Mid-Day Market Update: US Stocks Turn Higher; GoPro Shares Slide On Disappointing Guidance

Midway through trading Thursday, the Dow traded up 1.06 percent to 16,322.48 while the NASDAQ climbed 0.78 percent to 4,561.48. The S&P also rose, gaining 0.96 percent to 1,908.37. Leading and Lagging Sectors On Thursday, energy shares surged by 1.90 percent. Meanwhile, top gainers in the sector included CARBO Ceramics Inc. CRR, up 8 percent, and Bill Barrett Corporation BBG, up 5 percent. In trading on Thursday, cyclical consumer goods & services shares tumbled by 0.35 percent. Meanwhile, top losers in the sector included Best Buy Co Inc BBY, down 10 percent, and Meritor Inc MTOR, down 7 percent. Top Headline JPMorgan Chase & Co. JPM reported better-than-expected results for its fourth quarter. The bank reported quarterly profit of $5.43 billion, or $1.32 per share, versus a year-ago profit of $4.93 billion, or $1.19 per share. Its revenue climbed to $23.75 billion. Analysts were expecting earnings of $1.25 per share on revenue of $22.89 billion. Equities Trading UP IntelliPharmaCeutics Intl Inc (USA) IPCI shares shot up 13 percent to $2.39 after the company reported the successful bioequivalence results for abuse deterrent Rexista Oxycodone XR. Shares of Big 5 Sporting Goods Corporation BGFV got a boost, shooting up 11 percent to $11.90. Big 5 Sporting Goods reported a 0.1 percent rise in Q4 same store sales and narrowed its Q4 earnings outlook. Diana Shipping Inc. DSX shares were also up, gaining 15 percent to $2.50 after the company reported a time charter contract for m/v Nirefs with Transgrain Shipping B.V. Equities Trading DOWN GoPro Inc GPRO shares dropped 18 percent to $12.01 after the company issued disappointing fourth quarter guidance and announced a 7 percent reduction in its workforce. Shares of HudBay Minerals Inc HBM were down 13 percent to $2.13 after the company issued an update on FY16 production guidance. Barclays downgraded HudBay Minerals from Overweight to Underweight and lowered the price target from $10.00 to $4.00. Mobileye NV MBLY was down, falling around 9 percent to $30.74. Morgan Stanley maintained an Overweight rating for Mobileye, while reducing the price target from $80 to $57. Commodities In commodity news, oil traded up 1.57 percent to $30.96, while gold traded down 0.46 percent to $1,082.10. Silver traded down 2.51 percent Thursday to $13.80, while copper rose 1.18 percent to $1.98. Eurozone European shares were lower today. The eurozone's STOXX 600 dipped 1.38 percent, the Spanish Ibex Index dropped 1.45 percent, while Italy's FTSE MIB Index fell 1.38 percent. Meanwhile, the German DAX slipped 1.53 percent, and the French CAC 40 fell 1.60 percent, while U.K. shares declined 0.53 percent. Economics US import prices slipped 1.2 percent in December, while export prices declined 1.1 percent in December. Initial jobless claims climbed by 7,000 to 284,000 for the first full week of January. However, economists were expecting claims to reach 275,000 in the week. Supplies of natural gas dropped by 168 billion cubic feet for the week ended January 8, the U.S. Energy Information Administration reported. However, analysts were estimating a fall of 176 billion cubic feet to 180 billion cubic feet.