Market Overview

Mid-Afternoon Market Update: Blackline Surges After Q4 Results; Moleculin Biotech Shares Slide

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Toward the end of trading Friday, the Dow traded up 0.64 percent to 25,361.89 while the NASDAQ climbed 0.40 percent to 7,285.52. The S&P also rose, gaining 0.56 percent to 2,746.42.

Leading and Lagging Sectors

Friday afternoon, the non-cyclical consumer goods & services shares climbed 1 percent.

In trading on Friday, basic materials shares rose by just 0.2 percent. Meanwhile, top losers in the sector included Yamana Gold Inc. (USA) (NYSE: AUY), down 8 percent, and Agnico Eagle Mines Ltd (USA) (NYSE: AEM) 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 23 percent to $9.21. Synchronoss reported closing of convertible preferred stock investment.

Shares of Blackline Inc (NASDAQ: BL) got a boost, shooting up 12 percent to $38.89 as the company posted better-than-expected Q4 results and issued a strong earnings forecast. EY and BlackLine also reported a new strategic alliance.

Xtant Medical Holdings Inc (NYSE: XTNT) shares were also up, gaining 42 percent to $6.73. Xtant Medical announced compliance with the NYSE American.

Equities Trading DOWN

Apricus Biosciences Inc (NASDAQ: APRI) shares dropped 65 percent to $1.11 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 33 percent to $2.26. 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 27 percent to $2.05 after the company priced its $9 million registered direct offering.

Commodities

In commodity news, oil traded up 0.85 percent to $61.86 while gold traded up 0.12 percent to $1,356.90.

Silver traded down 0.33 percent Friday to $16.74, while copper rose 0.38 percent to $3.277.

Eurozone

European shares closed higher today. The eurozone’s STOXX 600 climbed 1.09 percent, the Spanish Ibex Index rose 1.21 percent, while Italy’s FTSE MIB Index jumped 1.34 percent. Meanwhile the German DAX gained 0.86 percent, and the French CAC 40 rose 1.13 percent while U.K. shares rose 0.83 percent.

Economics

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.

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

 

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