Mid-Morning Market Update: Markets Open Lower; Ford Profit Misses Street View
Following the market opening Friday, the Dow traded down 0.70 percent to 16,386.22 while the NASDAQ tumbled 0.77 percent to 4,116.22. The S&P also fell, dropping 0.51 percent to 1,869.13.
Leading and Lagging Sectors
Utilities sector was the only gainer in the US market on Friday. Leading the sector was strength from American Electric Power Co (NYSE: AEP) and DTE Energy Company (NYSE: DTE). Technology shares declined around 0.71 percent in Friday's trading.
Ford Motor Co (NYSE: F) reported a drop in its first-quarter profit. Ford's quarterly profit slipped to $989 million, or $0.24 per share, versus a year-ago profit of $1.61 billion, or $0.40 per share. Its revenue rose to $35.9 billion versus $35.6 billion. However, analysts were projecting earnings of $0.31 per share on revenue of $34.54 billion.
Equities Trading UP
Gigamon (NYSE: GIMO) shares shot up 11.57 percent to $17.94 after the company announced Q1 results. Gigamon reported a Q1 loss of $0.07 per share on revenue of $31.80 million. Needham upgraded the stock from Buy to Strong Buy.
Shares of Weatherford International (NYSE: WFT) got a boost, shooting up 8.37 percent to $19.95 after the company reported upbeat quarterly earnings. Weatherford reported its Q1 earnings of $0.13 per share on revenue of $3.60 billion.
Microsoft (NASDAQ: MSFT) shares were also up, gaining 1.23 percent to $40.35 after the company reported better-than-expected fiscal third-quarter earnings. Microsoft's quarterly profit declined to $5.66 billion, or $0.68 per share, versus a year-ago profit of $6.06 billion, or $0.72 per share. Its revenue came in at $20.4 billion. However, analysts were expecting earnings of $0.63 per share on revenue of $20.39 billion.
Equities Trading DOWN
Shares of CommVault Systems (NASDAQ: CVLT) were 27.81 percent to $49.51 after the company reported downbeat quarterly revenue. CommVault reported earnings of $0.52 per share on revenue of $156.80 million. However, analysts were expecting a profit of $0.47 per share on revenue of $160.16 million.
Yingli Green Energy Holding Co (NYSE: YGE) was down, falling 12.09 percent to $3.71 after the company priced follow-on public offering of 25 million ADSs at $3.50 per ADS.
In commodity news, oil traded down 0.80 percent to $101.12, while gold traded up 0.69 percent to $1,299.50.
Silver traded up 0.21 percent Friday to $19.76, while copper rose 0.16 percent to $3.09.
European shares were lower today.
The Spanish Ibex Index dropped 0.79 percent, while Italy's FTSE MIB Index fell 0.89 percent.
Meanwhile, the German DAX tumbled 0.96 percent and the French CAC 40 fell 0.50 percent while U.K. shares declined 0.19 percent.
The preliminary reading of Markit Services PMI came in at 54.20 in April, versus economists' expectations for a reading of 55.50.
The final reading of Reuter's/University of Michigan's consumer sentiment index rose to 84.10 in April, versus a prior reading of 82.60. However, economists were expecting a reading of 83.00.
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