Mid-Day Market Update: Finish Line Gains On Upbeat Results; JC Penney Shares Fall
Midway through trading Friday, the Dow traded down 0.48 percent to 15,255.45 while the NASDAQ declined 0.01 percent to 3,787.13. The S&P also fell, dropping 0.36 percent to 1,692.49.
BlackBerry posted a quarterly loss of $965 million, or $1.84 per share, versus a year-ago loss of $229 million, or $0.44 per share. Its adjusted net loss from continuing operations came in at $0.47 per share.
Its revenue dropped 45% to $1.6 billion from $2.9 billion. However, analysts were expecting a loss of $0.49 per share on revenue of $1.61 billion.
Equities Trading DOWN Shares of Nektar Therapeutics (NASDAQ: NKTR ) were down 23.25 percent to $10.63 after the company reported that the results from Phase 2 trial of NKTR-181 missed primary efficacy endpoint.
Zoltek Companies (NASDAQ: ZOLT ) shares tumbled 10.05 percent to $16.65 after after Toray Industries for $16.75 per share. Dougherty & Company downgraded the stock from Neutral to Sell.
J. C. Penney Company (NYSE: JCP ) was down, falling 8.64 percent to $9.52 after the company public offering of 84.0 million shares of its common stock at $9.65 per share.
Commodities In commodity news, to $102.87, while gold traded up 1.03 percent to $1,337.80.
Silver traded up 0.34 percent Friday to $21.84, while copper rose 0.57 percent to $3.33.
Eurozone European shares today. The Spanish Ibex Index dropped 0.47 percent, while Italy's FTSE MIB Index fell 1.27 percent. Meanwhile, the German DAX dropped 0.03 percent and the French CAC 40 fell 0.01 percent while U.K. shares declined 0.81 percent.
Economics Consumer spending rose 0.3% in August, matching economists' expectations for a 0.3% rise. Personal income increased 0.4% last month, versus economists' estimates of a 0.4% rise.
The Reuter's/University of Michigan's consumer sentiment index declined to a final reading of 77.5 in September, from 82.1 in August. However, economists were estimating a final reading of 78.00.
Data on farm prices for September will be released at 3:00 p.m. ET.
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