Mid-Day Market Update: Micron Shares Tumble On Downbeat Profit; SolarCity Spikes Higher


Midway through trading Friday, the Dow traded up 0.38 percent to 15,183.68 while the NASDAQ surged 0.41 percent to 3,776.09. The S&P also rose, gaining 0.34 percent to 1,698.27.

Top Headline J.P. Morgan Chase (NYSE: JPM ) reported a loss in the third quarter.

J.P. Morgan posted a quarterly loss of $400 million, or $0.17 per share, versus a year-ago profit of $5.7 billion, or $1.40 per share. Excluding charges, it earned $1.42 per share in the recent period.

Its revenue on a managed basis declined 7.7% to $23.88 billion. However, analysts were estimating earnings of $1.17 per share on revenue of $23.94 billion. J.P. Morgan's commercial banking profit declined 3.6% y/y to $665 million, while mortgage banking profit rose 13% to $705 million.

Equities Trading UP Seaspan (NYSE: SSW ) shot up 9.75 percent to $21.60 after the company announced the termination of its public offerings of common shares and convertible notes.

Shares of SolarCity (NASDAQ: SCTY ) got a boost, shooting up 21.58 percent to $46.60 after the company lifted its outlook for 2014.

Envestnet (NYSE: ENV ) was also up, gaining 20.82 percent to $35.74 after the company priced 5,045,215 shares of common stock at $29.25 per share by selling shareholders.

Equities Trading DOWN Shares of The Gap (NYSE: GPS ) were down 7.22 percent to $36.63 after the company reported a 3% drop in its same-store sales in September.

Micron Technology (NASDAQ: MU ) shares tumbled 5.48 percent to $17.42 despite a better-than-expected FQ4 net profit.

NPS Pharmaceuticals (NASDAQ: NPSP ) was down, falling 9.42 percent to $30.03 after a large block trade made by Takeda to Jefferies.

Commodities In commodity news, oil traded down 1.57 percent to $101.39, while gold traded down 2.22 percent to $1,268.10.

Silver traded down 3.04 percent Friday to $21.23, while copper rose 0.57 percent to $3.27.

Eurozone European shares today. The Spanish Ibex Index fell 0.09 percent, while Italy's FTSE MIB Index rose 0.16 percent. Meanwhile, the German DAX rose 0.32 percent and the French CAC 40 rose 0.04 percent while U.K. shares gained 0.78 percent.

Economics The Reuters/University of Michigan's consumer sentiment index dropped to a preliminary reading of 75.20 in October, versus a final reading of 77.50 in September. However, economists were projecting a reading of 75.30.

(c) 2013 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, Inc.

This article appears in: Investing , Commodities , Economy

Referenced Stocks: GPS , JPM , MU , NPSP , SSW


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