Market Overview

Mid-Morning Market Update: Markets Edge Lower; Citigroup Profit Tops Views

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Following the market opening Friday, the Dow traded down 0.02 percent to 17,922.90 while the NASDAQ declined 0.25 percent to 4,933.32. The S&P also fell, dropping 0.11 percent to 2,080.43.

Leading and Lagging Sectors

On Friday, utilities shares gained by 0.13 percent. Meanwhile, top gainers in the sector included Companhia Energetica Minas Gerais (ADR) (NYSE: CIG), up 1.5 percent, and CPFL Energia S.A. (ADR) (NYSE: CPL), up 1.4 percent.

In trading on Friday, energy shares fell by 1.04 percent. Meanwhile, top losers in the sector included Basic Energy Services, Inc (NYSE: BAS), down 8 percent, and Enerplus Corp (USA) (NYSE: ERF), down 6 percent.

Top Headline

Citigroup Inc (NYSE: C) reported better-than-expected earnings for the first quarter on Friday.

The bank reported a quarterly profit of $3.5 billion, or $1.10 per share. Its revenue declined 11 percent to $17.56 billion from $19.74 billion. However, analysts were expecting earnings of $1.03 per share on revenue of $17.46 billion.

Equities Trading UP

Great Basin Scientific Inc (NASDAQ: GBSN) shares shot up 89 percent to $5.15. Great Basin Scientific's revenue for the first quarter increased 59.4 percent to $731,422.

Shares of Bio Blast Pharma Ltd (NASDAQ: ORPN) got a boost, shooting up 10 percent to $2.63 after the company announced it will present final data from a Phase 2 clinical study at the American Academy of Neurology (AAN) 2016 Annual Meeting. The company completed a Phase 2 six-month trial of its HOPEMD therapy in patients with oculopharyngeal muscular dystrophy (OPMD).

Infosys Ltd ADR (NYSE: INFY) shares were also up, gaining 8 percent to $19.99 after the company reported its fourth-quarter results. Infosys said it earned $0.23 per share in the fourth quarter on revenue of $2.446 billion. Wall Street analysts were expecting the company to earn $0.23 per share on revenue of $2.43 billion.

Equities Trading DOWN

Cellectar Biosciences Inc (NASDAQ: CLRB) shares dropped 31 percent to $2.12. Cellectar Biosciences priced public offering at $2.13 per share for gross proceeds of $7 million.

Shares of Ixia (NASDAQ: XXIA) were down 18 percent to $9.98 after the company lowered its outlook for the first quarter. Management said it now expects revenue between $108 million and $111 million, down from its previous projection of $121 million to $126 million. Non-GAAP earnings are expected to come in between $0.05 and $0.08 per share, down from a previous guidance of $0.10 to $0.14 per share.

Super Micro Computer, Inc. (NASDAQ: SMCI) was down, falling around 16 percent to $27.92 after the company issued a weak forecast for the third quarter.

Commodities

In commodity news, oil traded down 2.65 percent to $40.40 while gold traded up 0.25 percent to $1,229.60.

Silver traded up 0.11 percent Friday to $16.19, while copper fell 1.31 percent to $2.14.

Eurozone

European shares were lower today. The eurozone's STOXX 600 declined 0.39 percent, the Spanish Ibex Index fell 0.06 percent, while Italy's FTSE MIB Index slipped 0.40 percent. Meanwhile, the German DAX dropped 0.40 percent, and the French CAC 40 slipped 0.38 percent, while U.K. shares fell 0.39 percent.

Economics

The Empire State manufacturing index increased to 9.6 for April, compared to 0.6 in March

U.S. industrial production declined 0.50 percent for March, versus economists' expectations for a 0.10 percent drop.

The University of Michigan's consumer sentiment index slipped to 89.70 in April, versus a prior reading of 91.00. Economists were expecting a reading of 92.00.

 

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