Mid-Afternoon Market Update: Markets Reverse Early Loses; Oil Continues To Rise On Overseas Worry
Closing in on the final hour of trading for the week, Friday the Dow traded up 0.17 percent to 16,763.11 while the NASDAQ gained 0.27 percent to 4,309.06. The S&P also fell, dropping 0.25 percent to 1,34.85.
Leading and Lagging Sectors
In trading on Friday, technology shares were relative leaders, up on the day by about 0.63 percent. Meanwhile, top gainers in the sector included OpenTable (NASDAQ: OPEN), up 47 percent, and China Digital TV Holding Co (NYSE: STV), up 9 percent.
Utilities shares fell around 0.30 percent in trading on Friday. Top losers in the sector included Pampa Energia SA (NYSE: PAM), revesed loses and is currently up 1.75 percent, and Korea Electric Power (NYSE: KEP), off 3.16 percent.
The offer price of $103 per share represents a 46% premium over OpenTable's closing price on Thursday. The transaction is likely to close in the third quarter.
Equities Trading UP
Express (NYSE: EXPR) shares launched up 21.40 percent to $16.45 on Sycamore stake and potential acquisition. Sycamore Partners said Thursday that it is interested in acquiring Express. Sycamore has already acquired a 9.9% stake in Express, according to a regulatory filing.
Shares of OpenTable (NASDAQ: OPEN) got a boost, gaining 47.32 percent to $103.76 after Priceline announced its plans to buy OpenTable for $103 per share.
Equities Trading DOWN
Shares of Finisar (NASDAQ: FNSR) were down 22.44 percent to $19.58 after the company reported downbeat earnings for the fourth quarter and issued a weak profit forecast for the current quarter.
OncoMed Pharmaceuticals (NASDAQ: OMED) shares tumbled 12.05 percent to $20.90 after the company voluntarily stopped enrollment for Phase 1 Vantictumab.
Achillion Pharmaceuticals (NASDAQ: ACHN) was down, falling 5 percent to $6.49 after dropping 6.32% on Thursday.
In commodity news, oil traded up 0.37 percent to $106.92, while gold traded up 0.14 percent to $1,275.80.
Silver traded up 0.70 percent Friday to $19.67, while copper rose 0.46 percent to $3.03.
European shares were lower today.
The eurozone’s STOXX 600 tumbled 0.48 percent, the Spanish IBEX Index gained 0. percent, while Italy’s FTSE MIB Index stayed flat, goaining 0.01 percent.
Meanwhile, the German DAX dropped 0.26 percent and the French CAC 40 fell 0.24 percent while UK shares dropped 1.11 percent.
US wholesale prices declined 0.2% in May. However, economists were projecting a 0.1% gain in the PPI.
The preliminary reading of Reuter's/University of Michigan's consumer sentiment index fell to 81.20 in June, versus a prior reading of 81.90. However, economists were expecting a reading of 83.00.
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