Mid-Day Market Update: NASDAQ Dips 2%; Finisar Shares Jump On Strong Results

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Midway through trading Friday, the Dow traded down 1.69 percent to 17,278.24 while the NASDAQ dipped 2 percent to 4,944.28. The S&P also fell, dropping 1.76 percent to 2,016.17.
Leading and Lagging Sectors
In trading on Friday, utilities shares slipped by just 0.8 percent. Meanwhile, top gainers in the sector included
Empire District Electric CoEDE
, up 10 percent, and
CenterPoint Energy, Inc.CNP
, up 5 percent. Energy shares tumbled by 3.35 percent in the US market on Friday. Top losers in the sector included
Southwestern Energy CompanySWN
,
Energy Transfer Equity LPETE
, and
Targa Resources Partners LPNGLS
.
Top HeadlineDow Chemical CoDOW
and
E I Du Pont De Nemours And CoDD
confirmed the earlier reports and announced an all-stock merger of equals. The new entity will be named DowDuPont and will be separated into three independent, publicly traded companies via a tax-free spin-off.
Equities Trading UP KMG Chemicals, Inc.KMG
shares shot up 29 percent to $24.50 after the company reported upbeat Q1 earnings. Shares of
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Finisar CorporationFNSR
got a boost, shooting up 21 percent to $14.09 after the company reported stronger-than-expected results for its fiscal second quarter.
Concord Medical Services Hldg Ltd (ADR)CCM
shares were also up, gaining 11 percent to $4.93 after the company declared a special dividend of $0.33 per share, or $0.99 per ADS.
Equities Trading DOWN Argan, Inc.AGX
shares tumbled 13 percent to $31.00. Argan reported Q3 earnings of $1.21 per share on revenue of $113.967 million. Shares of
Nordson CorporationNDSN
were down 6 percent to $64.59 after the company reported weaker-than-expected earnings for its fiscal fourth quarter and issued a downbeat forecast for the current quarter.
Vince Holding CorpVNCE
was down, falling 16 percent to $4.73. Vince Holding reported Q3 earnings of $0.16 per share on revenue of $80.8 million. The company issued a weak earnings forecast for the full year.
Commodities
In commodity news, oil traded down 2.97 percent to $35.67, while gold traded up 0.30 percent to $1,075.20. Silver traded down 1.56 percent Friday to $13.89, while copper rose 2.20 percent to $2.12.
Eurozone
European shares were lower today. The eurozone's STOXX 600 fell 2.04 percent, the Spanish Ibex Index declined 1.51 percent, while Italy's FTSE MIB Index dipped 1.84 percent. Meanwhile, the German DAX slipped 2.44 percent, and the French CAC 40 slipped 1.84 percent, while U.K. shares fell 2.22 percent.
Economics
U.S. producer prices increased 0.3 percent in November, versus economists' expectations for a 0.1 percent growth. US retail sales surged 0.2 percent in November, versus economists' expectations for a 0.3 percent gain. US business inventories came in flat in October, versus economists' estimates of 0.10 percent growth. The University of Michigan consumer sentiment index rose to 91.80 in December, versus prior reading of 91.30. However, economists were expecting a reading of 92.00.
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Posted In: EarningsNewsGuidanceEurozoneCommoditiesM&AGlobalIntraday UpdateMarketsMoversMid-Day Market Update
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