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Mid-Morning Market Update: Markets Slightly Higher, Smithfield Posts Lower Profit

Mid-Morning Market Update: Markets Slightly Higher, Smithfield Posts Lower Profit

Following the market opening Friday, the Dow traded up 0.10 percent to 15,191.05 while the NASDAQ gained 0.07 percent to 3,447.88. The S&P also rose, surging 0.25 percent to 1,640.46.

Top Headline
Smithfield Foods (NYSE: SFD) reported a drop in its fiscal fourth-quarter profit. Smithfield's quarterly profit declined to $29.7 million, or $0.21 per share, versus $79.5 million, or $0.49 per share, in the year-ago period. Its sales rose 3% to $3.32 billion from $3.31 billion.

Equities Trading UP
Restoration Hardware (NYSE: RH) shot up 15.54 percent to $68.13 after the company reported upbeat first-quarter results and lifted its fiscal year forecast. Shares of Elan Corporation (NYSE: ELN) got a boost, shooting up 7.81 percent to $13.60 after the company reported that it is proceeding with a formal sale process. Groupon (NASDAQ: GRPN) was also up, gaining 9.18 percent to $7.49 after Deutsche Bank upgraded the stock from Hold to Buy.

Equities Trading DOWN
Myriad Genetics (NASDAQ: MYGN) was down, falling 9.47 percent to $28.98 after analysts at Bank of America downgraded the stock from Buy to Neutral. Shares of Himax Technologies (NASDAQ: HIMX) were down 6.33 percent to $5.48 after the company priced 22,086,742 ADSs at $5.25 per ADS by selling shareholder Innolux. Progress Software (NASDAQ: PRGS) shares tumbled 2.72 percent to $22.67 after Needham downgraded the stock from Buy to Hold.

In commodity news, oil traded up 1.20 percent to $97.85, while gold traded up 0.58 percent to $1,385.80. Silver traded up 1.89 percent Friday to $21.99, while copper rose 0.16 percent to $3.19.

Euro zone
European shares were mostly higher following stronger global markets. European total employment fell 0.5 percent in May, worse than the expected 0.2 percent drop. Eurozone inflation continued to drag along at low levels in May as the CPI rose 0.1 percent in the month, in line with expectations. The CPI rose 1.2 percent from a year ago, also in line with expectations, although well below the unofficial target of 2 percent inflation. The Spanish Ibex Index rose 0.24 percent and the Italian FTSE MIB Index gained 0.17 percent. Meanwhile, the German DAX climbed 0.65 percent and the French CAC 40 gained 0.59 percent while U.K. shares rose 0.10 percent.

US wholesale prices rose 0.5% in May, while the core producer price index gained 0.1% in the month, according to the Labor Department. However, economists were expecting a 0.1% increase in the overall PPI and a 0.1% gain in core PPI. The US current account deficit climbed $3.8 billion to $106.1 billion in the first quarter, according to the Commerce Department. US industrial output came in flat in May, according to the Federal Reserve. However, economists were expecting a 0.1% rise in production. The preliminary reading of the Reuter's/University of Michigan's consumer sentiment index declined to 82.7, versus a final reading of 84.5 in May. However, economists were expecting a preliminary reading of 84.7.


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