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Mid-Morning Market Update: Markets Fall, Pandora Posts Higher Revenue

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Mid-Morning Market Update: Markets Fall, Pandora Posts Higher Revenue

Following the market opening Friday, the Dow traded down 0.26 percent to 15,255.34, while the NASDAQ fell 0.55 percent to 3,444.19. The S&P was also down, declining 0.47 percent to 1,642.82.

Top Headline
Yesterday, Pandora Media (NYSE: P) reported upbeat revenue for the first quarter. Pandora posted a quarterly net loss of $28.6 million, or $0.16 per share, versus a year-ago loss of $20.2 million, or $0.12 per share. Excluding one-time items, Pandora lost $0.10 per share. Its revenue surged 55% to $126 million. However, analysts were expecting a loss of $0.10 per share on revenue of $124 million.

Equities Trading UP
Infoblox (NYSE: BLOX) shot up, gaining 15.55 percent to $25.42, after the company reported upbeat Q3 results. Pandora Media was also up 7.93 percent to $18.52, after the company reported upbeat revenue for the first quarter. InterOil (NYSE: IOC) got a boost, shooting up 6.98 percent to $99.99. InterOil and Pacific LNG Group are in talks with Exxon Mobil on the development of Petroleum Retention License 15.

Equities Trading DOWN
Sears Holdings (NASDAQ: SHLD) was down, falling 17.21 percent to $48.16, after the company reported wider-than-expected Q1 loss. Abercrombie & Fitch Co (NYSE: ANF) shares tumbled 10.72 percent to $48.54 on weak Q1 results. salesforce.com (NYSE: CRM) was down 5.78 percent to $43.05 after the company reported downbeat quarterly results.

Commodities
In commodity news, oil traded down 0.95 percent to $93.35, while gold dropped 0.29 percent to $1,387.80. Silver traded down 0.72 percent Friday to $22.35, while copper fell 0.59 percent to $3.28.

Euro zone
European shares were lower on Friday. The Spanish Ibex Index fell 1.18 percent and the Italian FTSE MIB Index dropped 0.63 percent. Meanwhile, the German DAX tumbled 0.53 percent and the French CAC 40 fell 0.17 percent while U.K. shares declined 0.54 percent.

Economics
Orders for durable goods rose 3.3 percent to $222.6 billion in April, versus a revised 5.9 percent fall in March. However, economists were expecting a 1.4 percent rise.

Posted-In: Earnings News Guidance Commodities Global Econ #s Economics Hot Best of Benzinga

 

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