Following the market opening Friday, the Dow traded down 0.06 percent to 20,968.86 while the NASDAQ climbed 0.11 percent to
6,055.76. The S&P also fell, dropping 0.03 percent to 2,388.05.
Leading and Lagging Sectors
Friday morning, the energy sector proved to be a source of strength for the market. Leading the sector was strength from
Southwestern Energy Company (NYSE: SWN) and Enbridge
Energy Management, L.L.C. (NYSE: EEQ).
In trading on Friday, telecommunications services shares slipped by 0.40 percent. Meanwhile, top losers in the sector included
Vodafone Group Plc (ADR) (NASDAQ: VOD), down 2
percent, and BT Group plc (ADR) (NYSE: BT), down 2
percent.
Top Headline
Amazon.com, Inc. (NASDAQ: AMZN) reported
stronger-than-expected results for its first quarter on Thursday.
Amazon.com said it earned $1.48 per share in the first quarter on revenue of $35.7 billion; Analysts were expecting the company
to earn $1.13 per share on revenue of $35.30 billion.
Equities Trading UP
Bancorp Inc (NASDAQ: TBBK) shares shot up 21
percent to $6.10 after the company reported strong earnings for its fourth quarter.
Shares of Olympic Steel, Inc. (NASDAQ: ZEUS) got a
boost, shooting up 18 percent to $22.67. Olympic Steel reported a Q1 net income of $7.7 million, after posting a loss in the
year-ago period.
Align Technology, Inc. (NASDAQ: ALGN) shares were
also up, gaining 20 percent to 144.60 as the company posted better-than-expected quarterly results. Baird upgraded Align Technology
from Neutral to Outperform.
Equities Trading DOWN
FuelCell Energy Inc (NASDAQ: FCEL) shares dropped
33 percent to $1.08. FuelCell Energy priced its $15.4 million underwritten public offering of common stock and warrants.
Shares of athenahealth, Inc (NASDAQ: ATHN) were
down around 20 percent to $97.67 after the company reported weaker-than-expected quarterly results.
PCM Inc (NASDAQ: PCMI) was down, falling around 18
percent to $24.80. PCM posted Q1 earnings of $0.26 per share on revenue of $524.4 million. The company projects Q2 earnings of
$0.44 to $0.49 per share, and revenue of $580 million to $600 million.
Commodities
In commodity news, oil traded up 1.47 percent to $49.69 while gold traded up 0.06 percent to $1,266.60.
Silver traded up 0.09 percent Friday to $17.35, while copper rose 0.39 percent to $2.603.
Eurozone
European shares were mixed today. The eurozone’s STOXX 600 declined 0.25 percent, the Spanish Ibex Index rose 0.44 percent,
while Italy’s FTSE MIB Index rose 0.26 percent. Meanwhile the German DAX slipped 0.02 percent, and the French CAC 40 gained 0.10
percent while U.K. shares fell 0.36 percent.
Economics
U.S. GDP rose at an annual pace of 0.7 percent for the first quarter, versus economists’ expectations for a 1.2 percent
growth.
The employment cost index increased 0.8 percent for the first quarter.
The Chicago PMI rose to 58.30 in April, versus a prior reading of 57.70. Economists expected a reading of 56.40.
The final reading of University of Michigan's consumer sentiment index slipped to 97.00 in April, versus a prior reading of
98.00. Economists were expecting a reading of 98.00.
The Baker Hughes North American rig count report for the latest week will be released at 1:00 p.m. ET.
Federal Reserve Board of Governor Lael Brainard is set to speak in Evanston, Illinois at 1:15 p.m. ET.
Philadelphia Federal Reserve Bank President Patrick Harker will speak in Washington, D.C. at 2:30 p.m. ET.
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