Mid-Morning Market Update: Markets Mostly Higher; Campbell Soup Profit Beats Estimates
Following the market opening Friday, the Dow traded up 0.17 percent to 16,055.46 while the NASDAQ dropped 0.08 percent to 4,237.09. The S&P also rose, gaining 0.11 percent to 1,831.79.
Leading and Lagging Sectors
In trading on Friday, Basic Materials shares were relative leaders, up on the day by 0.74 percent. Top gainer in the sector was AMCOL International (NYSE: ACO), up 8.4 percent.
Shares of Cliffs Natural Resources (NYSE: CLF) also surged 6.2 percent after the company reported upbeat quarterly earnings.
Telecommunications services sector was the leading decliner in the US market today, down on the day by 0.18 percent. Among the telecommunications services stocks, Internet Gold Golden Lines (NASDAQ: IGLD) was down 4%, while 8x8 (NASDAQ: EGHT) tumbled around 3%.
Campbell Soup Co (NYSE: CPB) reported a 71% gain in its fiscal second-quarter profit. Campbell's quarterly earnings surged to $325 million, or $1.03 per share, versus $190 million, or $0.60 per share, in the year-ago quarter. Excluding special costs, it earned $1.04 per share. Its sales climbed 5.5% to $2.28 billion. However, analysts were projecting earnings of $0.73 per share on revenue of $2.27 billion.
Equities Trading UP
LogMeIn (NASDAQ: LOGM) shot up 22.87 percent to $40.88 after reporting upbeat Q4 earnings and issued a strong forecast.
Shares of Bankrate (NYSE: RATE) got a boost, shooting up 11.93 percent to $19.48 after the company reported better-than-expected Q4 results.
Equities Trading DOWN
Shares of Weight Watchers International (NYSE: WTW) were down 25.64 percent to $22.74 after the company reported downbeat Q4 earnings and issued a weak FY14 forecast.
Trulia (NYSE: TRLA) shares tumbled 12.18 percent to $31.99 after the company reported downbeat Q4 earnings and named Kira Wampler as Chief Marketing Officer.
GNC Holdings (NYSE: GNC) was down, falling 10.68 percent to $46.79 after the company reported weaker-than-expected Q4 results and issued downbeat FY14 guidance.
Goldman Sachs downgraded the stock from Buy to Neutral and cut the price target from $72.00 to $54.00.
In commodity news, oil traded down 0.45 percent to $99.90, while gold traded up 1.19 percent to $1,315.60.
Silver traded up 3.43 percent Friday to $21.10, while copper rose 0.46 percent to $3.27.
European shares were higher today.
The Spanish Ibex Index rose 0.30 percent, while Italy's FTSE MIB Index surged 1.38 percent.
Meanwhile, the German DAX gained 0.42 percent and the French CAC 40 climbed 0.31 percent while U.K. shares rose 0.01 percent.
The import price index climbed 0.1% in January, versus economists' expectations for a 0.1% decline.
US industrial production fell 0.30% for January, versus economists' estimates of a 0.20% gain.
The preliminary reading of the Reuters/University of Michigan's consumer sentiment index came in at 81.20 in February, versus a prior reading of 81.20. However, economists were expecting a reading of 80.20.
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