Mid-Morning Market Update: Markets Mostly Flat; Alphabet Profit Misses Views

Following the market opening Friday, the Dow traded up 0.05 percent to 20,110.27 while the NASDAQ declined 0.01 percent to 5,654.70. The S&P also fell, dropping 0.06 percent to 2,295.21.

Leading and Lagging Sectors

Technology shares gained around 0.36 percent in trading on Friday. Meanwhile, top gainers in the sector included Maxim Integrated Products Inc. MXIM, and KLA-Tencor Corp KLAC.

In trading on Friday, energy shares slipped by 0.48 percent. Meanwhile, top losers in the sector included SandRidge Permian Trust PER, down 14 percent, and Enbridge Energy Partners, L.P. EEP, down 11 percent.

Top Headline

Alphabet Inc GOOGL reported weaker-than-expected earnings for its fourth quarter, but sales exceeded expectations.

Alphabet reported Q4 EPS of $9.36, missing analysts’ expectations by $0.28. However, its revenue of $21.22 billion topped estimates by $640 million.

Equities Trading UP

Stonegate Mortgage Corp SGM shares shot up 31 percent to $7.81. Home Point Financial agreed to acquire Stonegate Mortgage for $211 million.

Shares of Lantronix Inc LTRX got a boost, shooting up 10 percent to $1.82. Lantronix reported Q2 adjusted earnings of $0.03 per share on revenue of $11.2 million.

Wynn Resorts, Limited WYNN shares were also up, gaining 8 percent to $103.38 after the company posted upbeat quarterly profit.

Equities Trading DOWN

Athersys, Inc. ATHX shares dropped 33 percent to $1.02. Athersys reported the pricing of its public offering of 19.8 million common stock at $1.01 per share.

Shares of Koss Corporation KOSS were down around 15 percent to $2.22. Koss reported Q2 earnings of $0.02 per share on revenue of $6.69 million.

KEYW Holding Corp. KEYW was down, falling around 16 percent to $10.16. KeyW priced 8.5 million shares at $10.50 per share.

Commodities

In commodity news, oil traded down 0.26 percent to $53.64 while gold traded down 0.57 percent to $1,185.70.

Silver traded down 0.92 percent Friday to $16.70, while copper rose 0.02 percent to $2.67.

Eurozone

European shares were mostly lower today. The eurozone’s STOXX 600 dropped 0.39 percent, the Spanish Ibex Index fell 0.40 percent, while Italy’s FTSE MIB Index declined 0.43 percent. Meanwhile the German DAX slipped 0.23 percent, and the French CAC 40 declined 0.52 percent while U.K. shares rose 0.26 percent.

Economics

U.S. durable-goods orders declined 0.4 percent for December, missing economists’ expectations for a 2.6 percent increase

The U.S. economy expanded at an annual pace of 1.9 percent in the fourth quarter, versus economists’ expectations for a 2.2 percent growth.

The University of Michigan's consumer sentiment index for January is schedule for release at 10:00 a.m. ET.

The Baker Hughes North American rig count report for the latest week is schedule for release at 1:00 p.m. ET.