Following the market opening Friday, the Dow traded down 0.42
percent to 16,102.69 while the NASDAQ tumbled 0.22 percent to
4,045.08. The S&P also fell, dropping 0.28 percent to
Leading and Lagging Sectors In trading on Friday, non-cyclical
consumer goods & services shares were relative leaders, up on
the day by about 0.09 percent. Among the leading sector stocks,
gains came from Rite Aid (NYSE:
) and Xueda Education Group (NYSE:
). Financial sector was the leading decliner in the US market
Top losers in the sector included China HGS Real Estate
), off 4.8 percent, and China Life Insurance Co (NYSE:
), down 4 percent.
Top Headline J.P. Morgan Chase & Co (NYSE:
) reported a 19% drop in its first-quarter profit. J.P. Morgan's
quarterly profit declined to $5.3 billion, or $1.28 per share,
versus a year-ago profit of $6.53 billion, or $1.59 per share.
Its revenue slipped 8% to $22.99 billion versus $25.12 billion.
J.P. Morgan's investment banking net income dropped 15%. However,
analysts were estimating earnings of $1.39 per share on revenue
of $24.43 billion.
Equities Trading UP BofI Holding (NASDAQ:
) shares shot up 7.44 percent to $79.98 after H&R Block
agreed to sell its banking business to BofI Federal Bank for an
Shares of Zynga (NASDAQ:
) got a boost, shooting up 1.47 percent to $4.13 after the
named David Lee
as Chief Financial Officer and Chief Accounting Officer. Morgan
Stanley upgraded Zynga from Underweight to Equal-weight.
Diamondback Energy (NASDAQ:
) shares were also up, gaining 4.65 percent to $68.68 after the
company reported a 30% growth in Q1 production.
Equities Trading DOWN Shares of The Gap (NYSE:
) were down 3.78 percent to $37.81 after the company reported a
in its same-store sales in March, versus analysts' expectations
for a 4.7% fall.
) shares tumbled 5.63 percent to $23.81 after the company
priced 3.59 million share
offering at $24.50 per share.
JPMorgan Chase & Co (NYSE:
) was down, falling 3.75 percent to $55.25 after the company
Commodities In commodity news,
oil traded down 0.02 percent
to $103.38, while gold traded down 0.19 percent to $1,318.00.
Silver traded down 0.45 percent Friday to $20.00, while copper
rose 0.79 percent to $3.07.
Eurozone European shares today.
The Spanish Ibex Index fell 2.13 percent, while Italy's FTSE
MIB Index dropped 1.49 percent.
Meanwhile, the German DAX fell 1.86 percent and the French CAC
40 fell 1.55 percent while U.K. shares declined 1.44 percent.
Economics US producer price index rose 0.5% in March, versus
economists' expectations for a 0.1% growth.
The preliminary reading of Reuters/University of Michigan's
consumer sentiment index rose to 82.60 in April, versus a prior
reading of 80.00. However, economists were expecting a reading of
© 2014 Benzinga.com. Benzinga does not provide investment
advice. All rights reserved.
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