.19 billion, or $0.54 per share. Its adjusted earnings came in at $0.67 per share. Its revenue climbed to $40.5 billion versus $39.3 billion. However, analysts were projecting earnings of $0.88 per share on revenue of $40.79 billion.
Equities Trading UP
Green Mountain Coffee Roasters (NASDAQ: GMCR) shot up 29.82 percent to $105.00 after Coca-Cola Company (NYSE: KO) announced its plans to acquire a 10% stake in Green Mountain for $1.25 billion. Analysts at Stifel Nicolaus upgraded Green Mountain from Sell to Hold.
Synchronoss Technologies (NASDAQ: SNCR) was also up, gaining 21.78 percent to $32.48 after the company reported upbeat Q4 results. Equities Trading DOWN
Shares of Twitter (NYSE: TWTR) were down 20.93 percent to $52.16 after the company reported Q4 results. UBS downgraded the stock from Neutral to Sell and cut the price target from $45.00 to $42.00
Education Management (NASDAQ: EDMC) shares tumbled 12.03 percent to $5.45 after the company reported downbeat Q2 revenue and lowered its FY14 earnings outlook.
Affymetrix (NASDAQ: AFFX) was down, falling 15.17 percent to $7.07 after the company reported Q4 results.
In commodity news, oil traded up 0.87 percent to $98.23, while gold traded down 0.04 percent to $1,256.40.
Silver traded up 0.68 percent Thursday to $19.94, while copper rose 1.36 percent to $3.23.
European shares were higher today.
The Spanish Ibex Index rose 1.86 percent, while Italy's FTSE MIB Index gained 2.08 percent.
Meanwhile, the German DAX climbed 1.39 percent and the French CAC 40 gained 1.72 percent while U.K. shares rose 1.52 percent.
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