Market Overview

Mid-Day Market Update: Dow Rises Over 100 Points; Apricus Biosciences Shares Plummet


Midway through trading Friday, the Dow traded up 0.41 percent to 25,302.98 while the NASDAQ climbed 0.22 percent to 7,272.65. The S&P also rose, gaining 0.32 percent to 2,740.06.

Leading and Lagging Sectors

On Friday, the non-cyclical consumer goods & services shares climbed 0.80 percent.

In trading on Friday, basic materials shares tumbled 0.46 percent. Meanwhile, top losers in the sector included Yamana Gold Inc. (USA) (NYSE: AUY), down 6 percent, and Vulcan Materials Company (NYSE: VMC) down 5 percent.

Top Headline

The Coca-Cola Co (NYSE: KO) reported stronger-than-expected sales for its fourth quarter on Friday.

Coca-Cola said it earned 39 cents per share in the second quarter on revenue of $7.51 billion versus expectations of 38 cents per share and $7.36 billion.

Coca-Cola expects FY 2018 adjusted earnings of $2.06 to $2.10 per share, versus analysts’ estimates of $2.01 per share.

Equities Trading UP

Synchronoss Technologies, Inc. (NASDAQ: SNCR) shares shot up 22 percent to $9.10. Synchronoss reported closing of convertible preferred stock investment.

Shares of Mulesoft Inc (NYSE: MULE) got a boost, shooting up 15 percent to $29.96. MuleSoft reported in-line Q4 earnings, while sales exceeded estimates. The company issued a strong FY18 forecast.

Blackline Inc (NASDAQ: BL) shares were also up, gaining 10 percent to $38.10 as the company posted better-than-expected Q4 results and issued a strong earnings forecast. EY and BlackLine also reported a new strategic alliance.

Equities Trading DOWN

Apricus Biosciences Inc (NASDAQ: APRI) shares dropped 63 percent to $1.18 after the nano-cap pharmaceutical company that focuses on products in the areas of urology and rheumatology announced a disappointing update. The company said that the U.S. Food and Drug Administration won't approve the company's cream for the treatment of erectile dysfunction called Vitaros due to "deficiencies related to Chemistry, Manufacturing and Control ("CMC") and certain safety concerns."

Shares of Nano Dimension Ltd - ADR (NASDAQ: NNDM) were down 32 percent to $2.25. Nano Dimension priced its public offering of 6,000,000 American Depositary Shares at $2 per ADS.

Moleculin Biotech Inc (NASDAQ: MBRX) was down, falling around 26 percent to $2.08 after the company priced its $9 million registered direct offering.


In commodity news, oil traded down 0.37 percent to $61.11 while gold traded up 0.19 percent to $1,357.90.

Silver traded down 0.27 percent Friday to $16.75, while copper rose 0.40 percent to $3.2775.


European shares were higher today. The eurozone’s STOXX 600 climbed 1.04 percent, the Spanish Ibex Index rose 1.02 percent, while Italy’s FTSE MIB Index jumped 1.13 percent. Meanwhile the German DAX gained 0.75 percent, and the French CAC 40 rose 1 percent while U.K. shares rose 0.89 percent.


U.S. housing starts rose 9.7 percent to an annual rate of 1.33 million in January. However, economists were expecting a 1.23 million rate.

The import price index gained 1 percent in January, while export prices rose 0.80 percent.

The University of Michigan's consumer sentiment index climbed to 99.9 in February, versus a prior reading of 95.7. However, economists were expecting a reading of 95.3.

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

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


Related Articles (AUY + APRI)

View Comments and Join the Discussion!

Vetr Crowd Downgrades Frontier Communications

South African Fintech ThisIsMe Creates An Electronic Know Your Customer Process