Mid-Morning Market Update: Markets Open Higher; LinkedIn Issues Downbeat Outlook
Following the market opening Friday, the Dow traded up 0.51 percent to 15,708.45 while the NASDAQ surged 0.85 percent to 4,091.51. The S&P also rose, gaining 0.72 percent to 1,786.27.
On Thursday, LinkedIn (NYSE: LNKD) reported upbeat fourth-quarter results. However, the company issued a weak forecast. LinkedIn expected Q1 revenue of $455 million to $460 million, versus analysts' estimates of $471 million. LinkedIn posted its Q4 adjusted earnings of $0.39 per share on revenue of $447.2 million. However, analysts were expecting earnings of $0.38 per share on revenue of $438 million.
Equities Trading UP
athenahealth (NASDAQ: ATHN) shot up 19.33 percent to $165.97 after the company reported better-than-expected Q4 results.
Shares of Aaron's (NYSE: AAN) got a boost, shooting up 18.11 percent to $31.95 on upbeat Q4 earnings.
Expedia (NASDAQ: EXPE) was also up, gaining 14.12 percent to $74.34 after the company reported stronger-than-expected fourth-quarter results.
Equities Trading DOWN
Shares of Genpact (NYSE: G) were down 16.89 percent to $14.32 after the company issued a downbeat FY14 revenue forecast.
LinkedIn (NYSE: LNKD) shares tumbled 9.11 percent to $203.10 after the company issued a weak guidance. Bank of America cut the price target on LinkedIn from $240.00 to $232.00.
VeriSign (NASDAQ: VRSN) was down, falling 7.07 percent to $51.50 after the company reported Q4 results.
In commodity news, oil traded up 0.01 percent to $97.85, while gold traded up 0.21 percent to $1,259.80.
Silver traded down 0.34 percent Friday to $19.86, while copper rose 0.45 percent to $3.24.
European shares were higher today.
The Spanish Ibex Index rose 1.11 percent, while Italy's FTSE MIB Index gained 0.90 percent. Meanwhile, the German DAX climbed 0.46 percent and the French CAC 40 gained 0.68 percent while U.K. shares rose 0.38 percent.
The U.S. economy added 113,000 jobs in January, while the unemployment rate declined to 6.6% versus 6.7%. However, economists were projecting an addition of 180,000 nonfarm jobs.
Data on consumer credit for December will be released at 3:00 p.m. ET.
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