Market Overview

Mid-Day Market Update: MDC Partners Drops Following Weak Results; B&G Foods Shares Surge



Midway through trading Friday, the Dow traded down 0.01 percent to 18,455.46 while the NASDAQ gained 0.38 percent to 5,174.35. The S&P also rose, gaining 0.27 percent to 2,176.00.

Leading and Lagging Sectors

On Friday, non-cyclical consumer goods & services shares climbed by 1.16 percent. Top gainers in the sector included B&G Foods, Inc. (NYSE: BGS) and Aaron's, Inc. (NYSE: AAN).

In trading on Friday, basic materials shares fell by 0.02 percent. Meanwhile, top losers in the sector included Eastman Chemical Company (NYSE: EMN), down 7 percent, and LyondellBasell Industries NV (NYSE: LYB), down 5 percent.

Top Headline

Alphabet Inc (NASDAQ: GOOGL) reported stronger-than-expected results for its second quarter on Thursday.

Alphabet reported Q2 EPS of $8.42 and revenues of $17.52 billion. Analyst consensus had an EPS estimate of $8.07 and revenues of $16.883 billion.

Alphabet reported $2,172 billion in other revenue, up 33 percent year-over-year and aggregate cost-per-click growth of -1 percent year-over-year.

Equities Trading UP

TSR Inc (NASDAQ: TSRI) shares shot up 34 percent to $5.12 following Q4 results. TSR reported Q4 earnings of $0.09 per share on revenue of $15.5 million.

Shares of Data I/O Corporation (NASDAQ: DAIO) got a boost, shooting up 8 percent to $3.30 after the company reported Q2 results. Data I/O reported Q2 earnings of $0.06 per share on revenue of $5.8 million.

B&G Foods, Inc. (NYSE: BGS) shares were also up, gaining 13 percent to $51.95 after the company reported better-than-expected Q2 earnings.

Equities Trading DOWN

Seres Therapeutics Inc (NASDAQ: MCRB) shares dropped 71 percent to $10.25 after the company reported interim results from SER-109 Phase 2 ECOSPOR study in multiply recurrent clostridium difficile infection. The study did not achieve primary endpoint.

Shares of MDC Partners Inc (NASDAQ: MDCA) were down 30 percent to $12.77 after the company posted downbeat quarterly results and lowered its FY16 sales outlook.

eHealth, Inc. (NASDAQ: EHTH) was down, falling around 28 percent to $10.06. eHealth reported a Q2 net loss of $0.5 million, versus a year-ago net income of $5.8 million. The company also reported weak quarterly revenue.


In commodity news, oil traded up 0.22 percent to $41.23 while gold traded up 1.16 percent to $1,356.80.

Silver traded up 0.78 percent Friday to $20.35, while copper rose 0.75 percent to $2.23.


European shares were higher today. The eurozone’s STOXX 600 rose 0.71 percent, the Spanish Ibex Index climbed 1.27 percent, while Italy’s FTSE MIB Index surged 1.96 percent. Meanwhile the German DAX rose 0.61 percent, and the French CAC 40 gained 0.44 percent, while U.K. shares rose 0.05 percent.


The U.S. economy grew at an annual rate of 1.2 percent in the second quarter. However, economists were expecting a 2.6 percent rate.

The employment cost index increased 0.6 percent for the second quarter, versus economists’ expectations for a 0.6 percent growth.

The Chicago PMI declined to 55.8 in July, from 56.8 in June. However, economists were projecting a reading of 54.

The University of Michigan's consumer sentiment index dropped to 90.0 in July, versus a reading of 93.5 in June.

Data on farm prices for July will be released at 3:00 p.m. ET.

Posted-In: Mid-Day Market UpdateNews Eurozone Commodities Global Intraday Update Markets Movers


Related Articles (AAN + BGS)

View Comments and Join the Discussion!
Fastest Market News Application
You'll Hear It First On Pro
Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Trading Daily
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Daily Analyst Rating
A summary of each day’s top rating changes from sell-side analysts on the street.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at

NewMarket Volume Growth Disappoints, Longbow Downgrades To Neutral

Las Vegas Strip Revenue Up 9.7% In June