Mid-Day Market Update: Advanced Micro Devices Climbs After Chip Deal With Alibaba; Ocean Power Technologies Shares Slide

Midway through trading Friday, the Dow traded up 0.40 percent to 18,171.97 while the NASDAQ climbed 0.16 percent to 5,221.71. The S&P also rose, gaining 0.17 percent to 2,136.18.

Leading and Lagging Sectors

On Friday, telecommunications services shares gained by 0.63 percent. Meanwhile, top gainers in the sector included China Unicom (Hong Kong) Limited (ADR) CHU, and China Telecom Corporation Limited (ADR) CHA.

In trading on Friday, healthcare shares fell by 0.37 percent. Meanwhile, top losers in the sector included Omeros Corporation OMER, down 6 percent, and Immunomedics, Inc. IMMU, down 5 percent.

Top Headline

Citigroup Inc C delivered another EPS beat, making it seven quarters in a row of an EPS beat. Its revenue for the third quarter also came in above the expectations.

Citigroup revealed net income of $3.8 billion, or $1.24 a share, down from $4.3 billion, or $1.35 a share, in the year-ago quarter. Street analysts' estimate was $1.16 a share.

The bank's revenue also fell from $18.7 billion to $17.8 billion. However, this was more than the analysts' expectations of $17.34 billion.

Equities Trading UP

First Bancshares Inc FBMS shares shot up 23 percent to $22.00. First Bancshares reported Q3 net income of $2.6 million on revenue of $13.2 million.

Shares of Enzo Biochem, Inc. ENZ got a boost, shooting up 10 percent to $5.58. Enzo Biochem reported Q4 non-GAAP earnings of $0.04 per share on revenue of $26.6 million.

Advanced Micro Devices, Inc. AMD shares were also up, gaining 6 percent to $6.86 following the announcement that the company has reached a deal with Alibaba Group Holding Ltd BABA to use AMD chips in its cloud service.

Equities Trading DOWN

Biocept Inc BIOC shares dropped 21 percent to $0.912. Biocept reported the pricing of $10 million offering of common stocks and warrants.

Shares of Ocean Power Technologies Inc OPTT were down 26 percent to $2.99. Ocean Power priced 2.4 million shares at $2.75 per share.

Taylor Devices, Inc. TAYD was down, falling around 24 percent to $15.00. Taylor Devices reported Q1 earnings of $0.06 per share on revenue of $5.76 million.

Commodities

In commodity news, oil traded down 0.71 percent to $50.49 while gold traded down 0.25 percent to $1,254.40.

Silver traded down 0.22 percent Friday to $17.42, while copper fell 0.71 percent to $2.11.

Eurozone

European shares were higher today. The eurozone’s STOXX 600 gained 1.29 percent, the Spanish Ibex Index rose 1.85 percent, while Italy’s FTSE MIB Index surged 1.98 percent. Meanwhile the German DAX climbed 1.60 percent, and the French CAC 40 gained 1.49 percent while U.K. shares rose 0.51 percent.

Economics

The Producer Price Index rose 0.3 percent for September, versus economists’ estimates for a 0.2 percent growth

U.S. retail sales increased 0.6 percent in September, versus expectations for a 0.7 percent gain.

U.S. business inventories rose 0.20 percent for September, versus economists’ expectations for a 0.20 percent growth.

The University of Michigan's consumer sentiment index declined to 87.90 for October, versus a prior reading of 91.20. Economists expected a reading of 91.90.

Federal Reserve Chairman Janet Yellen will speak at the Boston Fed's 60th Economic Conference, "The Elusive Recovery" at 12:30 p.m. ET.

The Baker Hughes North American rig count report for the latest week will be released at 1:00 p.m. ET.

The U.S. Treasury budget data for September will be released at 2:00 p.m. ET.