Market Overview

Mid-Morning Market Update: Markets Mixed; Genesco Beats Q2 Views

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Following the market opening Friday, the Dow traded down 0.11 percent to 25,968.31 while the NASDAQ climbed 0.31 percent to 7,946.93. The S&P also rose, gaining 0.01 percent to 2,878.07.

Leading and Lagging Sectors

Friday morning, the information technology shares rose 0.25 percent. Meanwhile, top gainers in the sector included Okta, Inc. (NASDAQ: OKTA) up 19 percent, and Domo, Inc. (NASDAQ: DOMO) up 19 percent.

In trading on Friday, utilities shares fell 1.18 percent.

Top Headline

Genesco Inc (NYSE: GCO) reporting upbeat results for its second quarter.

Genesco posted quarterly earnings of $0.04 per share on revenue of $ $653.892 million. However, analysts were expecting loss of $0.03 per share on revenue of $641.07 million.

Equities Trading UP

Novus Therapeutics Inc (NASDAQ: NVUS) shares shot up 40 percent to $5.32 after the company said it will postpone through with a planned equity raise.

Shares of Dicerna Pharmaceuticals Inc (NASDAQ: DRNA) got a boost, shooting up 19 percent to $15.52. Dicerna priced its 7.6 million share follow-on public offering of common stock at $13.02 per share.

Presidio Inc (NASDAQ: PSDO) shares were also up, gaining 12 percent to $17.8368 after reporting a Q4 earnings beat. The company announced the initiation of a quarterly cash dividend of 4 cents per share. Presidio also announced an opportunistic buyback of 10.75 million common shares from Apollo Global Management for roughly $160 million.

Equities Trading DOWN

eGain Corporation (NASDAQ: EGAN) shares dropped 20 percent to $10.125 after reporting Q4 results.

Shares of Korn/Ferry International (NYSE: KFY) were down 19 percent to $51.6772. Korn/Ferry Intl posted Q1 earnings of $0.78 per share on sales of $465.6 million.

Tesla, Inc. (NASDAQ: TSLA) was down, falling around 7 percent to $263.275 after the company's Chief Accounting Officer and HR Chief announced they are stepping down from the company.

Commodities

In commodity news, oil traded up 0.06 percent to $67.81 while gold traded up 0.18 percent to $1,206.50.

Silver traded up 0.38 percent Friday to $14.235, while copper fell 0.04 to $2.6355.

Eurozone

European shares were lower today. The eurozone’s STOXX 600 fell 0.27 percent, the Spanish Ibex Index fell 0.89 percent, while Italy’s FTSE MIB Index dropped 0.93 percent. Meanwhile the German DAX dropped 0.22 percent, and the French CAC 40 fell 0.16 percent while U.K. shares fell 1.06 percent.

Economics

The U.S. economy added 201,000 new jobs in August. However, economists were projecting a 191,000 rise in new nonfarm jobs. The unemployment rate was unchanged at 3.9 percent for August.

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-Morning Market UpdateNews Eurozone Commodities Global Intraday Update Markets

 

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