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Mid-Morning Market Update: Markets Mostly Lower; Ford Earnings Beat Expectations

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Mid-Morning Market Update: Markets Mostly Lower; Ford Earnings Beat Expectations

Following the market opening Thursday, the Dow traded up 0.02 percent to 17,195.28 while the NASDAQ slipped 0.45 percent to 4,617.36. The S&P also fell, dropping 0.28 percent to 1,996.57.

Leading and Lagging Sectors

In trading on Thursday, basic materials shares were relative leaders, up on the day by about 0.22 percent. Meanwhile, top gainers in the sector included Cavco Industries, Inc. (NASDAQ: CVCO), up 5.8 percent, and Air Products & Chemicals Inc. (NYSE: APD), up 6.6 percent.

Energy shares dropped by 1 percent in the US market on Thursday. Top losers in the sector included Frontline Ltd. (NYSE: FRO), down 11 percent, Core Laboratories NV (NYSE: CLB), off 10.5 percent.

Top Headline

Ford Motor Co. (NYSE: F) reported better-than-expected earnings for the fourth quarter.

The Dearborn, Michigan-based company posted quarterly net income of $52 million, or $0.01 per share, compared to $3.07 billion, in the year-ago period. Excluding one-time costs, the company earned $0.26 per share, beating analysts' estimates of $0.23 per share.

Its revenue dropped 4.5% to $35.9 billion in the quarter, versus estimates of $34.54 billion.

Equities Trading UP

Harman International Industries, Incorporated (NYSE: HAR) shares shot up 15.68 percent to $116.85 after the company reported higher Q2 earnings and announced a strategic collaboration with Baidu.

Shares of Coach, Inc. (NYSE: COH) got a boost, shooting up 7.82 percent to $39.31 after the company reported better-than-expected earnings for the second quarter.

Colgate-Palmolive Co. (NYSE: CL) shares were also up, gaining 6.45 percent to $69.32 after the company reported better-than-expected fourth-quarter earnings.

Equities Trading DOWN

Core Laboratories NV (NYSE: CLB) shares tumbled 9.94 percent to $89.92 after the company reported Q4 results and issued a downbeat Q1 forecast.

Shares of Alibaba Group Holding Limited (NYSE: BABA) were down 9.45 percent to $89.15 after the company reported downbeat revenue for the third quarter.

QUALCOMM Incorporated (NASDAQ: QCOM) was down, falling 9.41 percent to $64.31 after the company cut its outlook for fiscal 2015. However, the company reported upbeat results for the first quarter.

Commodities

In commodity news, oil traded up 0.79 percent to $44.80, while gold traded down 1.17 percent to $1,272.20.

Silver traded down 3.50 percent Thursday to $17.46, while copper fell 0.63 percent to $2.46.

Eurozone

European shares were lower today. The eurozone’s STOXX 600 declined 0.48 percent, the Spanish Ibex Index declined 0.26 percent, while Italy’s FTSE MIB Index dipped 0.09 percent. Meanwhile, the German DAX fell 0.31 percent, and the French CAC 40 slipped 0.21 percent while UK shares dropped 0.60 percent.

Economics

US jobless claims declined 43,000 to 265,000 in the week ended January 24. However, economists were expecting claims to reach 296,000 in the week.

The pending home sales declined 3.7% in December.

The Treasury is set to auction 5-and 7-year notes.

Data on money supply will be released at 4:30 p.m. ET.

 

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