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Mid-Morning Market Update: Markets Open Higher; Clorox Earnings Top Street View

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Mid-Morning Market Update: Markets Open Higher; Clorox Earnings Top Street View

Following the market opening Friday, the Dow traded up 0.99 percent to 17,364.89 while the NASDAQ surged 1.37 percent to 4,628.55. The S&P also rose, gaining 0.98 percent to 2,014.26.

Leading and Lagging Sectors

Technology shares jumped by 1.69 percent in today’s trading. Top gainers in the sector included Imperva (NYSE: IMPV), up 22.8 percent, and Spansion (NYSE: CODE), up 18.8 percent.

In trading on Friday, utilities shares were relative laggards, down on the day by about 0.22 percent. Top losers in the sector included CPFL Energia S.A. (NYSE: CPL), down 1.9 percent, and WGL Holdings (NYSE: WGL), off 1.6 percent.

Top Headline

The Clorox Company (NYSE: CLX) reported stronger-than-expected fiscal first-quarter results.

The Oakland, California-based company posted quarterly net income of $90 million, or $0.68 per share, versus $136 million, or $1.03 per share, in the year-ago quarter. Its profit from continuing operations rose to $1.10 per share from $1.05 per share.

Its sales climbed to $1.35 billion versus $1.34 billion. However, analysts were expecting a profit of $1.03 per share on revenue of $1.33 billion.

Equities Trading UP

Imperva (NYSE: IMPV) shares shot up 22.43 percent to $39.76 after the company reported better-than-expected Q3 earnings.

Shares of WisdomTree Investments (NASDAQ: WETF) got a boost, shooting up 17.25 percent to $13.73 after the company reported Q3 earnings of $0.08 per share on revenue of $47.10 million and announced a $100 million share repurchase authorization.

GoPro (NASDAQ: GPRO) shares were also up, gaining 15.38 percent to $78.75 after the company reported better-than-expected third-quarter results and issued a strong forecast for the fourth quarter.

Equities Trading DOWN

Shares of Aegerion Pharmaceuticals (NASDAQ: AEGR) were down 36.71 percent to $21.65 after the company reported a Q3 loss and lowered its FY14 revenue forecast.

Tempur Sealy International (NYSE: TPX) shares tumbled 12.77 percent to $51.22 after the company reported upbeat third-quarter results, but cut its outlook.

CommScope Holding Company (NASDAQ: COMM) was down, falling 8.39 percent to $21.30 after the company issued a weak Q4 forecast.

Commodities

In commodity news, oil traded down 1.68 percent to $79.76, while gold traded down 2.68 percent to $1,166.50.

Silver traded down 3.01 percent Friday to $15.93, while copper fell 0.39 percent to $3.05.

Eurozone

European shares were higher today. The eurozone’s STOXX 600 rose 1.5 percent, the Spanish Ibex Index climbed 1.8 percent, while Italy’s FTSE MIB Index surged 2.1 percent. Meanwhile, the German DAX rose 2 percent and the French CAC 40 climbed 2.13 percent while UK shares surged 0.86 percent.

Economics

US consumer spending fell 0.2% in September, versus economists’ expectations for a 0.1% gain. US personal income rose 0.2% in September, versus economists’ expectations for a 0.30% growth.

The Chicago PMI surged to 66.20 in October, versus a prior reading of 60.50. However, economists were estimating a reading of 60.00.

The final reading of Reuter's/University of Michigan's consumer sentiment index rose to 86.90 in October, versus a prior reading of 86.40. However, economists were expecting a reading of 86.40.

Data on farm prices for October will be released at 3:00 p.m. ET.

 

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