Mid-Morning Market Update: Markets Open Lower; General Motors Beats Q1 Views
Following the market opening Thursday, the Dow traded down 0.18 percent to 18,064.01 while the NASDAQ declined 0.23 percent to 4,936.62. The S&P also fell, dropping 0.17 percent to 2,098.76.
Leading and Lagging Sectors
In trading on Thursday, utilities shares fell by 1.23 percent. Meanwhile, top losers in the sector included Unitil Corporation (NYSE: UTL), down 11 percent, and National Grid plc (ADR) (NYSE: NGG), down 3 percent.
General Motors Company (NYSE: GM) reported stronger-than-expected earnings for its first quarter on Thursday.
General Motors reported quarterly earnings of $2.0 billion, or $1.24 per share, compared to $900 million, or $0.56 per share, in the year-ago period. Excluding non-recurring items, the company's adjusted earnings came in at $1.26 per share, beating analysts' estimates of $1.01 per share.
Its revenue rose to $37.3 billion from $35.7 billion, versus analysts' expectations of $35.41 billion.
Equities Trading UP
Crestwood Equity Partners LP (NYSE: CEQP) shares shot up 56 percent to $20.00. Consolidated Edison, Inc. (NYSE: ED) and Crestwood Equity Partners will form a natural gas pipeline and storage business joint venture.
Shares of ServiceNow Inc (NYSE: NOW) got a boost, shooting up 16 percent to $75.55 as the company reported better-than-expected Q1 results.
CombiMatrix Corp (NASDAQ: CBMX) shares were also up, gaining 14 percent to $3.90 as the company announced that it is exploring strategic alternatives.
Equities Trading DOWN
Trueblue Inc (NYSE: TBI) shares dropped 24 percent to $20.57 after the company reported downbeat Q1 revenue and issued a weak forecast for the full year.
Shares of Transenterix Inc (NYSE: TRXC) were down 61 percent to $1.84 as the company received response from the FDA on SurgiBot 510(k) submission. The FDA determined that the SurgiBot™ system does not meet the criteria for substantial equivalence.
Sarepta Therapeutics Inc (NASDAQ: SRPT) was down, falling around 38 percent to $12.16 following release of the FDA briefing documents on Eteplirsen.
In commodity news, oil traded up 0.52 percent to $44.41 while gold traded up 1.17 percent to $1,269.10.
Silver traded up 3.33 percent Thursday to $17.71, while copper rose 1.56 percent to $2.28.
European shares were mostly lower today. The eurozone's STOXX 600 declined 0.75 percent, the Spanish Ibex Index gained 0.28 percent, while Italy's FTSE MIB Index fell 0.12 percent. Meanwhile, the German DAX slipped 0.38 percent, and the French CAC 40 dropped 0.58 percent, while U.K. shares fell 0.61 percent.
Initial jobless claims dropped by 6,000 to 247,000 in the latest week, according to the Labor Department. However, economists were projecting claims reach 263,000 in the same week.
The Philadelphia Fed manufacturing index declined to -1.60 for April, versus a prior reading of 12.40. However, economists were expecting a reading of 8.90.
The Chicago Fed National Activity Index dropped to a reading of -0.44 for March.
The Conference Board's Leading Economic Index rose 0.20 percent for March, versus economists' expectations for a 0.40 percent growth.
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