Mid-Afternoon Market Update: Okta Gains After Strong Q2 Results; eGain Shares Plummet

Toward the end of trading Friday, the Dow traded down 0.21 percent to 25,940.91 while the NASDAQ declined 0.06 percent to 7,918.31. The S&P also fell, dropping 0.13 percent to 2,874.35.

Leading and Lagging Sectors

Friday afternoon, the consumer discretionary shares rose 0.14 percent. Meanwhile, top gainers in the sector included Barnes & Noble, Inc. BKS up 16 percent, and Shiloh Industries, Inc. SHLO up 17 percent.

In trading on Friday, real estate shares fell 1.19 percent.

Top Headline

Genesco Inc 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

Okta, Inc. OKTA shares shot up 19 percent to $71.88 after reporting a second-quarter earnings beat. The company issued strong Q3 and FY19 earnings and sales guidance.

Shares of Shiloh Industries, Inc. SHLO got a boost, shooting up 17 percent to $10.275 after the company reported stronger-than-expected earnings for its third quarter.

Netlist, Inc. NLST shares were also up, gaining 95 percent to $0.2867 after the nano-cap memory product company confirmed the United States International Trade Commission (ITC) issued a favorable claim construction order. The company says marks an "important turning point" in a patent dispute with SK hynix.

Equities Trading DOWN

eGain Corporation EGAN shares dropped 32 percent to $8.650 after reporting Q4 results.

Shares of Korn/Ferry International KFY were down 23 percent to $49.15. Korn/Ferry Intl posted Q1 earnings of $0.78 per share on sales of $465.6 million.

Advaxis, Inc. ADXS was down, falling around 31 percent to $0.9799 after the company priced a mixed offering for an aggregate amount of $20 million.

Commodities

In commodity news, oil traded down 0.06 percent to $67.73 while gold traded down 0.22 percent to $1,201.60.

Silver traded up 0.10 percent Friday to $14.195, while copper fell 0.59 to $2.621.

Eurozone

European shares closed mixed today. The eurozone’s STOXX 600 rose 0.08 percent, the Spanish Ibex Index fell 0.41 percent, while Italy’s FTSE MIB Index dropped 0.39 percent. Meanwhile the German DAX gained 0.04 percent, and the French CAC 40 rose 0.16 percent while U.K. shares fell 0.56 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 total number of active U.S. oil rigs slipped by 2 to 860 rigs this week, Baker Hughes Inc reported.