Market Overview

Mid-Morning Market Update: Markets Rise, Quiksilver Reports Q2 Loss

Mid-Morning Market Update: Markets Rise, Quiksilver Reports Q2 Loss
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Following the market opening Friday, the Dow traded up 0.44 percent to 15,106.66 while the NASDAQ gained 0.30 percent to 3,434.26. The S&P also rose, surging 0.49 percent to 1,630.58.

Top Headline
Yesterday, Quiksilver (NYSE: ZQK) posted a loss in the fiscal second quarter.

Quiksilver posted a quarterly loss of $32.4 million, or $0.19 per share, versus a year-ago loss of $5.1 million, or $0.03 per share. Excluding one-time items, Quiksilver lost $0.12 per share.

Its revenue declined 7% to $458.7 million. However, analysts were projecting a profit of $0.04 per share on revenue of $505.4 million.

Equities Trading UP
Rally Software Development (NYSE: RALY) shot up 11.67 percent to $22.96 after the company posted upbeat Q1 profit.

Shares of Thor Industries (NYSE: THO) got a boost, shooting up 9.27 percent to $45.06 on upbeat Q3 profit.

Elan Corporation plc (NYSE: ELN) was also up, gaining 4.85 percent to $13.30 after Royalty Pharma lifted offer to buy Elan to $13.00 per share in cash plus a contingent value right of up to $2.50 per share.

Equities Trading DOWN
TiVo (NASDAQ: TIVO) was down, falling 19 percent to $11.10 after the company announced settlement of patent litigation.

Shares of Iron Mountain (NYSE: IRM) were down 17.24 percent to $28.47 after the company disclosed that the IRS is reviewing its REIT request.

Quiksilver (NYSE: ZQK) shares tumbled 13.69 percent to $6.62 after the company posted a loss in the fiscal second quarter.

In commodity news, oil traded down 0.80 percent to $94.00, while gold traded down 1.35 percent to $1,396.70.

Silver traded down 1.92 percent Friday to $22.27, while copper fell 1.13 percent to $3.28.

European shares were mostly higher today. The Bundesbank cut its 2013 and 2014 growth forecasts overnight and now sees 0.3 percent growth in 2013 and 1.5 percent growth in 2014 vs. 0.4 percent and 1.9 percent previously.

The Spanish Ibex Index fell 0.13 percent and the Italian FTSE MIB Index gained 0.26 percent. Meanwhile, the German DAX climbed 0.53 percent and the French CAC 40 rose 0.56 percent while U.K. shares gained 0.47 percent.

The US economy added 175,000 jobs in May. The country's jobless rate rose to 7.6% from 7.5%. However, economists were estimating an addition of 164,000 jobs and an unemployment rate of 7.5% in May.

Data on consumer credit for April will be released at 3:00 p.m. ET.

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


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