Mid-Afternoon Market Update: GNC Holdings Falls Following Earnings Miss; Dreamworks Animation Shares Spike Higher

Toward the end of trading Thursday, the Dow traded down 0.49 percent to 17,952.38 while the NASDAQ declined 0.05 percent to 4,860.67. The S&P also fell, dropping 0.11 percent to 2,092.89. Leading and Lagging SectorsOn Thursday, the basic materials sector proved to be a source of strength for the market. Leading the sector was strength from Cliffs Natural Resources Inc (NYSE: CLF) and Coeur Mining Inc (NYSE: CDE). In trading on Thursday, technology shares fell by 0.80 percent. Meanwhile, top losers in the sector included Silicon Graphics International Corp (NASDAQ: SGI), down 34 percent, and Infinera Corp. (NASDAQ: INFN), down 23 percent.Top HeadlineFord Motor Company (NYSE: F) reported better-than-expected results for its first quarter on Thursday.Ford said it earned $0.68 per share in the first quarter on revenue of $37.7 billion. Wall Street analysts were expecting the company to earn $0.48 per share on revenue of $35.7 billion.North America recorded a best quarter ever pre-tax profit of $3.1 billion, up $1.5 billion from a year ago with a record operating margin of 12.9 percent.Equities Trading UP Dreamworks Animation Skg Inc (NASDAQ: DWA) shares shot up 24 percent to $39.97. Comcast Corporation (NASDAQ: CMCSA) confirmed on Thursday morning that its NBCUniversal segment has acquired Dreamworks Animation for $41 per share. Shares of Textura Corp (NYSE: TXTR) got a boost, shooting up 31 percent to $25.98 as the company agreed to be acquired by Oracle Corporation (NYSE: ORCL) for $26 per share. Textura reported Q1 earnings of $0.09 per share on revenue of $24.7 million. St. Jude Medical, Inc. (NYSE: STJ) shares were also up, gaining 27 percent to $78.76 after Abbott Laboratories (NYSE: ABT) announced it has entered into an agreement to acquire St. Jude for a total consideration of $25 billion.Equities Trading DOWN GNC Holdings Inc (NYSE: GNC) shares dropped 29 percent to $25.35 as the company reported weaker-than-expected Q1 earnings. Looking forward to the rest of fiscal 2016, GNC expects to earn $2.80 to $2.90 per share, marking a decrease from its prior guidance of $3.15 to $3.35 per share.Shares of Infinera Corp. (NYSE: INFN) were down 23 percent to $11.96. Infinera reported Q1 adjusted earnings of $0.19 per share on sales of $245 million. Citigroup downgraded Infinera from Buy to Neutral and lowered the price target from $20.00 to $17.00. Silicon Graphics International Corp (NASDAQ: SGI) was down, falling around 34 percent to $4.61. Silicon Graphics reported FQ3 adjusted earnings of $0.03 per share on revenue of $132.1 million. The company also lowered its FY16 forecast.CommoditiesIn commodity news, oil traded up 1.54 percent to $46.03 while gold traded up 1.28 percent to $1,266.40. Silver traded up 1.47 percent Thursday to $17.59, while copper rose 0.25 percent to $2.23.EurozoneEuropean shares closed mostly higher today. The eurozone's STOXX 600 gained 0.17 percent, the Spanish Ibex Index fell 0.68 percent, while Italy's FTSE MIB Index gained 1.21 percent. Meanwhile, the German DAX gained 0.21 percent, and the French CAC 40 dropped 0.04 percent, while U.K. shares rose 0.04 percent.EconomicsThe U.S. economy expanded 0.5 percent in the first quarter.U.S. jobless claims increased 9,000 to 257,000 in the latest week.Supplies of natural gas increased 73 billion cubic feet for the week ended April 22, the U.S. Energy Information Administration reported. However, analysts were expecting a gain of 70 billion cubic feet.