Mid-Morning Market Update: Markets Edge Lower; Bank of America Posts Drop In Q1 Profit

Following the market opening Thursday, the Dow traded down 0.06 percent to 17,897.36 while the NASDAQ declined 0.22 percent to 4,936.43. The S&P also fell, dropping 0.12 percent to 2,079.83.

On Thursday, telecommunications services shares gained by 0.2 percent. Meanwhile, top gainers in the sector included

, up 2.5 percent, and

, up 2 percent. In trading on Thursday, basic materials shares fell by 0.48 percent. Meanwhile, top losers in the sector included

, down 11 percent, and

, down 10 percent.

reported a drop in its net income for the first quarter. The bank posted quarterly net income of $2.7 billion or $0.21 a share for the quarter representing 13 percent year-over-year drop. The results included $1.2 billion or $0.07 a share of unfavorable market-related NII adjustments and $0.9 billion or $0.05 a share in annual retirement-eligible incentive compensation costs. Last year, the company earned $0.25 a share in the first quarter. Bank of America said that revenue, on a FTE basis, fell 3.24 percent to $20.9 billion from $21.6 billion in the previous year quarter. Street analysts estimated the company to deliver earnings of $0.21 a share and revenue of $20.3 billion.

shares shot up 86 percent to $0.688 after the company reported the completion of an investigation conducted by the Board of Director's audit committee and independent directors. The committee found no identified material misstatements in the company's historical financial statements and no substantial evidence to support a finding of fraud or willful misconduct of management. Shares of

got a boost, shooting up 9 percent to $9.30. Quotient reports preliminary Q4 revenue of $4.5 million, versus prior guidance of $3.8 million to $4.3 million. The company also reported preliminary FY16 revenue of $18.5 million, versus prior guidance of $17.3 million to $17.8 million. Quotient also reported positive MosaiQ™ serological disease screening results.

shares were also up, gaining 23 percent to $2.78 after surging 175.40 percent on Wednesday.

shares dropped 15 percent to $28.87 as the company lowered its revenue and adjusted gross margin guidance for the third quarter. The company projected revenue of around $2.6 billion and adjusted gross margin of 23 percent. Shares of

were down 9 percent to $6.68. Pier 1 reported better-than-expected earnings for the fourth quarter, but the company issued a weak forecast for earnings.

was down, falling around 7 percent to $10.91. Dominion Diamond reported a Q3 loss of $0.41 per share on revenue of $178.1 million. The company also announced the retirement of its Chairman Mr. Robert Gannicott.

In commodity news, oil traded up 0.41 percent to $41.93 while gold traded down 0.82 percent to $1,238.10. Silver traded down 1.23 percent Thursday to $16.13, while copper fell 0.09 percent to $2.17.

European shares were mixed today. The eurozone's STOXX 600 gained 0.13 percent, the Spanish Ibex Index fell 0.23 percent, while Italy's FTSE MIB Index fell 0.21 percent. Meanwhile, the German DAX climbed 0.18 percent, and the French CAC 40 gained 0.15 percent, while U.K. shares rose 0.02 percent.

U.S. consumer prices rose 0.10 percent for March, versus economists' expectations for a 0.20 percent growth. U.S. jobless claims dropped 13,000 to 253,000 last week. However, economists were projecting initial jobless claims to reach 270,000 in the week.