Mid-Morning Market Update: Markets Edge Higher; Tiffany Earnings Top Estimates

Following the market opening Friday, the Dow traded up 0.07 percent to 20,950.20 while the NASDAQ gained 0.01 percent to 5,901.52. The S&P also rose, gaining 0.04 percent to 2,382.30.

Leading and Lagging Sectors

Basic materials shares climbed 0.56 percent in trading on Friday. Meanwhile, top gainers in the sector included Dominion Diamond Corp DDC, and Steel Dynamics, Inc. STLD.

In trading on Friday, healthcare shares fell 0.32 percent. Meanwhile, top losers in the sector included The Medicines Company MDCO, down 21 percent, and ImmunoGen, Inc. IMGN, down 7 percent.

Top Headline

Tiffany & Co. TIF reported upbeat earnings for its fourth quarter.

Tiffany reported Q4 adjusted earnings of $1.45 per share on revenue of $1.23 billion. However, analysts were expecting earnings of $1.38 per share on revenue of $1.22 billion.

For fiscal 2017, Tiffany expects sales to increase in low-single digits and by a mid-single-digit percentage on a constant-exchange-rate basis. The company projects FY2017 EPS to rise by a high-single-digit percentage over 2016 EPS of $3.55 and by a mid-single-digit-percentage over 2016's adjusted EPS of $3.75.

Equities Trading UP

Caladrius Biosciences Inc CLBS shares shot up 26 percent to $6.41 after the company posted upbeat Q4 results.

Shares of Norsat International Inc (USA) NSAT got a boost, shooting up 22 percent to $9.85 after the company reported the receipt of new indication of interest by Privet Fund Management LLP at $10.25 per share.

Arbutus Biopharma Corp ABUS shares were also up, gaining 13 percent to $3.21 after the company disclosed that it has licensed LNP delivery technology to Alexion Pharmaceuticals, Inc. ALXN for use in single messenger RNA product candidate.

Equities Trading DOWN

Bioamber Inc BIOA shares dropped 21 percent to $2.47. BioAmber reported FY16 adjusted loss of $1.07 per share on revenue of $8.3 million.

Shares of Innocoll Holdings PLC INNL were down around 19 percent to $1.52. Innocoll posted a narrower-than-expected quarter loss, but revenue missed estimates. Stifel Nicolaus downgraded Innocoll from Buy to Hold.

Caleres Inc CAL was down, falling around 13 percent to $ES27.63 after the company posted weaker-than-expected earnings for its fourth quarter.

Commodities

In commodity news, oil traded up 0.57 percent to $49.52 while gold traded up 0.23 percent to $1,229.90.

Silver traded up 0.06 percent Friday to $17.34, while copper rose 0.13 percent to $2.681.

Eurozone

European shares were mostlyt higher today. The eurozone’s STOXX 600 rose 0.12 percent, the Spanish Ibex Index rose 0.20 percent, while Italy’s FTSE MIB Index slipped 0.08 percent. Meanwhile the German DAX rose 0.13 percent, and the French CAC 40 gained 0.38 percent while U.K. shares rose 0.34 percent.

Economics

U.S. industrial production came in flat for February, versus economists’ expectations for a 0.2 percent gain.

The University of Michigan's consumer sentiment index rose to 97.60 in March, versus a prior reading of 95.70. Economists were expecting a reading of 97.00.

The index of leading economic indicators rose 0.6 percent for February.

The Baker Hughes North American rig count report for the latest week is schedule for release at 1:00 p.m. ET.