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Mid-Day Market Update: Oracle Jumps On Upbeat Earnings; Silicon Image Shares Decline

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Mid-Day Market Update: Oracle Jumps On Upbeat Earnings; Silicon Image Shares Decline

Midway through trading Thursday, the Dow traded up 1.51 percent to 17,619.65 while the NASDAQ climbed 1.56 percent to 4,716.94. The S&P also rose, gaining 1.48 percent to 2,042.69.

Leading and Lagging Sectors

In trading on Thursday, technology shares were relative leaders, up on the day by about 1.83 percent. Meanwhile, top gainers in the sector included Alcatel-Lucent (NYSE: ALU), up 7.5 percent, and ModusLink Global Solutions, Inc. (NASDAQ: MLNK), up 7.1 percent.

Energy shares rose by just 0.18 percent in the US market on Thursday. Meanwhile, top decliners in the sector included Comstock Resources Inc. (NYSE: CRK), down 15 percent, and Enduro Royalty Trust (NYSE: NDRO), off 11.3 percent.

Top Headline

Rite Aid Corporation (NYSE: RAD) reported better-than-expected third-quarter results and raised its forecast for the year.

The Camp Hill, Pennsylvania-based company posted quarterly earnings of $104.8 million, or $0.10 per share, compared to $71.5 million, or $0.04 per share, in the year-ago period.

Its revenue climbed 5.3% to $6.69 billion. However, analysts were expecting earnings of $0.05 per share on revenue of $6.61 billion.

Equities Trading UP

Key Energy Services Inc. (NYSE: KEG) shares shot up 38.14 percent to $1.63. RBC Capital upgraded Key Energy Services from Sector Perform to Outperform and lowered the price target from $5.00 to $4.00.

Shares of Rite Aid Corporation (NYSE: RAD) got a boost, shooting up 11.55 percent to $6.76 after the company reported upbeat Q3 earnings and raised its FY15 outlook

Oracle Corporation (NYSE: ORCL) shares were also up, gaining 8.35 percent to $44.60 after the company reported better-than-expected fiscal second-quarter results.

Equities Trading DOWN

Silicon Image, Inc. (NASDAQ: SIMG) shares tumbled 25.84 percent to $5.00. Silicon Image projected year-over-year drop of around 10% in 2015 revenue.

Shares of Winnebago Industries, Inc. (NYSE: WGO) were down 9.01 percent to $21.70 after the company reported weaker-than-expected fiscal first-quarter earnings.

Dunkin' Brands Group, Inc. (NASDAQ: DNKN) was down, falling 8.81 percent to $42.15 after the company issued a weak earnings forecast.

Commodities

In commodity news, oil traded down 1.47 percent to $55.64, while gold traded up 0.15 percent to $1,196.30.

Silver traded up 0.14 percent Thursday to $15.95, while copper fell 0.70 percent to $2.85.

Eurozone

European shares were higher today. The eurozone’s STOXX 600 climbed 2.83 percent, the Spanish Ibex Index climbed 3.32 percent, while Italy’s FTSE MIB Index rose 2.65 percent. Meanwhile, the German DAX surged 2.63 percent and the French CAC 40 rose 3.16 percent while UK shares gained 1.89 percent.

Economics

US jobless claims dropped by 6,000 to 289,000 in the week ended Dec. 13. However, economists were projecting claims to reach 295,000 in the week.

US Markit services PMI fell to 53.60 for December, versus a prior reading of 56.20. However, economists were expecting a reading of 57.10.

The Conference Board's index of leading indicators rose 0.60% in November, versus economists’ expectations for a 0.50% growth.

US Philadelphia Fed manufacturing index slipped to 24.50 in December, versus a prior reading of 40.80. However, economists were expecting a reading of 26.00.

Natural-gas supplies dropped 64 billion cubic feet for the week ended December 12, the Energy Information Administration said. However, analysts were estimating a drop between 60 bcf and 64 bcf.

 

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