Mid-Day Market Update: Micron Shares Tumble On Downbeat Profit; SolarCity Spikes Higher

Midway through trading Friday, the Dow traded up 0.38 percent to 15,183.68 while the NASDAQ surged 0.41 percent to 3,776.09. The S&P also rose, gaining 0.34 percent to 1,698.27.

J.P. Morgan Chase

reported a

third quarter. J.P. Morgan posted a quarterly loss of $400 million, or $0.17 per share, versus a year-ago profit of $5.7 billion, or $1.40 per share. Excluding charges, it earned $1.42 per share in the recent period. Its revenue on a managed basis declined 7.7% to $23.88 billion. However, analysts were estimating earnings of $1.17 per share on revenue of $23.94 billion. J.P. Morgan's commercial banking profit declined 3.6% y/y to $665 million, while mortgage banking profit rose 13% to $705 million.

Seaspan

shot up 9.75 percent to $21.60 after the company

of its public offerings of common shares and convertible notes. Shares of SolarCity

got a boost, shooting up 21.58 percent to $46.60 after the company lifted its outlook for 2014. Envestnet

was also up, gaining 20.82 percent to $35.74 after the company

of common stock at $29.25 per share by selling shareholders.

Shares of The Gap

were down 7.22 percent to $36.63 after the company reported a 3% drop in its same-store sales in September. Micron Technology

shares tumbled 5.48 percent to $17.42 after the company reported a

FQ4 net profit. NPS Pharmaceuticals

was down, falling 9.42 percent to $30.03 after the company priced a 7.4 million share spot secondary at $32.

In commodity news,

to $101.39, while gold traded down 2.22 percent to $1,268.10. Silver traded down 3.04 percent Friday to $21.23, while copper rose 0.57 percent to $3.27.

European shares

today. The Spanish Ibex Index fell 0.09 percent, while Italy's FTSE MIB Index rose 0.16 percent. Meanwhile, the German DAX rose 0.32 percent and the French CAC 40 rose 0.04 percent while U.K. shares gained 0.78 percent.

The Reuters/University of Michigan's consumer sentiment index dropped to a preliminary reading of 75.20 in October, versus a final reading of 77.50 in September. However, economists were projecting a reading of 75.30.