Market Overview

Mid-Day Market Update: Finisar Drops After Disappointing Q3 Results; Internap Shares Surge


Midway through trading Friday, the Dow traded up 0.07 percent to 20,872.49 while the NASDAQ climbed 0.27 percent to 5,854.48. The S&P also rose, gaining 0.21 percent to 2,369.91.

Leading and Lagging Sectors

Non-cyclical consumer goods & services shares rose 0.91 percent in trading on Friday.

In trading on Friday, energy shares fell 0.03 percent. Meanwhile, top losers in the sector included Ferrellgas Partners, L.P. (NYSE: FGP), down 7 percent, and TETRA Technologies, Inc. (NYSE: TTI), down 5 percent.

Top Headline

Genesco Inc. (NYSE: GCO) posted better-than-expected earnings for its fourth quarter.

Genesco reported Q4 adjusted earnings from continuing operations of $2.15 per share on revenue of $883 million. However, analysts were expecting earnings of $1.78 per share on revenue of $901.4 million.

Equities Trading UP

Tetraphase Pharmaceuticals Inc (NASDAQ: TTPH) shares shot up 17 percent to $7.10. BMO Capital upgraded Tetraphase Pharmaceutical from Market Perform to Outperform and raised the price target from $6.00 to $10.00.

Shares of Internap Corp (NASDAQ: INAP) got a boost, shooting up 19 percent to $3.14 on strong quarterly results. Stifel Nicolaus upgraded Internap from Hold to Buy and raised the price target from $2.00 to $5.50.

Willdan Group, Inc. (NASDAQ: WLDN) shares were also up, gaining 21 percent to $33.61. Willdan Group reported fourth-quarter earnings of $0.18 per share on revenue of $57.4 million.

Equities Trading DOWN

Finisar Corporation (NASDAQ: FNSR) shares dropped 20 percent to $27.87 after the company reported weaker-than-expected results for its third quarter and issued disappointing forecast for the current quarter.

Shares of TearLab Corp (NASDAQ: TEAR) were down around 19 percent to $3.80. Tearlab reported a Q4 loss of $0.81 per share on revenue of $7.121 million. The company also disclosed that it has begun process to explore strategic alternatives.

Ocera Therapeutics Inc (NASDAQ: OCRX) was down, falling around 20 percent to $1.52. Ocera Therapeutics reported a Q4 loss of $0.22 per share.


In commodity news, oil traded down 0.61 percent to $48.98 while gold traded down 0.05 percent to $1,202.60.

Silver traded down 0.30 percent Friday to $16.99, while copper rose 0.21 percent to $2.59.


European shares were higher today. The eurozone’s STOXX 600 rose 0.38 percent, the Spanish Ibex Index rose 0.18 percent, while Italy’s FTSE MIB Index climbed 0.79 percent. Meanwhile the German DAX rose 0.19 percent, and the French CAC 40 rose 0.59 percent while U.K. shares rose 0.56 percent.


The U.S. economy added 235,000 new jobs in February, while the unemployment rate declined to 4.7 percent from 4.8 percent. Economists were expecting a gain of 200,000 jobs.

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

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

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


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