Mid-Morning Market Update: Markets Edge Higher, Dell Q2 Net Profit Drops 72%
Following the market opening Friday, the Dow traded up 0.13 percent to 15,132.40 while the NASDAQ surged 0.20 percent to 3,613.24. The S&P also rose, gaining 0.06 percent to 1,662.27.
Dell's quarterly earnings declined to $204 million, or $0.12 per share, from $732 million, or $0.42 per share, in the year-ago period. Excluding one-time items, Dell would have earned $0.25 per share.
Its revenue came in at $14.5 billion. However, analysts were expecting a profit of $0.24 per share on revenue of $14.1 billion.
Equities Trading UP
E-House (China) Holdings (NYSE: EJ) shot up 13.43 percent to $7.18 after the company reported Q2 results.
Shares of Aspen Technology (NASDAQ: AZPN) got a boost, shooting up 14.13 percent to $36.31 after the company reported better-than-expected profit for its fourth fiscal quarter. Benchmark Company reiterated its Buy rating on the stock.
Pandora Media (NYSE: P) was also up, gaining 5.74 percent to $20.99 after Goldman upgraded the stock from Neutral to Buy.
Equities Trading DOWN
Shares of Jos. A Bank Clothiers (NASDAQ: JOSB) were down 5.90 percent to $41.50 after the company issued weak Q2 earnings outlook.
Nordstrom (NYSE: JWN) shares tumbled 3.14 percent to $57.47 after the company cut its profit view for the year.
Universal Truckload Services (NASDAQ: UACL) was down, falling 6.10 percent to $23.85 after the company announced the public offering of 1 million shares of common stock.
In commodity news, oil traded down 0.03 percent to $107.31, while gold traded up 0.46 percent to $ 1,367.10.
Silver traded up 0.35 percent Friday to $23.07, while copper rose 0.73 percent to $3.37.
European shares were mixed today. The Spanish Ibex Index gained 0.48 percent, while Italy's FTSE MIB Index surged 0.57 percent. Meanwhile, the German DAX declined 0.36 percent and the French CAC 40 gained 0.01 percent while U.K. shares rose 0.01 percent.
US housing starts increased 5.9 percent to an annual rate of 896,000 in July. However, economists were projecting housing starts to reach an annual rate of 915,000.
US non-farm business productivity rose to an annual rate of 0.9 percent in the second quarter. Economists were estimating productivity to rise 0.7 percent in the quarter.
The preliminary reading of the Reuter's/University of Michigan's consumer sentiment index dropped to 80.0 in August, from 85.1 in July. However, economists were expecting a reading of 85.2.
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