Midway through trading Friday, the Dow traded down 0.04
percent to 14,858.98 while the NASDAQ fell 0.34 percent to
3,289.44. The S&P also fell, decreasing 0.39 percent to
Top Headline Two of the big banks, Wells Fargo (NYSE:
) and J.P. Morgan (NYSE:
) released earnings this morning, both missing on the top line
and beating on the bottom line.
The performance lead many traders to question how this
earnings season will pan out, with two of the top banks seemingly
unable to expand revenues, and helped send markets lower this
Equities Trading UP Rite Aid (NYSE:
) continued its march upwards this morning, gaining 9.43 percent
to $2.32 after the company raised guidance and crushed on
earnings Thursday morning.
Shares of Sinclair Broadcast Group (NASDAQ:
) were also up, gaining 13.44 percent to $26.87 after acquiring
Fisher Communications for $373.3 million after the close
) was up as well, gaining 6.63 percent to $84.06, riding a wave
of gains in the coal sector.
Equities Trading DOWN Yamana Gold (NYSE:
) traded down 6.67 percent to $13.16 as gold prices continue to
melt down throughout today's session.
NovaGold Resources (NYSE:
) was also down, falling 9.34 percent to $2.73 as gold and other
precious metals got hammered this morning.
Shares of MannKind (NASDAQ:
) were down as well, dropping 9.07 percent to $3.90 after a
Seeking Alpha article stated that one of its primary drugs was
likely to fail.
Commodities In commodity news, oil traded down 2.94 percent to
$90.76, while gold traded down 3.89 percent to $1,504.50.
Silver traded down 4.47 percent Friday to $26.42, while copper
fell 2.40 percent to $3.35.
Eurozone European markets fell this morning on reiterated
fears over Cyprus and a weak industrial production report.
The fall was lead by the Italian FTSE MIB index, which was
down 1.6 percent while the French CAC lost 1.08 percent.
Economics In economic news for Friday, retail sales came in
down at -0.4 percent, below the projected 0.0 percent and the
prior release of 1.10 percent.
Retail sales ex autos and gas came in at -0.10 percent,
missing expectations of 0.30 percent and the prior figure of 0.40
PPI year over year was also released, coming in at 1.10
percent, missing the anticipated 1.40 percent and the prior
release of 1.70 percent, while Core PPI year over year came in at
1.70 percent, inline with expectations.
The University of Michigan consumer sentiment was also out,
coming in at 72.30, much lower than the expected 78.60 and the
prior release of 78.60.
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