Mid-Morning Market Update: Markets Drop; Apple Rumored To Buy Beats Electronics
Following the market opening Friday, the Dow traded down 0.30 percent to 16,502.17 while the NASDAQ tumbled 0.27 percent to 4,040.43. The S&P also fell, dropping 0.40 percent to 1,868.19.
Leading and Lagging Sectors Cyclical consumer goods & services shares climbed around 0.03 percent in trading on Friday. Leading the sector was strength from Polypore International (NYSE: PPO ) and The E. W. Scripps Company (NYSE: SSP ). In trading on Friday, telecommunications services shares were relative laggards, down on the day by about 0.59 percent.
Top Headline Apple (NASDAQ: AAPL ) is in talks to acquire headphone maker Beats Electronics, according to a Financial Times report from Thursday afternoon. The deal is rumored to be around $3.2 billion, which would make it Apple's largest acquisition to date.
Equities Trading UP Universal Display (NASDAQ: OLED ) shares shot up 10.56 percent to $27.50 after the company reported stronger-than-expected Q1 results.
Shares of Polypore International (NYSE: PPO ) got a boost, shooting up 9.45 percent to $38.00 after the company reported Q1 results. DA Davidson upgraded Polypore from Neutral to Buy and lifted the price target from $36.00 to $42.00.
Clean Energy Fuels (NASDAQ: CLNE ) shares were also up, gaining 12.01 percent to $9.89 after the company reported a Q1 loss of $0.30 per share on revenue of $95.30 million.
Equities Trading DOWN Shares of Rocket Fuel (NASDAQ: FUEL ) were 23.80 percent to $21.19 after the company issued a weak outlook. Goldman Sachs downgraded Rocket Fuel from Buy to Neutral and cut the price target from $69.00 to $25.00.
Ubiquiti Networks (NASDAQ: UBNT ) shares tumbled 16.46 percent to $34.56 on Q3 results. Ubiquiti reported its quarterly earnings of $0.50 per share on revenue of $148.30 million.
PROS Holdings (NYSE: PRO ) was down, falling 24.10 percent to $19.75 after the company posted Q1 earnings of $0.01 per share on revenue of $42.90 million. Pacific Crest Securities downgraded the stock from Outperform to Sector Perform.
Commodities In commodity news, oil traded up 0.52 percent to $100.78, while gold traded up 0.18 percent to $1,290.00.
Silver traded up 0.17 percent Friday to $19.17, while copper rose 0.20 percent to $3.07.
Eurozone European shares were lower today.
The eurozone's STOXX 600 dipped 0.27 percent, the Spanish Ibex Index fell 0.88 percent, while Italy's FTSE MIB Index slipped 1.06 percent.
Meanwhile, the German DAX declined 0.11 percent and the French CAC 40 tumbled 0.50 percent while UK shares dropped 0.20 percent.
Economics US wholesale inventories rose 1.10% in March, versus economists' expectations for a 0.50% gain.
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