Mid-Morning Market Update: Markets Mostly Mixed; Exxon Mobil Earnings Miss Views

Following the market opening Friday, the Dow traded down 0.11 percent to 17,726.14 while the NASDAQ climbed 0.21 percent to 5,139.59. The S&P also rose, gaining 0.05 percent to 2,109.72.

Leading and Lagging Sectors

Friday morning, utilities shares surged by 1.32 percent. Meanwhile, top gainers in the sector included Korea Electric Power Corporation (ADR) KEP, up 6 percent, and California Water Service Group CWT, up 5 percent.

In trading on Friday, energy shares slipped by 1.10 percent. Meanwhile, top losers in the sector included World Fuel Services Corp INT, down 23 percent, and Solazyme Inc SZYM, off 15 percent.

Top Headline

Exxon Mobil Corporation XOM reported weaker-than-expected earnings for the second quarter on Friday.

The Irving, Texas-based company reported a quarterly profit of $4.19 billion, or $1.00 per share, versus a year-ago profit of $8.78 billion, or $2.05 per share.

Its revenue declined 33 percent to $74.11 billion. However, analysts were projecting earnings of $1.11 per share on revenue of $72.48 billion.

Equities Trading UP

YRC Worldwide Inc YRCW shares shot up 27 percent to $19.35 after the company reported upbeat Q2 earnings.

Columbia Sportswear Company COLM shares were also up, gaining 18 percent to $73.62 on better-than-expected Q2 results.

Shares of SkyWest, Inc. SKYW got a boost, shooting up 21 percent to $16.93 after the company reported stronger-than-expected Q2 results.

Equities Trading DOWN

World Fuel Services Corp INT shares tumbled 24 percent to $35.86 after the company reported downbeat Q2 earnings.

Shares of Ocwen Financial Corp OCN were down 22 percent to $9.16 after the company reported weaker-than-expected Q2 earnings.

QLogic Corporation QLGC was down, falling 22 percent to $8.87. QLogic reported Q2 earnings of $0.19 per share on revenue of $113.4 million. BMO Capital Markets analyst Keith Bachman downgraded QLogic from Outperform to Market Perform, while reducing the price target from $12 to $10.50.

Commodities

In commodity news, oil traded down 1.53 percent to $47.78, while gold traded down 0.07 percent to $1,087.90.

Silver traded down 0.11 percent Friday to $14.68, while copper fell 0.25 percent to $2.37.

Eurozone

European shares were mostly higher today. The eurozone’s STOXX 600 slipped 0.23 percent, the Spanish Ibex Index fell 0.75 percent, while Italy’s FTSE MIB Index climbed 0.41 percent. Meanwhile, the German DAX rose 0.05 percent, and the French CAC 40 gained 0.31 percent while UK shares rose 0.11 percent.

Economics

The employment cost index gained 0.2 percent in the second quarter, versus economists’ expectations for a 0.6 percent growth.

The Chicago PMI rose to 54.7 points in July, versus a prior reading of 49.4 in June.

The University of Michigan's consumer sentiment index declined to a final reading of 93.1 in July, versus a final June reading of 96.1. However, economists were projecting a final reading of 94.