Mid-Afternoon Market Update: Markets Turn Back As SolarCity Hangs Onto Gains
Toward the end of trading Thursday, the Dow traded up 0.14 percent to 16,541.45 while the NASDAQ surged dropped 0.41 percent to 4,050.95. The S&P also fell, dropping 0.16 percent to 1,875.68.
Leading and Lagging Sectors
In trading on Thursday, telecommunications services shares were relative leaders, up on the day by about 1.07 percent. Meanwhile, top gainers in the sector included Cincinnati Bell (NYSE: CBB), up 18.7 percent, and CenturyLink (NYSE: CTL), up 6.1 percent. Utilities shares declined by 0.63 percent in Thursday's trading.
Wendy's Co (NASDAQ: WEN) reported a rise in its first-quarter earnings. Wendy's posted its quarterly earnings of $46.3 million, or $0.12 per share, compared to $2.1 million, or a penny per share, in the year-ago period. Its revenue shrank 13% to $523.2 million, while operating expenses declined 25%. However, analysts were expecting earnings of $0.05 per share on revenue of $498 million. Wendy's same-restaurant sales gained 1.3%.
Equities Trading UP
Groupon (NASDAQ: GRPN) was up on Thursday's session, gaining 6.01 percent to $5.65 after the company caught a relief rally following its earnings report Wednesday.
Shares of SolarCity (NASDAQ: SCTY) got a boost, shooting up 11.93 percent to $53.47 after the company reported a narrower first-quarter loss and lifted its full-year outlook.
Equities Trading DOWN
Shares of Gulfport Energy (NASDAQ: GPOR) were 18.48 percent to $59.54 after the company reported weaker-than-expected first-quarter results.
NPS Pharmaceuticals (NASDAQ: NPSP) shares tumbled 11.61 percent to $23.90 after the company reported a Q1 loss of $0.06 per share on revenue of $44.0 million.
Millennial Media (NYSE: MM) also took a beating, falling 37.01 percent after the company's report disappointed the street, while its guidance further hurt its case.
In commodity news, oil traded down 0.54 percent to $100.23, while gold traded up 0.09 percent to $1,290.40.
Silver traded down 0.61 percent Thursday to $19.20, while copper rose 0.92 percent to $3.06.
European shares were higher today.
The eurozone's STOXX 600 climbed 1.05 percent, the Spanish Ibex Index rose 1.70 percent, while Italy's FTSE MIB Index jumped 2.30 percent.
Meanwhile, the German DAX climbed 0.90 percent and the French CAC 40 jumped 1.37 percent while UK shares gained 0.53 percent.
US jobless claims declined 26,000 to 319,000 in the week ended May 3. However, economists were expecting claims to drop to 325,000 in the week.
Supplies of natural gas climbed 74 billion cubic feet for the week ended May 2, the US Energy Information Administration said. However, analysts were expecting a rise of 69 billion cubic feet to 73 billion cubic feet.
Data on money supply will be released at 4:30 p.m. ET.
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