Mid-Day Market Update: Ambarella Climbs Following Upbeat Earnings; Vivint Solar Shares Slide

Midway through trading Friday, the Dow traded down 0.33 percent to 25,255.32 while the NASDAQ climbed 0.01 percent to 7,273.79. The S&P also fell, dropping 0.06 percent to 2,736.02.

Leading and Lagging Sectors

Friday afternoon, the utilities shares climbed 0.4 percent. Meanwhile, top gainers in the sector included AmeriGas Partners, L.P. APU up 4 percent, and Azure Power Global Limited AZRE up 4 percent.

In trading on Friday, energy shares fell 0.8 percent.

Top Headline

GameStop Corp. GME reported better-than-expected earnings for its third quarter, but lowered its full-year profit outlook.

GameStop posted quarterly earnings of $0.67 per share on revenues of $2.08 billion. However, analysts were expecting a profit of $0.57 per share on revenue of $2.03 billion.

GameStop said it now projects full-year adjusted profit of $2.55 to $2.75 per share, versus earlier forecast of $3.00 to $3.35 per share. The company expects FY18 total sales to fall 2 percent to 6 percent.

Equities Trading UP

Tel-Instrument Electronics Corp. TIK shares got a boost, shooting up 75 percent to $4.29 after the company announced a $816,000 test order from a major US defense contractor.

Shares of Ambarella, Inc. AMBA shot up 20 percent to $40.5644 after the company reported better-than-expected results for its third quarter on Thursday.

Universal Technical Institute, Inc. UTI shares were also up, gaining 16 percent to $3.26 following Q4 results. Universal Technical Institute posted a Q4 loss of $0.49 per share on sales of $80.26 million.

Equities Trading DOWN

Yext, Inc. YEXT shares dropped 19 percent to $14.69 following Q3 results. For the current quarter, Yext expects a loss of $0.10 per share to a loss of $0.09 per share, and revenue of $62 million to $63 million.

Shares of Vivint Solar, Inc. VSLR were down 21 percent to $5.54 after the company priced an 8 million share common stock offering at $5.50 per share.

China Ceramics Co., Ltd. CCCL was down, falling around 25 percent to $1.28 after reporting a proposed public offering of common stock and warrants.

Commodities

In commodity news, oil traded down 1.83 percent to $50.51 while gold traded down 0.5 percent to $1,224.30.

Silver traded down 1.68 percent Friday to $14.16, while copper fell 0.2 percent to $2.784.

Eurozone

European shares were mostly lower today. The eurozone’s STOXX 600 dropped 0.03 percent, the Spanish Ibex Index fell 0.20 percent, while Italy’s FTSE MIB Index climbed 0.31 percent. Meanwhile the German DAX dropped 0.14 percent, and the French CAC 40 rose 0.07 percent while U.K. shares fell 0.89 percent.

Economics

The Chicago PMI rose to 66.40 for November, versus prior reading of 58.40. However, economists projected a reading of 58.60.

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