Mid-Afternoon Market Update: Dow Rises Over 100 Points; eBay Shares Drop On Disappointing Outlook
Toward the end of trading Thursday, the Dow traded up 0.82 percent to 16,074.36 while the NASDAQ climbed 1.04 percent to 4,514.74. The S&P also rose, gaining 0.77 percent to 1,897.50.
Leading and Lagging Sectors
On Thursday, energy shares rose by 2.48 percent. Meanwhile, top gainers in the sector included SunCoke Energy Inc (NYSE: SXC), up 30 percent, and Vanguard Natural Resources, LLC (NYSE: VNR) up 31 percent.
In trading on Thursday, healthcare shares dipped by 2.29 percent. Meanwhile, top losers in the sector included Incyte Corporation (NASDAQ: INCY), down 11 percent, and Pacira Pharmaceuticals Inc (NASDAQ: PCRX), down 9 percent.
Ford Motor Company (NYSE: F) reported better-than-expected fourth quarter results.
Ford earned $0.58 per share in its fourth quarter on revenue of $37.90 billion. Wall Street analysts were expecting the company to earn $0.51 per share on revenue of $36.40 billion.
Ford also announced it will invest $4.5 billion by 2020 in electric solutions.
Equities Trading UP
MicroStrategy Incorporated (NASDAQ: MSTR) shares shot up 18 percent to $167.52. MicroStrategy reported Q4 GAAP earnings of $3.38 per share on revenue of $143.5 million.
Shares of Under Armour Inc (NYSE: UA) got a boost, shooting up 22 percent to $83.40 as the company reported stronger-than-expected quarterly results.
Facebook Inc (NASDAQ: FB) shares were also up, gaining 16 percent to $109.45 after the company reported stronger-than-expected results for its fourth quarter on Wednesday.
Equities Trading DOWN
OSI Systems, Inc. (NASDAQ: OSIS) shares dropped 35 percent to $49.75. OSI Systems reported Q2 earnings of $0.40 per share on revenue of $197 million. The company expects FY16 adjusted earnings of $2.95 to $3.20 per share, on sales of $900 million to $945 million.
Shares of ServiceNow Inc (NYSE: NOW) were down 18 percent to $61.65. ServiceNow reported better-than-expected quarterly results, but the company issued a weak revenue forecast.
eBay Inc (NASDAQ: EBAY) was down, falling around 15 percent to $22.48. eBay reported in-line earnings for its fourth quarter. However, the company issued a weak forecast for the current quarter and full year.
In commodity news, oil traded up 3.62 percent to $33.47, while gold traded down 0.09 percent to $1,115.30.
Silver traded down 1.48 percent Thursday to $14.25, while copper fell 0.58 percent to $2.05.
European shares closed lower today. The eurozone's STOXX 600 slipped 1.57 percent, the Spanish Ibex Index declined 1.72 percent, while Italy's FTSE MIB Index tumbled 3.49 percent. Meanwhile, the German DAX dropped 2.44 percent, and the French CAC 40 slipped 1.33 percent, while U.K. shares fell 0.98 percent.
US jobless claims dropped 16,000 to 278,000 in the week ending January 23. However, economists were expecting claims to reach 282,000 in the week.
US durable-goods orders declined 5.1 percent in December.
The pending home sales index rose to 106.8 in December, versus a downwardly-revised reading of 106.7 in November.
Supplies of natural gas slipped by 211 billion cubic feet for the week ended January 22, the U.S. Energy Information Administration said. However, analysts were expecting a decline of 204 billion cubic feet to 208 billion cubic feet.
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