Mid-Morning Market Update: Markets Open Higher, Pandora Posts Narrower-Than-Expected Loss
Following the market opening Friday, the Dow traded up 0.27 percent to 14,368.74 while the NASDAQ rose 0.21 percent to 3,239.03. The S&P also rose, gaining 0.17 percent to 1,546.89.
Pandora Media (NYSE: P) posted a narrower-than-expected fourth-quarter loss. The company also announced that its Chairman, Chief Executive and President, Joseph Kennedy is stepping down. The company posted a quarterly loss of $14.6 million, or $0.09 per share, versus a year-ago loss of $8.2 million, or $0.05 per share. Excluding one-time items, its adjusted loss came in at $0.04 per share. Its revenue surged 54% to $125.1 million. However, analysts were expecting a loss of $0.05 pers hare on revenue of $122.8 million. Equities Trading UP
Pandora Media (NYSE: P) shot up 22.76 percent to $14.40 after the company posted a narrower-than-expected fourth-quarter loss. Shares of Tempur-Pedic International (NYSE: TPX) got a boost, shooting up 7.44 percent to $45.79 after the Federal Trade Commission cleared its planned acquisition of Sealy. H&R Block (NYSE: HRB) was also up, gaining 7.57 percent to $26.87 after the company reported Q3 results.
Equities Trading DOWN
Foot Locker (NYSE: FL) shares tumbled 5.24 percent to $33.46 after the company reported Q4 results. AVG Technologies NV (NYSE: AVG) was also down, falling 9.66 percent to $14.18 after the company announced the resignation of it CEO. Shares of Quiksilver (NYSE: ZQK) were down 7.63 percent to $5.81 after the company reported downbeat Q1 results.
In commodity news, oil traded down 0.55 percent to $91.06, while gold traded down 0.76 percent to $1,563.10. Silver traded down 1.28 percent Friday to $28.44, while copper fell 0.19 percent to $3.51.
European shares were higher today. Spanish industrial production continued to improve in January, falling 5 percent on expectations of a 5.2 percent drop and slower than the previous reading of a 6.9 percent drop. The Spanish Ibex Index climbed 2.17 percent and the Italian FTSE MIB Index surged 1.66 percent. The STOXX Europe 600 Index gained 0.77 percent, London's FTSE 100 Index rose 0.63 percent, French CAC 40 Index surged 1.34 percent and German DAX 30 index gained 0.76 percent. Economics
The US economy added 236,000 jobs in the month of February and the unemployment rate declined to 7.7% from 7.9%. However, economists were expecting the economy to add 160,000 jobs and unemployment rate of 7.9% in February. US wholesales inventories climbed 1.2% to $504.4 billion in January. However, economists had expected a rise of around 0.3%. The Fed's Elizabeth Duke is scheduled to speak tonight.
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