Market Overview

Mid-Morning Market Update: Markets Open Lower; Apple Profit Tops Estimates


Following the market opening Friday, the Dow traded down 1.18 percent to 25,878.05 while the NASDAQ declined 1.19 percent to 7,298.26. The S&P also fell, dropping 1.05 percent to 2,792.48.

Leading and Lagging Sectors

Friday morning, the utilities shares slipped by just 0.4 percent. Meanwhile, top gainers in the sector included Duke Energy Corp (NYSE: DUK), up 1 percent, and Unitil Corporation (NYSE: UTL), up 1 percent.

In trading on Friday, energy shares tumbled 2.25 percent. Meanwhile, top losers in the sector included CARBO Ceramics Inc. (NYSE: CRR), down 8 percent, and Zion Oil & Gas, Inc. (NASDAQ: ZN) down 7 percent.

Top Headline

Apple Inc. (NASDAQ: AAPL) reported better-than-expected earnings and sales for its first quarter, but issued weak Q2 guidance on Thursday.

The world’s largest company reported first quarter earnings of $3.89 per share, topping estimates by 3 cents. Sales came in at $88.3 billion, $1.02 billion ahead of estimates.

Apple issued weak Q2 guidance, seeing sales between $60 billion-$62 billion vs. $65.7 billion estimates. Apple sold 77.3 million iPhones during the period.

Equities Trading UP

Viavi Solutions Inc (NASDAQ: VIAV) shares shot up 16 percent to $10.09 after the company posted upbeat Q2 results and announced plans to buy Cobham AvComm and Wireless Test and Measurement businesses for $455 million in cash.

Shares of USA Truck, Inc. (NASDAQ: USAK) got a boost, shooting up 11 percent to $22.35 after the company posted upbeat Q4 results.

Johnson Outdoors Inc. (NASDAQ: JOUT) shares were also up, gaining 9 percent to $66.29 after the company reported Q1 results.

Equities Trading DOWN

IMPINJ Inc (NASDAQ: PI) shares dropped 44 percent to $12.85 after raising its fourth quarter outlook, but warned of an anticipated decline in sales in the first quarter. The company cites "softness in our endpoint IC volumes" as the reason for the weak first quarter guidance.

Shares of Aceto Corporation (NASDAQ: ACET) were down 24 percent to $8.26 after reporting weak quarterly results.

OpGen Inc (NASDAQ: OPGN) was down, falling around 22 percent to $2.86. OpGen priced its 3.69 million unit offering at $3.25 per unit.


In commodity news, oil traded down 0.09 percent to $65.74 while gold traded up 0.13 percent to $1,349.70.

Silver traded up 0.01 percent Friday to $17.155, while copper rose 0.22 percent to $3.216.


European shares were lower today. The eurozone’s STOXX 600 declined 0.97 percent, the Spanish Ibex Index fell 1.43 percent, while Italy’s FTSE MIB Index dipped 1.27 percent. Meanwhile the German DAX dropped 1.33 percent, and the French CAC 40 fell 1.08 percent while U.K. shares fell 0.38 percent.


The U.S. added 200,000 new jobs in January. However, economists were expecting a 184,000 gain in nonfarm jobs. Unemployment rate remained at 4.1 percent for January.

U.S. factory orders rose 1.7 percent for December, versus economists’ expectations for a 1.5 percent gain.

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

Dallas Federal Reserve Bank President Robert Kaplan is set to speak in Austin, Texas at 1:30 p.m. ET.

San Francisco Federal Reserve Bank President John Williams will speak in San Francisco at 3:30 p.m. ET.


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