Mid-Afternoon Market Update: Markets Get Hammered on China Fears as Microsoft Provides on of the Few Havens of Strength

Toward the end of trading Friday, the Dow traded down 1.64 percent to 15,930.23 while the NASDAQ tumbled 1.91 percent to 4,138.91. The S&P also fell, dropping 1.77 percent to 1,795.51.

Top Headline
Procter & Gamble Co (NYSE: PG) reported a better-than-expected second-quarter net profit. Procter & Gamble's quarterly profit declined to $3.43 billion, or $1.18 per share, from a year-ago profit of $4.06 billion, or $1.39 per share. Its core earnings fell to $1.21 per share. Its sales came in at $22.28 billion versus $22.18 billion. However, analysts were projecting earnings of $1.20 per share on sales of $22.36 billion. Equities Trading UP
Juniper Networks (NYSE: JNPR) shot up 7.04 percent to $27.85 after the company reported better-than-expected fourth-quarter results. Barclays upgraded the stock from Equalweight to Overweight and lifted the price target from $29.00 to $34.00. Shares of Ariad Pharmaceuticals (NASDAQ: ARIA) were up as well, gaining a staggering 21.68 percent to $9.14 as rumours of a takeover from a major pharma name swirled around the street. Microsoft (NASDAQ: MSFT) was also up, gaining 2.66 percent to $37.01 after the company reported stronger-than-expected fiscal second-quarter results. Credit Suisse raised the price target on the stock from $40.00 to $42.50.

10 Best Penny Stocks To Buy Right Now

Equities Trading DOWN
Shares of Kansas City Southern (NYSE: KSU) were down 15.32 percent to $99.22 after the company reported downbeat Q4 earnings. International Game Technology (NYSE: IGT) shares tumbled 14.16 percent to $15.15 after the company reported weaker-than-expected fiscal first-quarter results. Sterne Agee downgraded the stock from Buy to Neutral and cut the price target from $21.50 to $18.00. First Niagara Financial Group (NASDAQ: FNFG) was down, falling 10.79 percent to $9.22 on Q4 results. The company issued weak FY14 earnings outlook.

Commodities
In commodity news, oil traded down 0.54 percent to $96.79, while gold traded up 0.32 percent to $1,266.20. Silver traded down 0.99 percent Friday to $19.848, while copper fell 0.52 percent to $3.27.

Euro zone
European shares were lower today. The Spanish Ibex Index declined 3.88 percent, while Italy's FTSE MIB Index tumbled 2.30 percent. Meanwhile, the German DAX fell 2.61 percent and the French CAC 40 slipped 2.79 percent while U.K. shares declined 1.71 percent.

Economics On the economics calendar Friday, there is no important data due out.

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

(c) 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

  Most Popular What Spooked The Market? Apple's New Hires Would Make the iWatch Revolutionary H&R Block or TurboTax (Intuit): Which is the Better Bet? Market Wrap For January 24: Fear Is Back In The Markets Top Gainers After Hours Is It Time To Worry Again? Related Articles (ARIA + BZSUM) Market Wrap For January 24: Fear Is Back In The Markets Ariad Shares Continue to Surge Amidst Buyout Rumors Ariad Pharnaceuticals Continues To Rally Mid-Afternoon Market Update: Markets Get Hammered on China Fears as Microsoft Provides on of the Few Havens of Strength Mid-Day Market Update: Microsoft Rises On Upbeat Results; Kansas City Southern Shares Decline Mid-Morning Market Update: Markets Open Lower; Procter & Gamble Profit Beats Estimates Around the Web, We're Loving... Lightspeed Trading Presents: Thunder and Tubleweeds: Trading Techniques for the New Market Enviroment Pope Francis Rips 'Trickle-Down' Economics Come See How the Pro's Trade in this Exclusive Webinar Wynn, MGM, Other Casino Giants Vying For U.S. Turf