Mid-Morning Market Update: Markets Open Lower; J.P. Morgan Profit Misses Estimates

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Following the market opening Friday, the Dow traded down 0.42 percent to 16,102.69 while the NASDAQ tumbled 0.22 percent to 4,045.08. The S&P also fell, dropping 0.28 percent to 1,827.96.
Leading and Lagging Sectors
In trading on Friday, non-cyclical consumer goods & services shares were relative leaders, up on the day by about 0.09 percent. Among the leading sector stocks, gains came from Rite Aid
RAD
and Xueda Education Group
XUE
. Financial sector was the leading decliner in the US market today. Top losers in the sector included China HGS Real Estate
HGSH
, off 4.8 percent, and China Life Insurance Co
LFC
, down 4 percent.
Top Headline
J.P. Morgan Chase & Co
JPM
reported a 19% drop in its first-quarter profit. J.P. Morgan's quarterly profit declined to $5.3 billion, or $1.28 per share, versus a year-ago profit of $6.53 billion, or $1.59 per share. Its revenue slipped 8% to $22.99 billion versus $25.12 billion. J.P. Morgan's investment banking net income dropped 15%. However, analysts were estimating earnings of $1.39 per share on revenue of $24.43 billion.
Equities Trading UP
BofI Holding
BOFI
shares shot up 7.44 percent to $79.98 after H&R Block agreed to sell its banking business to BofI Federal Bank for an undisclosed amount. Shares of Zynga
ZNGA
got a boost, shooting up 1.47 percent to $4.13 after the company
named David Lee
as Chief Financial Officer and Chief Accounting Officer. Morgan Stanley upgraded Zynga from Underweight to Equal-weight. Diamondback Energy
FANG
shares were also up, gaining 4.65 percent to $68.68 after the company reported a 30% growth in Q1 production.
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Equities Trading DOWN
Shares of The Gap
GPS
were down 3.78 percent to $37.81 after the company reported a
6% decline
in its same-store sales in March, versus analysts' expectations for a 4.7% fall. Relypsa
RLYP
shares tumbled 5.63 percent to $23.81 after the company
priced 3.59 million share
offering at $24.50 per share. JPMorgan Chase & Co
JPM
was down, falling 3.75 percent to $55.25 after the company
reported downbeat
Q1 earnings.
Commodities
In commodity news,
oil traded down 0.02 percent
to $103.38, while gold traded down 0.19 percent to $1,318.00. Silver traded down 0.45 percent Friday to $20.00, while copper rose 0.79 percent to $3.07.
Euro zone
European shares
were lower
today. The Spanish Ibex Index fell 2.13 percent, while Italy's FTSE MIB Index dropped 1.49 percent. Meanwhile, the German DAX fell 1.86 percent and the French CAC 40 fell 1.55 percent while U.K. shares declined 1.44 percent.
Economics
US producer price index rose 0.5% in March, versus economists' expectations for a 0.1% growth. The preliminary reading of Reuters/University of Michigan's consumer sentiment index rose to 82.60 in April, versus a prior reading of 80.00. However, economists were expecting a reading of 81.00.
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Posted In: EarningsNewsGuidanceEurozoneFuturesForexGlobalEcon #sEconomicsIntraday UpdateMarketsMoversTech
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