Toward the end of trading Friday, the Dow traded down 0.77
percent to 16,374.72 while the NASDAQ tumbled 1.68 percent to
4,078.84. The S&P also fell, dropping 0.77 percent to
Leading and Lagging Sectors Utilities sector was the only
gainer in the US market on Friday. Leading the sector was
strength from FirstEnergy (NYSE:
) and Wisconsin Energy (NYSE:
). Technology shares declined around 1.53 percent in Friday's
Top losers in the sector included CommVault Systems (NASDAQ:
), off 28 percent, and Mellanox Technologies (NASDAQ:
), down 13 percent.
Top Headline Ford Motor Co (NYSE:
reported a drop
in its first-quarter profit. Ford's quarterly profit slipped to
$989 million, or $0.24 per share, versus a year-ago profit of
$1.61 billion, or $0.40 per share. Its revenue rose to $35.9
billion versus $35.6 billion. However, analysts were projecting
earnings of $0.31 per share on revenue of $34.54 billion.
Equities Trading UP Gigamon (NYSE:
) shares shot up 6.59 percent to $17.14 after the company
announced Q1 results. Gigamon reported a Q1 loss of $0.07 per
share on revenue of $31.80 million. Needham upgraded the stock
from Buy to Strong Buy.
Shares of Weatherford International (NYSE:
) got a boost, shooting up 9.99 percent to $20.25 after the
company reported upbeat quarterly earnings. Weatherford reported
its Q1 earnings of $0.13 per share on revenue of $3.60
Cirrus Logic (NASDAQ:
) was also up, gaining 4.44 percent to $21.55 after the company
beat on the bottom line and caught an upgrade from Northland
Securities to an Outperform rating and $27 price target.
Equities Trading DOWN
Shares of CommVault Systems (NASDAQ:
) were 30.14 percent to $47.93 after the company reported
downbeat quarterly revenue. CommVault reported earnings of $0.52
per share on revenue of $156.80 million. However, analysts were
expecting a profit of $0.47 per share on revenue of $160.16
Pandora Media (NYSE:
) shares tumbled 16.03 percent to $23.69 on
weak Q1 earnings
and Q2 outlook. Pandora reported a Q1 loss of $0.13 per
Plug Power (NASDAQ:
) was also down, falling 10.48 percent to $5.38 after the company
priced its 22.6 million share public offering at $5.50 before the
market opening Friday.
Commodities In commodity news,
oil traded down 1.38 percent
to $100.53, while gold traded up 0.79 percent to $1,300.50.
Silver traded up 0.02 percent Friday to $19.67, while copper
rose 1.73 percent to $3.09.
Eurozone European shares
The Spanish Ibex Index dropped 1.47 percent, while Italy's
FTSE MIB Index fell 2.07 percent.
Meanwhile, the German DAX tumbled 1.53 percent and the French
CAC 40 fell 0.80 percent while U.K. shares declined 0.38
Economics The preliminary reading of Markit Services PMI came
in at 54.20 in April, versus economists' expectations for a
reading of 55.50.
The final reading of Reuter's/University of Michigan's
consumer sentiment indexrose to 84.10 in April, versus a prior
reading of 82.60. However, economists were expecting a reading of
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advice. All rights reserved.
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