Market Overview

Mid-Day Market Update: Markets Still Rising, Netflix Short Squeeze Continues

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Mid-way through trading Friday, the Dow traded up 0.39 percent to 13,879.13 while the NASDAQ rose 0.54 percent to 3,147.63. The S&P also rose, increasing 0.34 percent to 1,499.25.

Top Headline
In a shocking move, Goldman Sachs upgraded Autodesk (NYSE: ADSK) from sell all the way to conviction buy, citing macro strength in the company's primary markets. The upgrade sent shares soaring in the pre-market, rising over 5 percent and holding the gains following the market open.

Equities Trading UP
Synaptics (NASDAQ: SYNA) saw a 16.74 percent boost to $38.00 in early trading Friday after the company posted a beat on both top and bottom lines following the market close on Thursday.

Shares of Netflix (NASDAQ: NFLX) shot up another 15.81 percent to 170.08 as shares continue to rally off of its earnings beat and subsequent short squeeze.

Oshkosh (NYSE: OSK) was also up, gaining 14.92 percent to $39.74 after the company crushed on its first-quarter earnings report this morning.

Equities Trading DOWN
Select Comfort (NASDAQ: SCSS) lead the movers on the downside, declining 17.91 percent to $23.15 after the company posted poor earnings following the market close on Thursday.

8x8 (NASDAQ: EGHT) was down as well, dropping 11.08 percent to $7.06 following a slight earnings beat that apparently did not impress traders.

Shares of Flextronics (NASDAQ: FLEX) were also down, falling 5.65 percent to $6.34 after posting an earnings beat releasing some poor guidance.

Commodities
In commodity news, oil traded up 0.09 percent to $96.04, while gold traded down 0.80 percent to $1,656.50.

Silver traded down 1.28 percent Friday to $31.16.

Eurozone
In the Eurozone this morning, markets rose on a strong IFO survey, ignoring the fact that British GDP missed estimates. Leading the rally was the German DAX, gaining 1.09 percent while the French CAC gained 0.74 percent.

Economics
In economic news Friday morning, new home sales were reported at 369 thousand, below the surveyed 385 thousand and the prior release of 398 thousand.

Posted-In: Earnings News Guidance Commodities Global Econ #s Economics Hot Intraday Update Markets Analyst Ratings Movers Tech Trading Ideas Best of Benzinga

 

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