Mid-Morning Market Update: Markets Tumble; McDonald's Posts Better-Than-Expected Earnings
Following the market opening Thursday, the Dow traded down 1.01 percent to 16,207.63 while the NASDAQ tumbled 0.96 percent to 4,202.31. The S&P also fell, dropping 0.89 percent to 1,828.43.
McDonald's quarterly earnings rose to $1.397 billion, or $1.40 per share, versus a year-ago profit of $1.396 billion, or $1.38 per share.
Its revenue gained 2% to $7.09 billion. However, analysts were expecting a profit of $1.39 per share on revenue of $7.1 billion. McDonald's global sales fell 0.1% at established locations.
Equities Trading UP
Logitech International SA (NASDAQ: LOGI) shot up 16.94 percent to $15.46 after the company reported strong FQ3 results and lifted its full-rear guidance.
F5 Networks (NASDAQ: FFIV) was also up, gaining 8.47 percent to $105.74 after the company reported upbeat FQ1 results and issued strong FQ2 outlook. Janney Capital upgraded the stock from Neutral to Buy and lifted the price target from $83.00 to $122.00.
Equities Trading DOWN
Shares of Hercules Offshore (NASDAQ: HERO) were down 10.96 percent to $5.12. Global Hunter downgraded the stock from Buy to Neutral and cut the price target from $12.00 to $6.00.
Briggs & Stratton (NYSE: BGG) shares tumbled 7.70 percent to $20.98 after the company reported downbeat Q2 results and lowered its FY14 earnings forecast.
American Eagle Outfitters (NYSE: AEO) was down, falling 8.18 percent to $13.14 after the company reported that its CEO Robert Hanson is leaving the company. Stifel Nicolaus downgraded the stock from Buy to Hold.
In commodity news, oil traded up 0.54 percent to $97.25, while gold traded up 1.35 percent to $1,255.30.
Silver traded up 1.72 percent Thursday to $20.18, while copper fell 0.40 percent to $3.32.
European shares were mostly lower today. The Spanish Ibex Index gained 0.25 percent, while Italy's FTSE MIB Index climbed 0.37 percent. Meanwhile, the German DAX fell 0.57 percent and the French CAC 40 slipped 0.30 percent while U.K. shares declined 0.33 percent.
U.S. initial jobless claims rose by 1,000 to 326,000 in the week ended January 18. However, economists were estimating claims to total 330,000 in the week.
U.S. Chicago Fed National Activity Index fell to 0.16 in December. However, economists were expecting a reading of 0.90.
Home prices rose 0.1% in November, and gained 7.6% y/y in the month, according to the Federal Housing Finance Agency.
The flash reading of the U.S. manufacturing PMI declined to 53.7 in January, versus December's reading of 55. However, economists were expecting a reading of 55.
The Bloomberg Consumer Comfort Index came in at -31.00 for the week ended January 19, versus a prior reading of -31.00.
Sales of existing U.S. homes climbed 1% to an annual rate of 4.87 million in December. However, economists were estimating a rate of 4.9 million in the month.
The Conference Board's index of leading indicators rose 0.10% in December, versus economists' expectations for a 0.20% growth.
The Treasury is set to auction 3-and 6-month bills. The Treasury will also auction 2-year, 5-year and 7-year notes.
Data on money supply will be released at 4:30 p.m. ET.
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