Mid-Morning Market Update: Markets Go Red, Best Buy Results Beat Estimates
Following the market open Friday, the Dow traded down 0.34 percent to 14,006.53 while the NASDAQ fell 0.59 percent to 3,141.66. The S&P also dropped, falling 0.41 percent to 1,508.44.
For today, the S&P looks set to head lower and re-test the 1,500 level, with 1,495 support lurking below.
The Dow is poised to hit its high of 14,149 and head lower to test its 20 EMA at 13,928.28, with 13,860 acting as support below that.
The NASDAQ is set to head lower and test its 50 EMA at 3,124.09, with a lower support set at 3,100.
Finally, the Russell looks to lose its 20 EMA this morning at 907.67, while heading lower to the 894 support.
Best Buy Co (NYSE: BBY) reported better-than-expected fourth-quarter results.
Best Buy posted a quarterly loss of $409 million, or $1.21 per share, versus a year-ago loss of $1.82 billion, or $5.17 per share.
Its revenue rose to $16.71 billion from $16.67 billion. Excluding items, its adjusted profit came in at $1.64 per share. However, analysts were expecting earnings of $1.54 per share on sales of $16.3 billion.
Equities Trading UP
Sauer-Danfoss (NYSE: SHS) shot up 8.43 percent to $58.68 after Danfoss A/S agreed to buy rest of Sauer-Danfoss for $58.50 per share in cash.
Shares of Deckers Outdoor (NASDAQ: DECK)got a boost, shooting up 12.08 percent to $45.29 after the company's Q4 earnings surpassed analysts' estimates.
Best Buy Co (NYSE: BBY) was also up, gaining 5.24 percent to $17.27 after the company reported better-than-expected fourth-quarter results.
Equities Trading DOWN
Atlantic Power (NYSE: AT) shares tumbled 35.91 percent to $6.39 after the company's Q4 project income fell by $7.9 million to project loss of $6.1 million.
SandRidge Energy (NYSE: SD) was also down, falling 10.53 percent to $5.10 after the company reported a Q4 loss.
Shares of OmniVision Technologies (NASDAQ: OVTI)were down 14.99 percent to $13.10, after the company issued a weak fourth-quarter forecast.
In commodity news, oil traded down 1.52 percent to $90.65, while gold traded up 0.28 percent to $1,582.50.
Silver traded up 0.66 percent Friday to $28.62, while copper dropped 1.54 percent to $3.49.
European shares were lower after downbeat economic data. Euro-zone inflation declined to 1.8% in February, versus 2% in the earlier month. Euro-zone unemployment reached 11.9% in the month of January. Italian PMI came in below expectations at 45.8, while German PMI beat expectations at 50.3.
The Spanish Ibex Index tumbled 0.82 percent and the Italian FTSE MIB Index dipped 1.64 percent. The STOXX Europe 600 Index fell 0.80 percent, London's FTSE 100 Index dropped 0.50 percent, French CAC 40 Index declined 1.14 percent and German DAX 30 index fell 0.86 percent.
Consumer spending in the US rose 0.2% in January, versus a downwardly revised 0.1% rise in December. However, personal income declined 3.6% in the month. Economists were expecting a 0.2% gain in consumer spending and a 2.6% fall in personal income.
The final Markit manufacturing PMI dropped to 54.3 in the month of February, versus 55.8 in January.
The University of Michigan/Thomson Reuters consumer-sentiment index climbed to 77.6 in the month of February, versus a final reading of 73.8 in January, beating economists' estimates of 76.4.
The ISM manufacturing index rose to a reading of 54.2% in February, versus 53.1% in January, surpassing expectations of 52.5%.
US construction spending declined 2.1% in January, versus a 1.1% rise in the prior month.
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