Mid-Morning Market Update: Markets Open Higher; Tiffany Posts Downbeat Earnings
Following the market opening Friday, the Dow traded up 0.44 percent to 16,402.68 while the NASDAQ surged 0.04 percent to 4,320.84. The S&P also rose, gaining 0.46 percent to 1,880.67.
Leading and Lagging Sectors
Friday morning, the utilities sector proved to be a source of strength for the market. Leading the sector was strength from Huaneng Power International (NYSE: HNP) and Exelon (NYSE: EXC). In trading on Friday, telecommunications services shares were relative laggards, down on the day by about 0.01 percent.
Tiffany & Co (NYSE: TIF) swung to a loss in the fourth quarter. Tiffany posted a quarterly loss of $103.6 million, or $0.81 per share, versus a year-ago profit of $179.6 million, or $1.42 per share. Excluding special items, it earned $1.47 per share. Its revenue climbed to $1.30 billion versus $1.24 billion. However, analysts were estimating earnings of $1.51 per share on revenue of $1.31 billion. For fiscal year 2014, Tiffany projects earnings of $4.05 to $4.15 per share, versus analysts' estimates of $4.27 per share.
Equities Trading UP
Endocyte (NASDAQ: ECYT) shares shot up 121.31 percent to $32.40 after Merck & Co (NYSE: MRK) and Endocyte announced the European CHMP positive opinions for VYNFINIT and the companion agents FOLCEPRI and NEOCEPRI.
CommScope Holding Company (NASDAQ: COMM) was also up, gaining 11.66 percent to $24.71 after the company lifted its Q1 forecast.
Equities Trading DOWN
Shares of Symantec (NASDAQ: SYMC) were down 11.70 percent to $18.46 after the company fired President and Chief Executive Steve Bennett and appointed director Michael Brown as interim president and CEO. UBS downgraded the stock from Buy to Neutral and lowered the price target from $27.00 to $21.00.
AAR (NYSE: AIR) shares tumbled 6.23 percent to $28.99 after the company reported a drop in its Q3 profit and lowered its FY14 forecast.
Nike (NYSE: NKE) was down, falling 3.89 percent to $76.19 after the company issued a cautious forecast for 2015 earnings. Nike posted its quarterly adjusted profit of $0.73 per share on revenue of $6.97 billion.
In commodity news, oil traded up 0.27 percent to $99.17, while gold traded up 0.53 percent to $1,337.80.
Silver traded down 0.05 percent Friday to $20.42, while copper rose 1.52 percent to $2.97.
European shares were mostly higher today.
The Spanish Ibex Index fell 0.18 percent, while Italy's FTSE MIB Index rose 0.20 percent.
Meanwhile, the German DAX surged 0.19 percent and the French CAC 40 gained 0.01 percent while U.K. shares rose 0.10 percent.
On the economics calendar Friday, there is no important data due out.
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