Mid-Morning Market Update: Markets Open Higher; Tiffany Posts Downbeat Earnings

Following the market opening Friday, the Dow traded up 0.44 percent to 16,402.68 while the NASDAQ surged 0.04 percent to 4,320.84. The S&P also rose, gaining 0.46 percent to 1,880.67.

Leading and Lagging Sectors
Friday morning, the utilities sector proved to be a source of strength for the market. Leading the sector was strength from Huaneng Power International HNP and Exelon EXC. In trading on Friday, telecommunications services shares were relative laggards, down on the day by about 0.01 percent.

Among the sector stocks, 8x8 EGHT was down more than 2.2 percent, while USA Mobility USMO tumbled around 2.5 percent.

Top Headline
Tiffany & Co TIF swung to a loss in the fourth quarter. Tiffany posted a quarterly loss of $103.6 million, or $0.81 per share, versus a year-ago profit of $179.6 million, or $1.42 per share. Excluding special items, it earned $1.47 per share. Its revenue climbed to $1.30 billion versus $1.24 billion. However, analysts were estimating earnings of $1.51 per share on revenue of $1.31 billion. For fiscal year 2014, Tiffany projects earnings of $4.05 to $4.15 per share, versus analysts' estimates of $4.27 per share.

Equities Trading UP
Endocyte ECYT shares shot up 121.31 percent to $32.40 after Merck & Co MRK and Endocyte announced the European CHMP positive opinions for VYNFINIT and the companion agents FOLCEPRI and NEOCEPRI.

Shares of LIN Media LLC LIN got a boost, shooting up 30.67 percent to $28.08 after Media General MEG announced its plans to buy Lin Media LLC for $1.6 billion.

CommScope Holding Company COMM was also up, gaining 11.66 percent to $24.71 after the company lifted its Q1 forecast.

Equities Trading DOWN
Shares of Symantec SYMC were down 11.70 percent to $18.46 after the company fired President and Chief Executive Steve Bennett and appointed director Michael Brown as interim president and CEO. UBS downgraded the stock from Buy to Neutral and lowered the price target from $27.00 to $21.00.

AAR AIR shares tumbled 6.23 percent to $28.99 after the company reported a drop in its Q3 profit and lowered its FY14 forecast.

Nike NKE was down, falling 3.89 percent to $76.19 after the company issued a cautious forecast for 2015 earnings. Nike posted its quarterly adjusted profit of $0.73 per share on revenue of $6.97 billion.

Commodities
In commodity news, oil traded up 0.27 percent to $99.17, while gold traded up 0.53 percent to $1,337.80.

Silver traded down 0.05 percent Friday to $20.42, while copper rose 1.52 percent to $2.97.

Eurozone
European shares were mostly higher today.

The Spanish Ibex Index fell 0.18 percent, while Italy's FTSE MIB Index rose 0.20 percent.

Meanwhile, the German DAX surged 0.19 percent and the French CAC 40 gained 0.01 percent while U.K. shares rose 0.10 percent.

Economics
On the economics calendar Friday, there is no important data due out.