Following the market opening Friday, the Dow traded up 0.44
percent to 16,402.68 while the NASDAQ surged 0.04 percent to
4,320.84. The S&P also rose, gaining 0.46 percent to
Leading and Lagging Sectors Friday morning, the utilities
sector proved to be a source of strength for the market. Leading
the sector was strength from Huaneng Power International (NYSE:
) and Exelon (NYSE:
). In trading on Friday, telecommunications services shares were
relative laggards, down on the day by about 0.01 percent.
Among the sector stocks, 8x8 (NASDAQ:
) was down more than 2.2 percent, while USA Mobility (NASDAQ:
) tumbled around 2.5 percent.
Top Headline Tiffany & Co (NYSE:
swung to a loss
in the fourth quarter. Tiffany posted a quarterly loss of $103.6
million, or $0.81 per share, versus a year-ago profit of $179.6
million, or $1.42 per share. Excluding special items, it earned
$1.47 per share. Its revenue climbed to $1.30 billion versus
$1.24 billion. However, analysts were estimating earnings of
$1.51 per share on revenue of $1.31 billion. For fiscal year
2014, Tiffany projects earnings of $4.05 to $4.15 per share,
versus analysts' estimates of $4.27 per share.
Equities Trading UP Endocyte (NASDAQ:
) shares shot up 121.31 percent to $32.40 after Merck & Co
) and Endocyte announced the European CHMP positive opinions for
VYNFINIT and the companion agents FOLCEPRI and NEOCEPRI.
Shares of LIN Media LLC (NYSE:
) got a boost, shooting up 30.67 percent to $28.08 after Media
) announced its
plans to buy
Lin Media LLC for $1.6 billion.
CommScope Holding Company (NASDAQ:
) was also up, gaining 11.66 percent to $24.71 after the company
lifted its Q1 forecast.
Equities Trading DOWN Shares of Symantec (NASDAQ:
) were down 11.70 percent to $18.46 after the company fired
President and Chief Executive Steve Bennett and appointed
director Michael Brown as interim president and CEO. UBS
downgraded the stock from Buy to Neutral and lowered the price
target from $27.00 to $21.00.
) shares tumbled 6.23 percent to $28.99 after the company
reported a drop in its Q3 profit and lowered its FY14
) was down, falling 3.89 percent to $76.19 after the company
for 2015 earnings. Nike posted its quarterly adjusted profit of
$0.73 per share on revenue of $6.97 billion.
Commodities In commodity news,
oil traded up 0.27 percent
to $99.17, while gold traded up 0.53 percent to $1,337.80.
Silver traded down 0.05 percent Friday to $20.42, while copper
rose 1.52 percent to $2.97.
Eurozone European shares
were mostly higher
The Spanish Ibex Index fell 0.18 percent, while Italy's FTSE
MIB Index rose 0.20 percent.
Meanwhile, the German DAX surged 0.19 percent and the French
CAC 40 gained 0.01 percent while U.K. shares rose 0.10
Economics On the economics calendar Friday, there is no
important data due out.
© 2014 Benzinga.com. Benzinga does not provide investment
advice. All rights reserved.
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