Mid-Afternoon Market Update: Markets All Red as Dendreon Continues to Fall
Toward the end of trading Friday, the Dow traded down 0.51 percent to 15,419.37 while the NASDAQ declined 0.24 percent to 3,660.80. The S&P also fell, dropping 0.37 percent to 1,691.04.
Yesterday, Lions Gate Entertainment (NYSE: LGF) swung to a profit in its fiscal first quarter. Lions Gate posted a quarterly net income of $13.6 million, or $0.10 per share, versus a year-ago loss of $44.2 million, or $0.33 per share. Excluding one-time items, its adjusted earnings came in at $0.18 per share. Its revenue surged 21 percent to $569.7 million. However, analysts were expecting a profit of $0.04 per share on revenue of $524 million.
Equities Trading UP
Ubiquiti Networks (NASDAQ: UBNT) shot up 25.80 percent to $26.67 after the company reported upbeat Q4 results and issued strong Q1 forecast. Shares of BlackBerry (NASDAQ: BBRY) got a boost, shooting up 5.85 percent to $9.77 on going private rumor. Walter Energy (NYSE: WLT) was also up, gaining 13.84 percent to $13.00 as it broke out on seemingly no news.
Equities Trading DOWN
Shares of Dendreon (NASDAQ: DNDN) were down 25.93 percent to $3.40 after the company reported downbeat Q2 results and Wedbush issued a ZERO dollar price target for the company. Molycorp (NYSE: MCP) shares tumbled 9.85 percent to $6.69 after the company reported wider-than-expected second-quarter loss. Noodles & Company (NASDAQ: NDLS) was down as well, falling 10.07 percent to $42.57 after the company missed on its first earnings report as a public company.
In commodity news, oil traded up 2.50 percent to $105.98, while gold traded up 0.34 percent to $1,314.30. Silver traded up 1.03 percent Friday to $20.47, while copper rose 1.28 percent to $3.31.
European shares were higher today. The Spanish Ibex Index gained 0.74 percent and the Italian FTSE MIB Index surged 0.23 percent. Meanwhile, the German DAX gained 0.14 percent and the French CAC 40 rose 0.30 percent while U.K. shares gained 0.76 percent.
Wholesale inventories dropped 0.2 percent in June, after a 0.6 percent fall in May. However, economists were expecting a 0.4 percent rise.
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