Mid-Morning Market Update: Markets Open Lower; BlackBerry Reports Q2 Loss
Following the market opening Friday, the Dow traded down 0.63 percent to 15,232.07 while the NASDAQ declined 0.49 percent to 3,768.91. The S&P also fell, dropping 0.58 percent to 1,688.75.
BlackBerry posted a quarterly loss of $965 million, or $1.84 per share, versus a year-ago loss of $229 million, or $0.44 per share. Its adjusted net loss from continuing operations came in at $0.47 per share.
Its revenue dropped 45% to $1.6 billion from $2.9 billion. However, analysts were expecting a loss of $0.49 per share on revenue of $1.61 billion.
Equities Trading DOWN
Shares of Nektar Therapeutics (NASDAQ: NKTR) were down 20.72 percent to $10.98 after the company reported that the results from Phase 2 trial of NKTR-181 missed primary efficacy endpoint.
Zoltek Companies (NASDAQ: ZOLT) shares tumbled 10.72 percent to $16.52 after after Toray Industries agreed to buy Zoltek for $16.75 per share. Dougherty & Company downgraded the stock from Neutral to Sell.
In commodity news, oil traded down 0.06 percent to $102.97, while gold traded up 0.82 percent to $1,335.00.
Silver traded up 0.06 percent Friday to $21.78, while copper rose 0.68 percent to $3.33.
European shares were lower today. The Spanish Ibex Index dropped 0.42 percent, while Italy's FTSE MIB Index fell 0.71 percent. Meanwhile, the German DAX dropped 0.11 percent and the French CAC 40 fell 0.17 percent while U.K. shares declined 0.85 percent.
Consumer spending rose 0.3% in August, matching economists' expectations for a 0.3% rise. Personal income increased 0.4% last month, versus economists' estimates of a 0.4% rise.
The Reuter's/University of Michigan's consumer sentiment index declined to a final reading of 77.5 in September, from 82.1 in August. However, economists were estimating a final reading of 78.00.
Data on farm prices for September will be released at 3:00 p.m. ET.
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