Mid-Morning Market Update: Markets Open Lower; Deere Cuts 2016 Guidance

Following the market opening Friday, the Dow traded down 0.58 percent to 16,319.03 while the NASDAQ dropped 0.33 percent to 4,472.64. The S&P also fell, dropping 0.58 percent to 1,906.70. Leading and Lagging Sectors On Friday, technology shares slipped by just 0.3 percent. Meanwhile, top gainers in the sector included Applied Materials, Inc. AMAT, up 8 percent, and Lam Research Corporation LRCX up 5 percent. In trading on Friday, energy shares tumbled by 1.15 percent. Meanwhile, top losers in the sector included Encana Corporation (USA) ECA, down 6 percent, and Murphy Oil Corporation MUR, down 6 percent. Top Headline Deere & Company DE reported upbeat earnings for its fourth quarter, but the company lowered its fiscal-year guidance. Deere said that it earned $0.80 per share in the first quarter on revenue of $5.525 billion. Wall Street analysts were expecting the company to earn $0.70 per share on revenue of $4.94 billion. Deere expects its equipment sales to fall 8 percent in the second quarter and decrease about 10 percent for the fiscal year. Net income for the full year is now expected to be around $1.3 billion, versus earlier forecast of $1.4 billion. Equities Trading UP AMN Healthcare Services, Inc. AHS shares shot up 16 percent to $28.99 after the company reported better-than-expected Q4 results. Shares of Supreme Industries, Inc. STS got a boost, shooting up 22 percent to $7.60. Supreme Industries reported Q4 earnings of $0.22 per share on revenue of $67.716 million. Applied Materials, Inc. AMAT shares were also up, gaining 7 percent to $18.42 after the company reported better-than-expected earnings for its first quarter and issued a strong earnings forecast for the current quarter. Equities Trading DOWN TrueCar Inc TRUE shares dropped 20 percent to $4.62 after the company reported weaker-than-expected results for the fourth quarter and issued a downbeat sales forecast. Shares of Trinity Industries Inc TRN were down 19 percent to $17.00. Trinity Industries reported upbeat earnings for the fourth quarter, but the company's revenue missed analysts' expectations. The company also issued weak earnings guidance for 2016. Internap Corp INAP was down, falling around 23 percent to $2.12. Internap posted adjusted Q4 loss of $0.14 per share, on revenue of $78.8 million. The company also issued a weak FY16 sales outlook. Commodities In commodity news, oil traded down 1.43 percent to $30.33, while gold traded up 0.37 percent to $1,230.80. Silver traded up 0.16 percent Friday to $15.49, while copper rose 0.24 percent to $2.08. Eurozone European shares were lower today. The eurozone's STOXX 600 declined 0.71 percent, the Spanish Ibex Index fell 1.54 percent, while Italy's FTSE MIB Index declined 1.17 percent. Meanwhile, the German DAX dropped 0.54 percent, and the French CAC 40 slipped 0.65 percent, while U.K. shares fell 0.37 percent. Economics The consumer price index came in flat for January, versus economists' expectations for a 0.1 percent drop.