Midway through trading Friday, the Dow traded down 0.30
percent to 17,928.96 while the NASDAQ declined 1.34 percent to
4,879.39. The S&P also fell, dropping 0.36 percent to
Leading and Lagging Sectors
On Friday, the energy sector proved to be a source of strength
for the market. Leading the sector was strength from NGL Energy
Partners LP (NYSE:
) and GulfMark Offshore, Inc. (NYSE:
In trading on Friday, technology shares fell by 1.81 percent.
Meanwhile, top losers in the sector included Microsoft
), down 8 percent, and Alphabet Inc (NASDAQ:
), down 6 percent.
McDonald's Corporation (NYSE:
) reported better-than-expected results for the first quarter on
The company's net income grew 35 percent to $1.098 billion in
the first quarter from $811.5 million in the year-ago quarter.
Its earnings also jumped 46 percent to $1.23 a share from $0.84 a
share in the comparable period thus beating the analysts'
estimations by $0.07 a share.
McDonald's revenues dipped 1 percent to $5.903 billion from
$5.958 billion in the previous year quarter, which was also above
the Street predictions of $5.82 billion. The food retailer said
that revenue would have increased 3 percent and profit by 40
percent based on the constant currency.
Equities Trading UP
NGL Energy Partners LP (NYSE:
) shares shot up 32 percent to $14.15 after the
vertically-integrated crude oil logistics company announced
several strategic actions, including receipt of a $200 million
investment. NGL Energy Partners announced a $200 million private
placement of 10.75 percent Class A Convertible Preferred Units
with Oaktree Capital Management. The company also announced a
temporary reduction in its quarterly cash distribution to $0.39
per common unit, which will generate an additional $170 million
in coverage over the next year. The company updated its FY16
Shares of Advanced Micro Devices, Inc. (NASDAQ:
) got a boost, shooting up 36 percent to $3.56 as the company
reported better-than-expected results for the first quarter and
issued strong revenue guidance for the current quarter.
Southwestern Energy Company (NYSE:
) shares were also up, gaining 13 percent to $12.05 as the
company reported strong Q1 results.
Equities Trading DOWN
Microsoft Corporation (NASDAQ:
) shares dropped 8 percent to $51.59 as the company reported
weaker-than-expected earnings for its third quarter on
Shares of Rocky Brands Inc (NASDAQ:
) were down 15 percent to $11.49. Rocky Brands reported a Q1 loss
of $0.03 per share on sales of $57.5 million.
Boston Beer Co Inc (NYSE:
) was down, falling around 9 percent to $157.57 after the company
reported downbeat Q1 results.
In commodity news, oil traded up 2.22 percent to $44.14 while
gold traded down 0.54 percent to $1,243.50.
Silver traded up 0.84 percent Friday to $17.29, while copper
rose 1.13 percent to $2.28.
European shares were mostly lower today. The eurozone's STOXX
600 declined 0.49 percent, the Spanish Ibex Index gained 0.30
percent, while Italy's FTSE MIB Index fell 0.27 percent.
Meanwhile, the German DAX dropped 0.84 percent, and the French
CAC 40 dropped 0.53 percent, while U.K. shares fell 1.40
The flash reading of Markit manufacturing PMI slipped to 50.80
for April, versus a prior reading of 51.50. However, economists
were expecting a reading of 52.00.
© 2016 Benzinga.com. Benzinga does not provide investment
advice. All rights reserved.
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