Midway through trading Friday, the Dow traded down 0.50
percent to 15,100.70 while the NASDAQ declined 0.41 percent to
3,431.08. The S&P also fell, dropping 0.36 percent to
Top HeadlineSmithfield Foods (NYSE:
) reported a drop in its fiscal fourth-quarter profit.
Smithfield's quarterly profit declined to $29.7 million, or $0.21
per share, versus $79.5 million, or $0.49 per share, in the
year-ago period. Its sales rose 3 percent to $3.32 billion from
Equities Trading UPRestoration Hardware (NYSE:
) shot up 17.65 percent to $69.36 after the company reported
upbeat first-quarter results and lifted its fiscal year forecast.
Shares of Strategic Hotels & Resorts (NYSE:
) got a boost, shooting up 8 percent to $9.11 on sale chatter.
) was also up, gaining 12.68 percent to $7.73 after Deutsche Bank
upgraded the stock from Hold to Buy.
Equities Trading DOWNMyriad Genetics (NASDAQ:
) was down, falling 8.56 percent to $29.27 after analysts at Bank
of America downgraded the stock from Buy to Neutral. Shares of
Himax Technologies (NASDAQ:
) were down 8.97 percent to $5.33 after the company priced
22,086,742 ADSs at $5.25 per ADS by selling shareholder Innolux.
Progress Software (NASDAQ:
) shares tumbled 1.97 percent to $22.85 after Needham downgraded
the stock from Buy to Hold.
Commodities In commodity news, oil traded up 0.98 percent to
$97.64, while gold traded up 0.75 percent to $1,388.20. Silver
traded up 2.12 percent Friday to $22.04, while copper rose 0.33
percent to $3.20.
Euro zone European shares were mostly higher following
stronger global markets. European total employment fell 0.5
percent in May, worse than the expected 0.2 percent drop.
Eurozone inflation continued to drag along at low levels in May
as the CPI rose 0.1 percent in the month, in line with
expectations. The CPI rose 1.2 percent from a year ago, also in
line with expectations, although well below the unofficial target
of 2 percent inflation. The Spanish Ibex Index fell 0.01 percent
and the Italian FTSE MIB Index gained 0.23 percent. Meanwhile,
the German DAX climbed 0.40 percent and the French CAC 40 gained
0.19 percent while U.K. shares rose 0.06 percent.
Economics US wholesale prices rose 0.5 percent in May, while
the core producer price index gained 0.1 percent in the month,
according to the Labor Department. However, economists were
expecting a 0.1 percent increase in the overall PPI and a 0.1
percent gain in core PPI. The US current account deficit climbed
$3.8 billion to $106.1 billion in the first quarter, according to
the Commerce Department. US industrial output came in flat in
May, according to the Federal Reserve. However, economists were
expecting a 0.1 percent rise in production. The preliminary
reading of the Reuter's/University of Michigan's consumer
sentiment index declined to 82.7, versus a final reading of 84.5
in May. However, economists were expecting a preliminary reading
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