Mid-Morning Market Update: Markets Open Mixed, Ford Q1 Profit Rises


Shutterstock photo

Following the market opening Wednesday, the Dow traded up 0.11 percent to14,735.91 while the NASDAQ dropped 0.03 percent to 3,268.34. The S&P rose, gaining 0.12 percent to 1,580.69.

Index Technicals: The S&P 500 looks to be crossing its 1,575 resistance today, with 1,590 acting as resistance above that, and 1,550 as support below.

Next up, the Dow is crossing its daily 20 EMA resistance at 14,606.67, with 14,750 resistance higher and 14,600 support below.

The NASDAQ is sitting right around its 3,270 resistance support area, with 3,300 resistance above and 3,200 as support lower.

Finally, the Russell crossed above its 50 and 20 EMA resistance levels yesterday at 921.86 and 926.11 respectively. The index has resistance resting above at 950, while 915 looks to be acting as a support level.

Top Headline Ford Motor Co (NYSE: F ) reported a rise in its first-quarter profit.

Ford's quarterly profit surged to $1.61 billion, or $0.40 per share, from $1.40 billion, or $0.35 per share, in the year-earlier period.

Its revenue surged to $35.8 billion, from $32.4 billion. However, analysts were expecting earnings of $0.37 per share on revenue of $33.48 billion.

Equities Trading UP Buckeye Technologies (NYSE: BKI ) shot up 25.29 percent to $37.50 after the company agreed to be acquired by Georgia-Pacific LLC.

Shares of Owens Corning (NYSE: OC ) got a boost, shooting up 5.12 percent to $42.17 after the company reported upbeat Q1 profit.

Yum! Brands (NYSE: YUM ) was also up, gaining 6.91 percent to $68.58 on quarterly results.

Equities Trading DOWN Edwards Lifesciences (NYSE: EW ) was down, falling 20.53 percent to $65.81 after the company lowered its forecast.

Shares of Unisys (NYSE: UIS ) were down 18.80 percent to $16.70 on Q1 results.

Juniper Networks (NYSE: JNPR ) shares tumbled 6.80 percent to $16.18 after the company issued weak outlook.

Commodities In commodity news, oil traded up 0.62 percent to $89.73, while gold traded up 1.33 percent to $1,427.50.

Silver traded up 1.24 percent Wednesday to $23.15, while copper rose 1.69 percent to $3.16.

Eurozone European shares were mostly higher save for Italian equities on hopes of an ECB rate cut next week. Credit Suisse, UBS, Barclays and Commerzbank all recently updated forecasts and expect a rate cut next week now.The German IFO Business Climate Index for April declined to 104.4 in April from 106.7 in March on expectations of a reading of 106.2.

The Spanish Ibex Index rose 0.52 percent while the Italian FTSE MIB Index dropped 0.52 percent. Meanwhile, the German DAX rose 0.60 percent and the French CAC gained 0.87 percent and U.K. shares surged 0.19 percent.

Economics The MBA reported that its index of mortgage application activity increased 0.2% in the latest week ended April 19.

Orders for durable goods declined 5.7% in March. However, economists were projecting a 3.2% fall.

(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Gain access to more investing ideas, tools & education. Get Started on Marketfy, the first ever curated & verified Marketplace for everything trading.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

This article appears in: Investing , Commodities , Economy
More Headlines for: BKI , EW , F , JNPR , OC

More from Benzinga




Market Analysis, FinTech
Follow on:

Find a Credit Card

Select a credit card product by:
Select an offer:
Data Provided by BankRate.com