Mid-Morning Market Update: Markets Mostly Higher; Best Buy Profit Tops Expectations

Following the market opening Thursday, the Dow traded up 0.16 percent to 16,511.91 while the NASDAQ dropped 0.05 percent to 4,540.39. The S&P also rose, gaining 0.14 percent to 1,932.53.

On Thursday, telecommunications services shares rose by 0.65 percent. Top gainers in the sector included

,

, and

. In trading on Thursday, energy shares dropped by 0.81 percent. Meanwhile, top losers in the sector included

, down 16 percent, and

, down 11 percent.

reported better-than-expected earnings for its fourth quarter, but the company issued a weak forecast for its current quarter. For the current quarter, Best Buy expects adjusted earnings of $0.31 to $0.35 per share versus analysts' estimates of $0.39 per share. It also projects revenue of $8.25 billion to $8.35 billion, versus analysts' expectations of $8.45 billion. Best Buy reported a quarterly profit of $479 million, or $1.40 per share, versus a year-ago profit of $519 million, or $1.46 per share. Excluding certain items, Best Buy earned $1.53 per share. Its revenue fell 4.1% to $13.623 billion. However, analysts were expecting earnings of $1.39 per share on revenue of $13.61 billion. Best Buy announced a special dividend of $0.45 per share and raised its quarterly dividend from $0.23 per share to $0.28 per share. The company also announced a $1 billion buyback plan.

shares shot up 19 percent to $12.77 after the company announced a special committee to consider potential recombination with

. Shares of

got a boost, shooting up 87 percent to $18.47 after the company agreed to be acquired by

for $18.75 per share in cash.

shares were also up, gaining 25 percent to $21.49 after the company reported upbeat Q4 results.

shares dropped 47 percent to $6.68. Bankrate reported Q4 sales of $93.4 million and adjusted net income of $13.8 million. Shares of

were down 25 percent to $38.90 after the company issued a weak forecast for the fourth quarter.

was down, falling around 18 percent to $14.19 after the company reported downbeat quarterly results.

In commodity news, oil traded down 0.68 percent to $31.93, while gold traded down 0.06 percent to $1,238.30. Silver traded down 0.67 percent Thursday to $15.23, while copper rose 0.14 percent to $2.10.

European shares were higher today. The eurozone's STOXX 600 gained 1.94 percent, the Spanish Ibex Index climbed 2.62 percent, while Italy's FTSE MIB Index jumped 2.42 percent. Meanwhile, the German DAX gained 1.57 percent, and the French CAC 40 rose 2.27 percent, while U.K. shares rose 2.40 percent.

US durable goods orders rose 4.9 percent in January, versus economists' expectations for a 2.5 percent growth. US jobless claims increased by 10,000 to 272,000 in the latest week. However, economists were projecting claims to reach 270,000 in the week.