Market Overview

Mid-Day Market Update: Crude Oil Up 2%; Fluor Shares Plummet

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Midway through trading Friday, the Dow traded up 1.15 percent to 24,206.39 while the NASDAQ climbed 1.47 percent to 7,192.19. The S&P also rose, gaining 1.05 percent to 2,657.27.

Leading and Lagging Sectors

On Friday, the information technology shares rose 1.59 percent. Meanwhile, top gainers in the sector included Pandora Media, Inc. (NYSE: P), up 23 percent, and Super Micro Computer, Inc. (NASDAQ: SMCI) up 17 percent.

In trading on Friday, health care shares rose by just 0.3 percent.

Top Headline

Alibaba Group Holding Limited (NYSE: BABA) reported better-than-expected results for its fiscal fourth quarter.

Alibaba posted Q1 earnings of $0.91 per share on sales of $9.873 billion. Analysts expected earnings of $0.88 per share on sales of $9.27 billion. Alibaba expects FY19 revenue growth of over 60 percent year-over-year.

Equities Trading UP

Commercial Vehicle Group, Inc. (NASDAQ: CVGI) shares shot up 29 percent to $8.74 after reporting upbeat Q1 earnings.

Shares of Portola Pharmaceuticals, Inc. (NASDAQ: PTLA) got a boost, shooting up 21 percent to $40.73 after the FDA approved the company's Andexxa, the only antidote indicated for patients treated with rivaroxaban and apixaban.

Medifast, Inc. (NYSE: MED) shares were also up, gaining 22 percent to $121.06 after the company reported strong Q1 results and raised its FY18 guidance.

Equities Trading DOWN

Check-Cap Ltd. (NASDAQ: CHEK) shares dropped 48 percent to $4.59. Check-Cap priced its upsized underwritten offering of public units at $5.50 per unit.

Shares of Fluor Corporation (NYSE: FLR) were down 22 percent to $45.98 after the company reported downbeat earnings for its first quarter and lowered its profit outlook for the year.

Universal Electronics Inc. (NASDAQ: UEIC) was down, falling around 32 percent to $30.875 after the company posted downbeat quarterly results.

Commodities

In commodity news, oil traded up 2 percent to $69.80 while gold traded up 0.01 percent to $1,312.70.

Silver traded up 0.26 percent Friday to $16.49, while copper rose 0.24 percent to $3.088.

Eurozone

European shares were higher today. The eurozone’s STOXX 600 gained 0.63 percent, the Spanish Ibex Index rose 0.65 percent, while Italy’s FTSE MIB Index rose 1.12 percent. Meanwhile the German DAX rose 1.02 percent, and the French CAC 40 gained 0.26 percent while U.K. shares rose 0.86 percent.

Economics

The U.S. economy added 164,000 jobs in April. However, economists were expecting a gain of 189,000 jobs. The unemployment rate declined to 3.9 percent from 4.1 percent.

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

 

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