Market Overview

Mid-Morning Market Update: Facebook Hurting Post-Earnings, JDS Uniphase Boosts

Mid-Morning Market Update: Facebook Hurting Post-Earnings, JDS Uniphase Boosts

Following the market opening Thursday, the Dow traded up 0.08 percent to 13,922.18 while the NASDAQ rose 0.25 percent to 3,150.18. The S&P also fell, decreasing 0.44 percent to 1,501.25.

Top Headline
Facebook (NASDAQ: FB) reported earnings after the close Wednesday, beating on the top and bottom lines, but disappointing investors when it came to headcount growth and mobile revenue growth. After the release, shares have traded down just under 6 percent in the $29 range.

Equities Trading UP
WMS Industries (NYSE: WMS) saw a boost of 51.99 percent to $24.88 after it was announced that Scientific Games would buy the company for $1.5 billion this morning.

Shares of Fortinet (NASDAQ: FTNT) were also up, gaining 20.83 percent to $23.38 after the company beat on both top and bottom lines Thursday morning.

JDS Uniphase (NASDAQ: JDSU) was up as well, rising 19.35 percent to $14.80 after the company beat on top and bottom lines as well this morning.

Equities Trading DOWN
Fusion-io (NYSE: FIO) traded down 16.72 percent to $16.73 after the company beat on earnings Wednesday but released terrible guidance. Following the report it received three significant downgrades, causing shares to bottom out.

Research in Motion (NASDAQ: RIMM) was also down, falling 7.23 percent to $12.78 after a poor reception to its release of BlackBerry 10 yesterday.

Shares of PulteGroup (NYSE: PHM) also fell, trading down 4.42 percent to $20.12 after missing by 50% on EPS but beating on revenue.

In commodity news, oil traded down 0.74 percent to $97.22, while gold traded down 0.96 percent to $1,665.40.

Silver traded up 0.46 percent Thursday to $31.64.

European markets fell this morning, led downward by Spain and a string of poor earnings reports. The Spanish Ibex fell 1.58 percent, followed closely by the Italian MIB index which fell 0.91 percent.

In economic news Thursday morning, challenger job cuts came in at -24.40 percent, below the prior release of -22.10 percent.

Personal income was also reported, coming in at 2.60 percent, beating expectations of 0.80 percent and the prior release of 0.10 percent, while personal spending came in at 0.20 percent, missing the projected 0.30 percent and the prior figure of 0.40 percent.

Initial jobless claims were reported at 368 thousand, beating the expected 350 thousand and the prior report of 330 thousand, while continuing claims came in at 3.197 million, higher than the projected 3.171 million and the last report of 3.157 million.

Chicago PMI was reported as well, coming in at 55.6, crushing the projected 50.5 and the revised prior report of 50.00.


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