Mid-Afternoon Market Update: Dow Falls 50 Points; Micron Shares Jump Following Strong Earnings Report

Toward the end of trading Friday, the Dow traded down 0.24 percent to 20,606.58 while the NASDAQ rose 0.14 percent to 5,825.95. The S&P also fell, dropping 0.09 percent to 2,343.87.

Leading and Lagging Sectors

Friday afternoon, the utilities sector proved to be a source of strength for the market. Leading the sector was strength from Cia Energetica de Minas Gerais CEMIG-ADR CIG and Pampa Energia S.A. (ADR) PAM.

In trading on Friday, basic materials shares fell 0.73 percent. Meanwhile, top losers in the sector included US Concrete Inc USCR, down 8 percent, and Seabridge Gold, Inc. (USA) SA, down 5 percent.

Top Headline

Finish Line Inc FINL reported weaker-than-expected earnings for its fourth quarter.

Finish Line reported Q4 adjusted earnings of $0.50 per share on revenue of $557.5 million. Analysts expected earnings of $0.71 per share on revenue of $550 million.

Finish Line expects FY17 earnings of $1.12 to $1.23 per share, versus analysts’ estimates of $1.46 per share.

Equities Trading UP

HTG Molecular Diagnostics Inc HTGM shares shot up 175 percent to $10.80 after surging 83.64 percent on Thursday. HTG Molecular Diagnostics reported a Q4 loss of $0.76 per share on revenue of $1.5 million.

Shares of ZAIS Group Holdings, Inc. ZAIS got a boost, shooting up 42 percent to $3.22. ZAIS Group reported Q4 earnings of $0.29 per share on revenue of $16.73 million.

Micron Technology, Inc. MU shares were also up, gaining 8 percent to $28.60 after the company reported better-than-expected earnings for its second quarter and issued a strong forecast for the third quarter.

Equities Trading DOWN

Xenon Pharmaceuticals Inc XENE shares dropped 53 percent to $4.68 after the company disclosed that XEN801 did not meet efficacy endpoints in Phase 2 trial.

Shares of Medigus Ltd. MDGS were down around 27 percent to $3.22. Medigus announced a $7.5 million offering for Class A and B shares.

Finish Line Inc FINL was down, falling around 19 percent to $13.04 after the company reported weaker-than-expected earnings for its fourth quarter.

Commodities

In commodity news, oil traded up 0.61 percent to $47.99 while gold traded up 0.11 percent to $1,251.50.

Silver traded up 0.84 percent Friday to $17.74, while copper fell 0.45 percent to $2.63.

Eurozone

European shares closed mostly lower today. The eurozone’s STOXX 600 slipped 0.18 percent, the Spanish Ibex Index fell 0.15 percent, while Italy’s FTSE MIB Index rose 0.10 percent. Meanwhile the German DAX gained 0.20 percent, and the French CAC 40 fell 0.24 percent while U.K. shares fell 0.05 percent.

Economics

U.S. durable goods orders rose 1.7 percent for February, versus economists’ expectations for a 1.2 percent gain.

The Markit manufacturing PMI slipped to 53.40 in March, versus prior reading of 54.20. Economists expected a reading of 54.80. Markit services PMI declined to52.90 in March, versus a previous reading of 53.80.