Mid-Afternoon Market Update: Markets Show Weakness as Weatherford Remains Up
Toward the end of trading Friday, the Dow traded down 0.77 percent to 16,374.72 while the NASDAQ tumbled 1.68 percent to 4,078.84. The S&P also fell, dropping 0.77 percent to 1,864.40.
Leading and Lagging Sectors
Utilities sector was the only gainer in the US market on Friday. Leading the sector was strength from FirstEnergy (NYSE: FE) and Wisconsin Energy (NYSE: WEC). Technology shares declined around 1.53 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 6.59 percent to $17.14 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 9.99 percent to $20.25 after the company reported upbeat quarterly earnings. Weatherford reported its Q1 earnings of $0.13 per share on revenue of $3.60 billion.
Cirrus Logic (NASDAQ: CRUS) was also up, gaining 4.44 percent to $21.55 after the company beat on the bottom line and caught an upgrade from Northland Securities to an Outperform rating and $27 price target.
Equities Trading DOWN
Shares of CommVault Systems (NASDAQ: CVLT) were 30.14 percent to $47.93 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.
Plug Power (NASDAQ: PLUG) was also down, falling 10.48 percent to $5.38 after the company priced its 22.6 million share public offering at $5.50 before the market opening Friday.
In commodity news, oil traded down 1.38 percent to $100.53, while gold traded up 0.79 percent to $1,300.50.
Silver traded up 0.02 percent Friday to $19.67, while copper rose 1.73 percent to $3.09.
European shares were lower today.
The Spanish Ibex Index dropped 1.47 percent, while Italy's FTSE MIB Index fell 2.07 percent.
Meanwhile, the German DAX tumbled 1.53 percent and the French CAC 40 fell 0.80 percent while U.K. shares declined 0.38 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 indexrose 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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