Mid-Morning Market Update: Markets Open Lower; Intel Lifts Q3 Revenue Outlook
Following the market opening Friday, the Dow traded down 0.46 percent to 18,129.38 while the NASDAQ declined 0.18 percent to 5,240.29. The S&P also fell, dropping 0.48 percent to 2,136.91.
Leading and Lagging Sectors
Intel Corporation (NASDAQ: INTC) lifted its revenue outlook for the third quarter on Friday.
The company now projects Q3 revenue to be between $15.3 billion to $15.9 billion, versus its earlier range of $14.4 billion to $15.4 billion.
Equities Trading UP
GenMark Diagnostics, Inc (NASDAQ: GNMK) shares shot up 15 percent to $10.17. Cowen & Co. upgraded GenMark Diagnostics from Market Perform to Outperform.
Shares of Depomed Inc (NASDAQ: DEPO) got a boost, shooting up 9 percent to $23.14. Depomed is preparing to put itself up for sale, following calls from activist investor Starboard Value LP to explore such a move, just a year after it fought off a hostile acquisition bid, people familiar with the matter told Reuters.
Condor Hospitality Trust, Inc. (NASDAQ: CDOR) shares were also up, gaining 69 percent to $2.97. Condor Hospitality Trust raised its quarterly dividend from $0.01 per share to $0.03 per share.
Equities Trading DOWN
Novavax, Inc. (NASDAQ: NVAX) shares dropped 85 percent to $1.25 after reporting disappointing results from two Phase 3 vaccine trials that had previously done well in the Phase 2 trial. According to the company, data from the Resolve Phase 3 trial for its vaccine for a potentially deadly respiratory virus didn't meet the efficacy objectives it had set. Novavax shares dipped 79.86 percent to $1.68 in pre-market trading.
Shares of Roka Bioscience Inc (NASDAQ: ROKA) were down 31 percent to $0.800. Roka Bioscience priced private placement of preferred stock and warrants.
Towerstream Corporation (NASDAQ: TWER) was down, falling around 14 percent to $1.57. Towerstream priced its 2,962,963 shares offering at $1.35 per share.
In commodity news, oil traded down 2.79 percent to $43.50 while gold traded down 0.34 percent to $1,313.50.
Silver traded down 0.43 percent Friday to $18.96, while copper fell 0.19 percent to $2.16.
European shares were lower today. The eurozone’s STOXX 600 fell 0.44 percent, the Spanish Ibex Index dropped 0.82 percent, while Italy’s FTSE MIB Index dipped 1.98 percent. Meanwhile the German DAX declined 1.02 percent, and the French CAC 40 slipped 0.71 percent while U.K. shares fell 0.16 percent.
U.S. consumer prices rose 0.2 percent for August, versus economists’ expectations for a 0.1 percent growth.
The University of Michigan's consumer sentiment index was unchanged at 89.80 for September, versus a prior reading of 89.80. Economists expected a reading of 90.80.
The Baker Hughes North American rig count report for the latest week is schedule for release at 1:00 p.m. ET.
The Treasury International Capital data for July will be released at 4:00 p.m. ET.
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