Mid-Afternoon Market Update: SanDisk Rallies as Western Union Drops on News of a New Money Transfer Service Through Wal-Mart

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Toward the end of trading Thursday, the Dow traded up 0.06 percent to 16,434.15 while the NASDAQ surged 0.46 percent to 4,105.08. The S&P also rose, gaining 0.30 percent to 1,867.41.

Leading and Lagging Sectors Thursday morning, the telecommunications services sector proved to be a source of strength for the market. Leading the sector was strength from ARC Group Worldwide (NASDAQ: ARCW ) and Internet Initiative Japan (NASDAQ: IIJI ). In trading on Thursday, non-cyclical consumer goods & services shares were relative laggards, down on the day by about 0.43 percent.

Top losers in the sector included B&G Foods (NYSE: BGS ), off 5.6 percent, and Diageo plc (NYSE: DEO ), down 3.5 percent.

Top Headline The Goldman Sachs Group (NYSE: GS ) reported better-than-expected first-quarter earnings. Goldman Sachs posted its quarterly earnings of $2.03 billion, or $4.02 per share, down from $2.26 billion, or $4.29 per share, in the year-ago period. Its total revenue declined 8% to $9.33 billion from $10.09 billion. However, analysts were estimating earnings of $3.48 per share on revenue of $8.66 billion.

Goldman Sachs' investment banking revenue rose 13% to $1.78 billion from $1.57 billion, while fixed income revenue slipped 11% to $2.85 billion versus $3.22 billion.

Equities Trading UP Plexus (NASDAQ: PLXS ) shares shot up 6.98 percent to $42.09 after the company reported its Q2 earnings of $0.60 per share on revenue of $557.60 million. The company also issued a strong Q3 outlook.

Shares of SINA (NASDAQ: SINA ) were also up, gaining 6.89 percent to $56.66 Weibo successfully IPO'ed Thursday morning.

SanDisk (NASDAQ: SNDK ) shares were also up, gaining 10.24 percent to $83.62 after the company reported upbeat Q1 results. Morgan Stanley raised the price target on the stock from $82.00 to $90.00.

Equities Trading DOWN Shares of Moneygram International (NASDAQ: MGI ) were down 17.01 percent to $14.92 following announcement of new money-transfer service from Wal-Mart.

International Business Machines (NYSE: IBM ) shares tumbled 3.28 percent to $189.96 after the company reported downbeat first-quarter revenue. IBM posted its adjusted earnings of $2.54 per share on revenue of $22.48 billion. However, analysts were projecting earnings of $2.54 per share on revenue of $22.93 billion.

Western Union (NYSE: WU ) was also down, falling 4.61 percent to $15.31 after Wal-Mart announced a new money transfer service Thursday morning.

Commodities In commodity news, oil traded up 0.51 percent to $104.29, while gold traded down 0.62 percent to $1,295.30.

Silver traded down 0.23 percent Thursday to $19.63, while copper rose 0.86 percent to $3.05.

Eurozone European shares were higher today.

The Spanish Ibex Index rose 0.24 percent, while Italy's FTSE MIB Index jumped 0.37 percent.

Meanwhile, the German DAX climbed 0.99 percent and the French CAC 40 jumped 0.59 percent while U.K. shares gained 0.62 percent.

Economics US initial jobless claims rose by 2,000 to 304,000 in the week ended April 12. However, economists were projecting claims to total 315,000 in the week.

US Bloomberg Consumer Comfort Index rose to -29.10 in the week ended April 13, versus a prior reading of -31.90.

US Philadelphia Fed manufacturing index rose to 16.60 in April, versus a prior reading of 9.00. However, economists were expecting a reading of 9.80.

Supplies of natural gas climbed 24 billion cubic feet for the week ended April 11, the US Energy Information Administration said. However, analysts were expecting a gain of 34 billion cubic feet to 38 billion cubic feet.

Data on money supply will be released at 4:30 p.m. ET.

© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.



This article appears in: Investing , Economy , Futures , International

Referenced Stocks: ARCW , IIJI , PLXS , SINA , SNDK

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