Mid-Afternoon Market Update: Red Hat Falls On Weak Forecast; Tandem Diabetes Care Shares Climb

Toward the end of trading Friday, the Dow traded up 0.68 percent to 24,627.54 while the NASDAQ declined 0.11 percent to 7,704.71. The S&P also rose, gaining 0.38 percent to 2,760.20.

Leading and Lagging Sectors

Friday afternoon, the energy shares surged 2.9 percent. Meanwhile, top gainers in the sector included EP Energy Corporation EPE up 14 percent, and California Resources Corporation CRC up 16 percent.

In trading on Friday, information technology shares fell 0.14 percent.


Top Headline

Kroger Co KR reported better-than-expected earnings for its first quarter on Thursday.

The company said it earned 73 cents per share in the quarter on revenue of $37.53 billion versus expectations of 63 cents and $37.33 billion.

 

Equities Trading UP

Tandem Diabetes Care, Inc. TNDM shares shot up 14 percent to $23.10 after the company reported the FDA approval of the t:slim X2 Insulin Pump with Basal-IQ technology.

Shares of Electrocore, LLC ECOR got a boost, shooting up 22 percent to $18.23. electroCore priced its 5.2 million share IPO at $15 per share.


WillScot Corporation WSC shares were also up, gaining 22 percent to $14.83 after the company announced plans to acquire ModSpace for an enterprise value of $1.1 billion.

 

Equities Trading DOWN

Green Brick Partners, Inc. GRBK shares dropped 13 percent to $9.10. Green Brick priced its 7.1 million share common stock offering at $9.50 per share

Shares of Red Hat, Inc. RHT were down 12 percent to $145.52. Red Hat reported better-than-expected results for its first quarter, but issued downbeat Q2 and FY19 guidance. The company announced a $1 billion buyback.

Sigma Labs, Inc. SGLB was down, falling around 15 percent to $0.90. Sigma Labs priced its 2.39 million unit offering at $1.00 per unit.

 

Commodities


In commodity news, oil traded up 4.88 percent to $68.74 while gold traded down 0.01 percent to $1,270.40.

Silver traded up 0.51 percent Friday to $16.41, while copper rose 0.23 to $3.0505.



Eurozone

European shares closed higher today. The eurozone’s STOXX 600 climbed 1.09 percent, the Spanish Ibex Index rose 0.93 percent, while Italy’s FTSE MIB Index surged 0.99 percent. Meanwhile the German DAX gained 0.54 percent, and the French CAC 40 gained 1.34 percent while U.K. shares rose 1.67 percent.

 

Economics

The Markit manufacturing PMI dropped to 54.6 in June, compared to 56.5. The services PMI declined to a reading of 56.5 from 56.8.

Posted In: NewsEurozoneCommoditiesGlobalIntraday UpdateMarketsMid-Afternoon Market Update
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