Mid-Day Market Update: Restoration Hardware Rises On Earnings Beat; Agios Pharmaceuticals Shares Slide

Midway through trading Friday, the Dow traded down 0.80 percent to 17,894.73 while the NASDAQ declined 0.56 percent to 5,054.19. The S&P also fell, dropping 0.66 percent to 2,095.01.

Leading and Lagging Sectors
On Friday, telecommunications services shares slipped by just 0.2 percent. Meanwhile, top gainers in the sector included Lumos Networks Corp LMOS, up 2 percent, and General Communication, Inc. GNCMA, up 2 percent.
In trading on Friday, energy shares dipped by 0.90 percent. Meanwhile, top losers in the sector included Cloud Peak Energy Inc. CLD, down 7 percent, and Petroquest Energy Inc PQ, off 5 percent.

Top Headline
On Thursday, Twitter Inc TWTR reported that its CEO Dick Costolo, will resign as of July 1.
Twitter also named Jack Dorsey its co-founder and current chairman, as interim CEO pending a more permanent replacement for Costolo.
The company also reaffirmed its Q2 forecast for revenue of $470 million to $485 million and adjusted EBITDA of $97 million to $102 million.
Equities Trading UP
Restoration Hardware Holdings Inc RH shares shot up 2 percent to $96.90. Restoration Hardware reported better-than-expected results for the first quarter and raised its forecast for the year. However, the company issued a weak forecast for the current quarter.
Shares of Twitter Inc TWTR got a boost, shooting up 2 percent to $36.40 after the company reported that its CEO Dick Costolo, will resign as of July 1. Twitter also named Jack Dorsey its co-founder and current chairman, as interim CEO pending a more permanent replacement for Costolo. The company also reaffirmed its Q2 forecast for revenue of $470 million to $485 million and adjusted EBITDA of $97 million to $102 million.
ITT Educational Services, Inc. ESI shares were also up, gaining 22 percent to $5.08. ITT Educational Services reported Q1 GAAP earnings of $0.44 per share on revenue of $230 million.

Equities Trading DOWN
Agios Pharmaceuticals Inc AGIO shares tumbled 15 percent to $104.78 after the company reported new, final data from its Phase 1 multiple ascending dose study for AG-348, an investigational medicine for pyruvate kinase deficiency.
Shares of ExOne Co XONE were down 5 percent to $12.49 after the company reported wider loss for the first quarter.
Keurig Green Mountain Inc GMCR was down, falling 2 percent to $82.43. UBS downgraded Keurig Green Mountain from Buy to Neutral and lowered the price target from $114.00 to $86.00.

Commodities
In commodity news, oil traded down 1.27 percent to $60.00, while gold traded down 0.06 percent to $1,179.70.
Silver traded down 0.69 percent Friday to $15.85, while copper rose 0.39 percent to $2.68.

Euro zone
European shares were lower today. The eurozone’s STOXX 600 declined 0.92 percent, the Spanish Ibex Index slipped 1.13 percent, while Italy’s FTSE MIB Index fell 1.27 percent. Meanwhile, the German DAX dropped 1.20 percent, and the French CAC 40 fell 1.41 percent while UK shares fell 0.90 percent.

Economics
U.S. producer prices increased 0.5 percent in May, versus economists’ expectations for a 0.4 percent growth. U.S. core PPI gained 0.10 percent, matching consensus estimate.
The preliminary reading of the University of Michigan consumer sentiment index climbed to 94.60 in June, versus a prior reading of 90.70. However, economists were expecting a reading of 91.50.