Market Overview

Mid-Day Market Update: Shineco Rises After Q3 Results; Campbell Soup Shares Slide

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Midway through trading Friday, the Dow traded up 0.15 percent to 24,750.46 while the NASDAQ declined 0.18 percent to 7,368.83. The S&P also fell, dropping 0.13 percent to 2,716.71.

Leading and Lagging Sectors

On Friday, the industrial shares rose 0.39 percent. Meanwhile, top gainers in the sector included Deere & Company (NYSE: DE), up 5 percent, and HC2 Holdings, Inc. (NYSE: HCHC) up 4 percent.

In trading on Friday, energy shares fell 0.70 percent.

Top Headline

Deere & Company (NYSE: DE) reported weaker-than-expected results for its second quarter.

Deere said it earned $3.14 per share in the first quarter on net sales from equipment operations of $9.747 billion versus Wall Street's estimate of $3.29 per share on revenue of $9.83 billion.

Deere projects Q3 equipment sales to rise 35 percent and FY18 equipment sales to increase 30 percent.

Equities Trading UP

Mannatech, Incorporated (NASDAQ: MTEX) shares shot up 24 percent to $19.70 after the company reported commencement of modified Dutch auction cash tender for up to $16 million of common stock.

Shares of Quotient Limited (NASDAQ: QTNT) got a boost, shooting up 15 percent to $5.3699 following commencement of EU blood grouping field trial.

Shineco, Inc. (NASDAQ: TYHT) shares were also up, gaining 15 percent to $1.96 following Q3 results. Shineco posted Q3 earnings of $0.21 per share on sales of $13.3 million.

Equities Trading DOWN

Agile Therapeutics, Inc. (NASDAQ: AGRX) shares dropped 76 percent to $0.5999 after the FDA announced significant concerns regarding the adhesion of Twirla.

Shares of Campbell Soup Company (NYSE: CPB) were down 11 percent to $35.02. Campbell Soup reported upbeat Q3 earnings, but sales missed estimates. The company lowered its FY18 outlook and disclosed that its CEO abruptly stepped down.

Raven Industries, Inc. (NASDAQ: RAVN) was down, falling around 12 percent to $37.25. Raven Industries posted upbeat Q1 earnings, while revenue missed estimates.

Commodities

In commodity news, oil traded down 0.17 percent to $71.37 while gold traded up 0.17 percent to $1,291.60.

Silver traded down 0.04 percent Friday to $16.475, while copper fell 0.11 to $3.0855.

Eurozone

European shares were lower today. The eurozone’s STOXX 600 declined 0.41 percent, the Spanish Ibex Index fell 1.12 percent, while Italy’s FTSE MIB Index dropped 1.67 percent. Meanwhile the German DAX fell 0.43 percent, and the French CAC 40 fell 0.25 percent while U.K. shares fell 0.24 percent.

Economics

The Baker Hughes North American rig count report for the latest week will be released at 1:00 p.m. ET.

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

 

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