Mid-Day Market Update: Dow Surges Over 200 Points; AquaBounty Technologies Shares Plummet

Midway through trading Friday, the Dow traded up 0.79 percent to 25,776.71 while the NASDAQ climbed 0.57 percent to 7,252.69. The S&P also rose, gaining 0.49 percent to 2,781.24
.

Leading and Lagging Sectors

On Friday, the technology sector proved to be a source of strength for the market. Leading the sector was strength from Synaptics, Incorporated SYNA and Motorola Solutions Inc MSI.

In trading on Friday, utilities shares rose by just 0.1 percent. Meanwhile, top losers in the sector included American Water Works Company Inc AWK, down 3 percent, and Aqua America Inc WTR down 2 percent.

Top Headline

JPMorgan Chase & Co. JPM reported better-than-expected earnings for its fourth quarter.

JPMorgan said it earned $1.76 per share in the quarter on revenue of $25.45 billion which exceeded Wall Street's expectations for $1.69 per share and $25.15 billion.

Equities Trading UP

SAExploration Holdings, Inc. SAEX shares shot up 15 percent to $2.78 after the company disclosed that it has received around $15.7 million of additional Alaskan tax credit certificates.

Shares of Liberty Oilfield Services Inc. LBRT got a boost, shooting up 28 percent to $21.70. Liberty Oilfield Services priced its 12.7 million share IPO at $17 per share.

Tuniu Corp TOUR shares were also up, gaining 12 percent to $8.54. Tuniu reported a $100 million share repurchase program and reported the promotion of Mr. Shihong Chen from Vice President to Chief Technology Officer, effective immediately.

Equities Trading DOWN

Aradigm Corporation ARDM shares dropped 36 percent to $2.19 after the company disclosed that the FDA Advisory Committee panel voted 12-3 against recommendation for Linhaliq. Ladenburg Thalmann downgraded Aradigm from Buy to Neutral.

Shares of AquaBounty Technologies, Inc. AQB were down 38 percent to $3.03 after the company reported a $12 million underwritten public offering.

Concert Pharmaceuticals Inc CNCE was down, falling around 25 percent to $20.65. Concert Pharmaceuticals disclosed that it has been granted Fast Track designation for CTP-543 for the treatment of alopecia areat. The company also reported that the Patent Trial and Appeal Board of the U.S. Patent and Trademark Office did not institute PGR proceeding.

Commodities

In commodity news, oil traded down 0.42 percent to $63.53 while gold traded up 0.64 percent to $1,330.90.

Silver traded up 1 percent Friday to $17.135, while copper fell 0.23 percent to $3.2255.

Eurozone

European shares were higher today. The eurozone’s STOXX 600 gained 0.28 percent, the Spanish Ibex Index rose 0.28 percent, while Italy’s FTSE MIB Index rose 0.62 percent. Meanwhile the German DAX climbed 0.19 percent, and the French CAC 40 rose 0.38 percent while U.K. shares rose 0.35 percent.

Economics

U.S. retail sales rose 0.4 percent for December, versus economists’ expectations for a 0.4 percent growth.

The consumer price index gained 0.1 percent in December, versus economists’ expectations for a 0.1 percent rise.

U.S. business inventories gained 0.4 percent for November, versus economists’ estimates of a 0.3 percent growth

The Baker Hughes North American rig count report for the latest week is schedule for release at 1:00 p.m. ET.

Boston Federal Reserve Bank President Eric Rosengren will speak in La Jolla, California at 4:15 p.m. ET.