Market Overview

Mid-Afternoon Market Update: Dow Down Over 250 Points; Medley Management Shares Spike Higher

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Toward the end of trading Friday, the Dow traded down 1.09 percent to 25,231.74 while the NASDAQ declined 0.91 percent to 7,819.89 . The S&P also fell, dropping 0.75 percent to 2,832.14 .

Leading and Lagging Sectors

Friday afternoon, the energy shares slipped by just 0.1 percent. Meanwhile, top gainers in the sector included Renewable Energy Group, Inc. (NASDAQ: REGI) up 5 percent, and Jagged Peak Energy Inc. (NYSE: JAG) up 5 percent.

In trading on Friday, financial shares fell 1.38 percent.

Top Headline

Trade Desk Inc (NASDAQ: TTD) reported better-than-expected earnings for its second quarter on Thursday. The company issued strong third quarter sales guidance and raised FY18 sales guidance.

Earnings came in at 60 cents per share, beating estimates by 16 cents. Sales came in at $112 million, beating estimates by $8 million. The company issued strong third quarter sales guidance and raised FY18 sales guidance from $433 million to $456 million.

Equities Trading UP

Avalon Holdings Corporation (NYSE: AWX) shares shot up 52 percent to $4.40 following Q2 results. Avalon posted Q2 earnings of $0.16 per share on sales of $16.705 million.

Shares of The Trade Desk, Inc. (NASDAQ: TTD) got a boost, shooting up 36 percent to $127.205 after the company reported better-than-expected earnings for its second quarter. The company issued strong third quarter sales guidance and raised FY18 sales guidance.

Medley Management Inc. (NYSE: MDLY) shares were also up, gaining 53 percent to $5.35 after the company late Thursday announced a merger agreement with Sierra Income Corporation.

 

Equities Trading DOWN

Gemphire Therapeutics Inc. (NASDAQ: GEMP) shares dropped 45 percent to $1.79 after investigator recommended termination of Gemcabene clinical trial. Results were consistent with disease worsening, deemed to be likely due to the drug.

Shares of Endologix, Inc. (NASDAQ: ELGX) were down 40 percent to $2.865 after the company announced its quarterly financial results and lowered its guidance.

Aralez Pharmaceuticals Inc. (NASDAQ: ARLZ) was down, falling around 86 percent to $0.049 after the company filed for Chapter 11 bankruptcy.

Commodities

In commodity news, oil traded up 1.12 percent to $67.56 while gold traded down 0.05 percent to $1,219.30.

Silver traded down 0.95 percent Friday to $15.315, while copper fell 0.89 to $2.741.

Eurozone

European shares closed lower today. The eurozone’s STOXX 600 declined 1.07 percent, the Spanish Ibex Index fell 1.56 percent, while Italy’s FTSE MIB Index declined 2.51 percent. Meanwhile the German DAX dropped 1.99 percent, and the French CAC 40 fell 1.59 percent while U.K. shares fell 0.97 percent.

Economics

The Consumer Price Index increased 0.2 percent for July, versus economists’ expectations for a 0.2 percent rise.

The total number of active U.S. oil rigs rose by 10 to 869 rigs this week, Baker Hughes Inc reported.

The U.S. government reported a budget deficit of $77 billion for July, versus a $43 billion budget deficit in the year-ago period, according to the Treasury Department.

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

 

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