Mid-Afternoon Market Update: AMD Jumps On Strong Results; Boston Beer Shares Slide

Toward the end of trading Friday, the Dow traded up 0.10 percent to 18,001.14 while the NASDAQ declined 0.90 percent to 4,901.21. The S&P also fell, dropping 0.01 percent to 2,091.31. Leading and Lagging Sectors On Friday, the energy sector proved to be a source of strength for the market. Leading the sector was strength from NGL Energy Partners LP NGL and Legacy Reserves LP LGCY. In trading on Friday, technology shares fell by 1.73 percent. Meanwhile, top losers in the sector included Microsoft Corporation MSFT, down 7 percent, and Alphabet Inc GOOGL, down 5 percent. Top Headline McDonald's Corporation MCD reported better-than-expected results for the first quarter on Friday. The company's net income grew 35 percent to $1.098 billion in the first quarter from $811.5 million in the year-ago quarter. Its earnings also jumped 46 percent to $1.23 a share from $0.84 a share in the comparable period thus beating the analysts' estimations by $0.07 a share. McDonald's revenues dipped 1 percent to $5.903 billion from $5.958 billion in the previous year quarter, which was also above the Street predictions of $5.82 billion. The food retailer said that revenue would have increased 3 percent and profit by 40 percent based on the constant currency. Equities Trading UP NGL Energy Partners LP NGL shares shot up 30 percent to $14.00 after the vertically-integrated crude oil logistics company announced several strategic actions, including receipt of a $200 million investment. NGL Energy Partners announced a $200 million private placement of 10.75 percent Class A Convertible Preferred Units with Oaktree Capital Management. The company also announced a temporary reduction in its quarterly cash distribution to $0.39 per common unit, which will generate an additional $170 million in coverage over the next year. The company updated its FY16 outlook. Shares of Advanced Micro Devices, Inc. AMD got a boost, shooting up 39 percent to $3.64 as the company reported better-than-expected results for the first quarter and issued strong revenue guidance for the current quarter. Southwestern Energy Company SWN shares were also up, gaining 13 percent to $12.03 as the company reported strong Q1 results. Equities Trading DOWN Microsoft Corporation MSFT shares dropped 7 percent to $51.90 as the company reported weaker-than-expected earnings for its third quarter on Thursday. Shares of Rocky Brands Inc RCKY were down 15 percent to $11.47. Rocky Brands reported a Q1 loss of $0.03 per share on sales of $57.5 million. Boston Beer Co Inc SAM was down, falling around 10 percent to $156.78 after the company reported downbeat Q1 results. Commodities In commodity news, oil traded up 1.60 percent to $43.87 while gold traded down 1.56 percent to $1,230.80. Silver traded down 0.74 percent Friday to $17.02, while copper rose 0.91 percent to $2.28. Eurozone European shares closed mostly lower today. The eurozone's STOXX 600 declined 0.32 percent, the Spanish Ibex Index gained 0.39 percent, while Italy's FTSE MIB Index fell 0.25 percent. Meanwhile, the German DAX dropped 0.60 percent, and the French CAC 40 dropped 0.29 percent, while U.K. shares fell 1.11 percent. Economics The flash reading of Markit manufacturing PMI slipped to 50.80 for April, versus a prior reading of 51.50. However, economists were expecting a reading of 52.00.