Mid-Morning Market Update: Markets Tumble, F5 Networks Cuts View


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Following the market opening Friday, the Dow traded down 0.89 percent to 14,475.45 while the NASDAQ dropped 1.40 percent to 3,179.67. The S&P also fell, declining 1.08 percent to 1,543.10.

Index Technicals: The S&P 500 found support at 1,550 yesterday, and opened lower to test the 1,540 level today. The MACD divergences remain intact.

The Dow looks set to lose its 14,550 support to head lower to its 14,400 support.

The NASDAQ ended yesterday testing its 3,200 support, while gapping down lower this morning under its 50 EMA support at 3,193.29 with lower support at 3,100.

Finally, the Russell looks to be gapping down this morning under its 50 EMA support at 920.08, with lower support at 895.

Top Headline F5 Networks (NASDAQ: FFIV ) cut its forecast for the fiscal second quarter.

F5 Networks now projects adjusted earnings of $1.06 to $1.07 per share on revenue of $350.2 million, versus its prior forecast of $1.21 to $1.24 per share on revenue of $370 million to $380 million.

Equities Trading UP NII Holdings (NASDAQ: NIHD ) shot up 8.26 percent to $4.92 after the company agreed to sell its Peruvian operations for approximately $400 million.

Shares of WD-40 Company (NASDAQ: WDFC ) got a boost, shooting up 3.37 percent to $54.60 after the company reported upbeat Q2 earnings.

ORIX (NYSE: IX ) was also up, gaining 10.63 percent to $72.57.

Equities Trading DOWN Rigel Pharmaceuticals (NASDAQ: RIGL ) shares tumbled 31.86 percent to $5.13 after the company announced top-line results of OSKIRA-1.

F5 Networks (NASDAQ: FFIV ) was also down, falling 17.53 percent to $74.57 after the company cut its forecast for the fiscal second quarter.

Shares of Radware (NASDAQ: RDWR ) were down 20.60 percent to $29.84 after the company lowered its Q1 forecast.

Commodities In commodity news, oil traded down 0.73 percent to $92.58, while gold traded up 0.89 percent to $1,566.20.

Silver traded up 0.91 percent Friday to $27.01, while copper fell 0.37 percent to $3.34.

Eurozone European shares were lower today. Greece is likely to delay its full Troika report, according to a Reuters source, meaning that the Eurogroup will be unable to pay its next bailout tranche next week.

The Spanish Ibex Index dropped 1.26% while the Italian FTSE MIB Index fell 0.08 percent. Meanwhile, the German DAX fell 1.96 percent and the French CAC dropped 1.93 percent and U.K. shares declined 1.84 percent.

Economics US trade deficit narrowed to $43.0 billion in February, versus $44.5 billion in January. Exports rose 0.8% in the month.

The US economy added only 88,000 jobs in March, versus a gain of 236,000 in February. However, economists were expecting a gain of 190,000 jobs in March.

Data on consumer credit for February will be released at 3:00 p.m. ET.

(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 Nasdaq, Inc.

This article appears in: Investing , Commodities , Economy
More Headlines for: FFIV , NIHD , RDWR , RIGL , WDFC

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