Markets Edge Higher; Netflix Shares Slip
Toward the end of trading Thursday, the Dow traded up 0.07 percent to 16,153.26 while the NASDAQ surged 0.35 percent to 4,230.06. The S&P also rose, gaining 0.29 percent to 1,867.97.
Leading and Lagging Sectors
Energy shares gained 0.60 percent on Thursday. Top gainers in the sector included Chesapeake Energy (NYSE: CHK), Arch Coal (NYSE: ACI), and Eagle Rock Energy Partners, L.P. (NASDAQ: EROC).
In trading on Thursday, telecommunications services shares were relative laggards, down on the day by about 0.73 percent. Top losers in the sector included Telecom Italia S.p.A. (NYSE: TI), down 4.6 percent, and Telefónica, S.A. (NYSE: TEF), off 3.8 percent.
Top Headline
The Goldman Sachs Group (NYSE: GS) reported stronger-than-expected third-quarter profit.
The New York-based bank posted a quarterly profit of $2.24 billion, or $4.57 per share, versus a year-ago profit of $1.51 billion, or $2.88 per share.
Its sales climbed to $8.39 billion versus $6.72 billion. However, analysts were expecting earnings of $3.21 per share on revenue of $7.85 billion.
Equities Trading UP
Chesapeake Energy (NYSE: CHK) shares shot up 15.48 percent to $20.52 after the company announced the sale of Southern Marcellus and Utica Shale assets for $5.375 billion.
Shares of Lumos Networks (NASDAQ: LMOS) got a boost, shooting up 11.14 percent to $16.66 following the report of exploration of strategic alternatives.
Delta Air Lines (NYSE: DAL) shares were also up, gaining 3.40 percent to $33.48 after the company reported upbeat profit for the third quarter.
Equities Trading DOWN
Shares of Netflix (NASDAQ: NFLX) were down 19.59 percent to $360.71 as the company issued a weak forecast for the fourth quarter. During the quarter, Netflix added 3.02 million subscribers, below prior outlook of 3.69 million additions.
Tetraphase Pharmaceuticals (NASDAQ: TTPH) shares tumbled 13.02 percent to $20.58 after the company announced a proposed public offering of common stock.
Baker Hughes (NYSE: BHI) was down, falling 5.18 percent to $50.85 after the company reported downbeat third-quarter profit.
Commodities
In commodity news, oil traded down 1.69 percent to $80.40, while gold traded down 0.58 percent to $1,237.60.
Silver traded down 1.34 percent Thursday to $17.23, while copper fell 1.55 percent to $2.96.
Eurozone
European shares were mostly lower today. The eurozone’s STOXX 600 dropped 0.43 percent, the Spanish Ibex Index fell 2.98 percent, while Italy’s FTSE MIB Index declined 2.24 percent. Meanwhile, the German DAX rose 0.13 percent and the French CAC 40 tumbled 0.54 percent while UK shares fell 0.25 percent.
Economics
US jobless claims dropped 23,000 to 264,000 in the week ended Oct. 11. However, economists were expecting initial claims to reach 289,000 in the week.
Industrial production rose 1% in September, versus economists’ expectations for a 0.4% gain.
The general conditions index of the Philadelphia Fed's Survey fell to 20.70 in October, versus a prior reading of 22.50. However, economists were expecting a reading of 19.80.
The NAHB housing market index dropped 5 points to 54 in October. However, economists were expecting a reading of 59 in the month.
US natural-gas supplies climbed 94 billion cubic feet for the week ended Oct. 10, according to the Energy Information Administration. However, analysts were expecting a rise of 88 bcf to 92 bcf.
Data on money supply will be released at 4:30 p.m. ET.
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