Following the market opening Friday, the Dow traded up 0.10
percent to 15,191.05 while the NASDAQ gained 0.07 percent to
3,447.88. The S&P also rose, surging 0.25 percent to
Top Headline Smithfield 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% to $3.32 billion from $3.31
Equities Trading UPRestoration Hardware (NYSE:
) shot up 15.54 percent to $68.13 after the company reported
upbeat first-quarter results and lifted its fiscal year forecast.
Shares of Elan Corporation (NYSE:
) got a boost, shooting up 7.81 percent to $13.60 after the
company reported that it is proceeding with a formal sale
process. Groupon (NASDAQ:
) was also up, gaining 9.18 percent to $7.49 after Deutsche Bank
upgraded the stock from Hold to Buy.
Equities Trading DOWNMyriad Genetics (NASDAQ:
) was down, falling 9.47 percent to $28.98 after analysts at Bank
of America downgraded the stock from Buy to Neutral. Shares of
Himax Technologies (NASDAQ:
) were down 6.33 percent to $5.48 after the company priced
22,086,742 ADSs at $5.25 per ADS by selling shareholder Innolux.
Progress Software (NASDAQ:
) shares tumbled 2.72 percent to $22.67 after Needham downgraded
the stock from Buy to Hold.
Commodities In commodity news, oil traded up 1.20 percent to
$97.85, while gold traded up 0.58 percent to $1,385.80. Silver
traded up 1.89 percent Friday to $21.99, while copper rose 0.16
percent to $3.19.
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 rose 0.24 percent
and the Italian FTSE MIB Index gained 0.17 percent. Meanwhile,
the German DAX climbed 0.65 percent and the French CAC 40 gained
0.59 percent while U.K. shares rose 0.10 percent.
Economics US wholesale prices rose 0.5% in May, while the core
producer price index gained 0.1% in the month, according to the
Labor Department. However, economists were expecting a 0.1%
increase in the overall PPI and a 0.1% 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% 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 of 84.7.
(c) 2013 Benzinga.com. Benzinga does not provide investment
advice. All rights reserved.
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