Market Overview

Mid-Afternoon Market Update: The Medicines Company Falls as Markets Remain Mixed

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Mid-Afternoon Market Update: The Medicines Company Falls as Markets Remain Mixed

Midway through trading Friday, the Dow traded down 0.22 percent to 15,426.19 while the NASDAQ rose 0.40 percent to 3,592.74. The S&P also rose, gaining 0.08 percent to 1,676.67.

Top Headline
J.P. Morgan Chase & Co (NYSE: JPM) reported a rise in its second-quarter profit.

JPMorgan's quarterly profit surged to $6.5 billion, or $1.60 per share, from $4.9 billion, or $1.21 per share, in the year-ago quarter.

Its total net revenue climbed to $25.21 billion from $22.18 billion. However, analysts were estimating earnings of $1.44 per share on revenue of $24.97 billion. JPMorgan's mortgage originations increased 12% to $49 billion versus the previous quarter.

Equities Trading UP
WebMD Health (NASDAQ: WBMD) shot up 26.00 percent to $33.97 after the company raised its forecast for the year.

Shares of Alnylam Pharma (NASDAQ: ALNY) were up as well, gaining 15.52 percent to $50.28 following some positive study data on Thursday

athenahealth (NASDAQ: ATHN) was also up, gaining 19.24 percent to $109.13 after the company entered into an agreement with Ascension.

Equities Trading DOWN
Shares of United Parcel Service (NYSE: UPS) were down 6.27 percent to $85.73 after the company issued Q2 earnings warning.

The Medicines Company (NASDAQ: MDCO) was also down, falling 7.23 percent to $31.57 after the company received a negative court ruling mid-way through the session Friday.

SodaStream (NASDAQ: SODA) was down as well, falling 5.42 percent to $59.13 following a downgrade at Oppenheimer to a perform rating.

Commodities
In commodity news, oil traded up 0.98 percent to $105.94, while gold traded up 0.26 percent to $1,283.80.

Silver traded down 1.17 percent Friday to $19.93, while copper fell 0.63 percent to $3.15.

Eurozone
European shares were mixed as peripheral indexes fell on Portuguese fears. The Spanish Ibex Index fell 2.32 percent and the Italian FTSE MIB Index declined 1.57 percent. Meanwhile, the

German DAX jumped 0.66 percent and the French CAC 40 fell 0.36 percent while U.K. shares surged 0.02 percent.

Economics
US wholesale prices rose 0.8% in June, while core wholesale prices increased 0.2% in the month, according to the Labor Department. However, economists were expecting a 0.5% gain in the overall PPI and a 0.1% rise in core PPI.

The preliminary reading of Reuter's/University of Michigan's consumer sentiment index surged to 83.90 in July, versus a final reading of 84.10 in June. However, economists were expecting a reading of 84.70 in the month.

Fed members Bullard, Plosser, and Williams are set to speak.

Posted-In: Earnings News Guidance Eurozone Commodities Forex Global Econ #s

 

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