Market Overview

Markets Gain; BlackBerry Posts Narrower Loss

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Markets Gain; BlackBerry Posts Narrower Loss

Following the market opening Friday, the Dow traded up 0.44 percent to 17,020.80 while the NASDAQ surged 0.42 percent to 4,485.47. The S&P also rose, gaining 0.35 percent to 1,972.93.

Leading and Lagging Sectors

In trading on Friday, cyclical consumer goods & services shares gained 0.61 percent. Top gainers in the sector included Nike (NYSE: NKE), up 10 percent, and Research Frontiers (NASDAQ: REFR), up 5.6 percent.

Utilities shares fell 0.35 percent on Friday. Top losers in the sector included Huaneng Power International (NYSE: HNP), down 1.9 percent, and PPL Corp (NYSE: PPL), off 1.2 percent.

Top Headline

BlackBerry (NASDAQ: BBRY) reported a narrower-than-expected second-quarter loss.

The Waterloo, Canada-based company posted a quarterly net loss of $207 million, or $0.39 per share, versus a year-ago loss of $965 million, or $1.84 per share. Excluding non-recurring items, it posted an adjusted loss of $0.02 per share.

Its revenue declined to $916 million from $1.57 billion. However, analysts were expecting a loss of $0.16 per share on revenue of $942.93 million.

Equities Trading UP

Janus Capital Group (NYSE: JNS) shares shot up 34.56 percent to $14.95 following news that Bill Gross will be joining the company. PIMCO also confirmed the departure of Bill Gross.

Shares of Nike (NYSE: NKE) got a boost, shooting up 10.56 percent to $88.18 after the company reported stronger-than-expected fiscal first-quarter results. Analysts at Janney Capital upgraded Nike from Neutral to Buy.

Micron Technology (NASDAQ: MU) shares were also up, gaining 6.78 percent to $33.85 after the company posted better-than-expected fiscal fourth-quarter results and issued a strong revenue forecast for the fiscal first quarter.

Equities Trading DOWN

Shares of Finish Line (NASDAQ: FINL) were down 11.25 percent to $26.10 after the company reported downbeat second-quarter results.

Powell Industries (NASDAQ: POWL) shares tumbled 8.79 percent to $45.35 after the company lowered its FY14 outlook.

Philip Morris International (NYSE: PM) was down, falling 1.12 percent to $82.76. Analysts at Bank of America downgraded Philip Morris International from Buy to Neutral and lowered the target price to $87.

Commodities

In commodity news, oil traded up 0.31 percent to $92.82, while gold traded down 0.37 percent to $1,217.40.

Silver traded up 0.33 percent Friday to $17.50, while copper rose 0.12 percent to $3.03.

Eurozone

European shares were mostly higher today. The eurozone’s STOXX 600 gained 0.06 percent, the Spanish Ibex Index rose 0.15 percent, while Italy’s FTSE MIB Index surged 0.76 percent. Meanwhile, the German DAX dropped 0.35 percent and the French CAC 40 rose 0.44 percent while UK shares fell 0.02 percent.

Economics

The US economy expanded at an annual pace of 4.6% in the second quarter, versus a prior reading of 4.2% growth.

The Reuters/University of Michigan's consumer sentiment index came in flat at 84.60 in September, versus economists’ expectations for a reading of 84.80.

Posted-In: Earnings News Guidance Eurozone Futures Commodities Global Markets

 

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