Mid-Morning Market Update: Markets Open Mixed; Darden Profit Misses Estimates


Following the market opening Friday, the Dow traded down 0.13 percent to 15,615.65 while the NASDAQ gained 0.14 percent to 3,794.72. The S&P fell, dropping 0.02 percent to 1,722.05.

Top Headline Darden Restaurants (NYSE: DRI ) reported a drop in its first-quarter profit and announced the retirement of its president and chief operating officer.

Darden's quarterly earnings fell to $70.2 million, or $0.53 per share, from $110.8 million, or $0.85 per share, in the year-earlier period. However, analysts were projecting a profit of $0.70 per share.

Its sales climbed to $2.16 billion, missing estimates of $2.19 billion.

Equities Trading UP The Goodyear Tire & Rubber Company (NYSE: GT ) shot up 2.52 percent to $22.79 after the company announced a $100 million stock buyback program and reinstated a dividend of $0.05 per share.

Shares of TIBCO Software (NASDAQ: TIBX ) got a boost, shooting up 4.99 percent to $26.51 after the company reported better-than-expected third-quarter results.

Shutterstock (NYSE: SSTK ) was also up, gaining 7.73 percent to $64.98 after the company priced 4.6 million share follow on offering of common stock at $60.00 per share.

Equities Trading DOWN Shares of AK Steel Holding (NYSE: AKS ) were down 9.68 percent to $4.01 after the company projected a wider loss for the third quarter.

Darden Restaurants (NYSE: DRI ) shares tumbled 3.48 percent to $47.58 after the company reported a drop in its first-quarter profit.

Navios Maritime Partners LP (NYSE: NMM ) down, falling 5.76 percent to $14.07 after the company priced its follow-on public offering of 5,000,000 common units.

Commodities In commodity news, oil traded down 0.83 percent to $105.51, while gold traded down 1.02 percent to $1,355.30.

Silver traded down 2.33 percent Friday to $22.75, while copper fell 0.40 percent to $3.33.

Eurozone European shares were lower today. The Spanish Ibex Index dropped 0.06 percent, while Italy's FTSE MIB Index fell 0.40 percent. Meanwhile, the German DAX dropped 0.14 percent and the French CAC 40 fell 0.11 percent while U.K. shares declined 0.21 percent.

Economics On the economics calendar Friday, there is no important data due out.

(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 OMX Group, Inc.

This article appears in: Investing , Commodities , Economy , International

Referenced Stocks: AKS , DRI , GT , NMM , TIBX


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