Mid-Morning Market Update: Markets Surge; Chevron Posts Lower Profit

Following the market opening Friday, the Dow traded up 0.53 percent to 15,628.01 while the NASDAQ gained 0.36 percent to 3,933.77. The S&P also rose, surging 0.36 percent to 1,762.94.

Top Headline
Chevron (NYSE: CVX) reported a 5.8 percent drop in its third-quarter earnings.

Chevron's quarterly profit fell to $4.95 billion, or $2.57 per share, from a year-ago profit of $5.25 billion, or $2.69 per share.

Its revenue rose 0.8 percent to $58.5 billion. However, analysts were expecting earnings of $2.71 per share on revenue of $58.41 billion.

Equities Trading UP
First Solar (NASDAQ: FSLR) shot up 9.67 percent to $55.17 after the company reported upbeat third-quarter results and lifted its full-year earnings forecast.

Shares of Office Depot (NYSE: ODP) got a boost, shooting up 3.94 percent to $5.81 after the US Federal Trade Commission closed probe of proposed Office Depot/OfficeMax merger.

Southwestern Energy Co (NYSE: SWN) was also up, gaining 4.41 percent to $38.86 after the company reported Q3 financial and operating results. Stifel Nicolaus upgraded the stock from Hold to Buy.

Equities Trading DOWN
Shares of Ellie Mae (NYSE: ELLI) were down 18.58 percent to $23.53 after the company reported a weaker-than-expected Q3 profit. Ellie Mae also signed a definitive agreement to buy MortgageCEO.

American International Group (NYSE: AIG) shares tumbled 6.07 percent to $48.51 after the company reported a 17 percent rise in its third-quarter net income.

Bruker (NASDAQ: BRKR) was down, falling 8.85 percent to $18.65 on Q3 results.

Commodities
In commodity news, oil traded down 0.93 percent to $95.48, while gold traded down 0.62 percent to $1,315.50.

Silver traded up 0.24 percent Friday to $21.92, while copper fell 0.03 percent to $3.30.

Eurozone
European shares were mostly lower today. The Spanish Ibex Index fell 0.16 percent, while Italy's FTSE MIB Index declined 0.27 percent. Meanwhile, the German DAX fell 0.14 percent and the French CAC 40 dropped 0.09 percent while U.K. shares rose 0.11 percent.

Economics
The final reading of Markit manufacturing PMI surged to 51.8 in October, versus a flash reading of 51.1.

The ISM manufacturing index rose to 56.40 in October, from a prior reading of 56.20. However, economists were expecting a reading of 55.00.

Posted-In: Earnings News Guidance Eurozone Futures Commodities Forex Global Econ #s Economics Hot Intraday Update Markets Movers Tech

(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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