Following the market opening Friday, the Dow traded down 0.24
percent to 16,875.15 while the NASDAQ gained 0.07 percent to
4,399.32. The S&P also fell, dropping 0.18 percent to
Leading and Lagging Sectors
Telecommunications services shares gained around 0.25 percent
in today's trading. Top gainers in the sector included NQ Mobile
), Nippon Telegraph and Telephone (NYSE:
), and SK Telecom Co (NYSE:
In trading on Friday, financial shares were relative laggards,
down on the day by about 0.40 percent. Top losers in the sector
included MGIC Investment (NYSE:
), down 11.9 percent, and Radian Group (NYSE:
), off 5.2 percent.
Wells Fargo & Co (NYSE:
) reported a gain in its
Wells Fargo's quarterly profit surged to $5.7 billion, or
$1.01 per share, from a year-ago profit of $5.5 billion, or $0.98
Its revenue declined 3.4% to $21.1 billion from $21.4 billion.
However, analysts were expecting a profit of $1.01 per share on
revenue of $20.84 billion.
Equities Trading UP
) shares shot up 5.09 percent to $24.34. Deutsche Bank upgraded
Channel Advisor from Hold to Buy. ChannelAdvisor is expected to
release its Q2 financial results on August 4, 2014.
Shares of Lorillard (NYSE:
) got a boost, shooting up 4.42 percent to $65.88. Lorillard
confirmed that Lorillard and Reynolds American (NYSE:
engaged in discussions
regarding RAI's potential acquisition of Lorillard. Cowen &
Company initiated coverage on Lorillard with a Underperform
) shares were also up, gaining 3.58 percent to $339.65.
June same-store sales
grew 34 percent, according to the e-commerce market research shop
Equities Trading DOWN
Shares of Kofax (NASDAQ:
) were down 9.53 percent to $7.31 after the company reported
selected preliminary unaudited results for FY14. Kofax expected
FY14 sales of $295.0 million to $298.0 million.
) shares tumbled 12.42 percent to $25.45 after the company issued
a downbeat guidance for the second quarter. The company expected
adjusted earnings of $0.36 to $0.38 per share on revenue of
around $773 million.
MGIC Investment (NYSE:
) was down, falling 12.28 percent to $8.11 following the FHFA
proposal. The company released monthly operating statistics for
In commodity news,
oil traded down 0.63 percent
to $102.28, while gold traded down 0.16 percent to $1,337.10.
Silver traded down 0.11 percent Friday to $21.49, while copper
fell 0.35 percent to $3.26.
were mostly higher
The eurozone's STOXX 600 rose 0.19 percent, the Spanish Ibex
Index surged 0.65 percent, while Italy's FTSE MIB Index climbed
Meanwhile, the German DAX slipped 0.02 percent and the French
CAC 40 climbed 0.27 percent while UK shares gained 0.09
The US Treasury monthly budget report for June will be
released at 2:00 p.m. ET.
© 2014 Benzinga.com. Benzinga does not provide investment
advice. All rights reserved.
Free Trading Education -
Check out the free events taking place on Marketfy
this week. Spaces are limited. Sign up today.