Market Overview

Mid-Morning Market Update: Markets Open Lower; II-VI To Buy Finisar In $3.2B Deal

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Following the market opening Friday, the Dow traded down 0.6 percent to 26,034.46 while the NASDAQ declined 1.44 percent to 7,422.24. The S&P also fell, dropping 0.86 percent to 2,782.80.

Leading and Lagging Sectors

Friday morning, the consumer staples shares climbed 0.4 percent. Meanwhile, top gainers in the sector included Revlon Inc (NYSE: REV) up 20 percent, and Universal Corp (NYSE: UVV) up 7 percent.

In trading on Friday, energy shares fell 1.7 percent.

Top Headline

II-VI, Inc. (NASDAQ: IIVI) announced plans to buy Finisar Corp. (NASDAQ: FNSR) for around $3.2 billion.

II-VI said in a press release it will acquire Finisar through a combination of stock and cash which values the Apple supplier at $26 per share, representing a 37.7 percent premium over Finisar's closing price on Thursday.

Equities Trading UP

Pro-Dex, Inc. (NASDAQ: PDEX) shares shot up 29 percent to $12.00 after the company reported Q1 results.

Shares of Universal Electronics Inc. (NASDAQ: UEIC) got a boost, shooting up 14 percent to $36.09 following Q3 results.

NanoString Technologies, Inc. (NASDAQ: NSTG) shares were also up, gaining 19 percent to $17.91 after the company reported upbeat Q3 results.

 

Equities Trading DOWN

InnerWorkings, Inc. (NASDAQ: INWK) shares dropped 42 percent to $4.05 after the company reported weaker-than-expected Q3 results.

Shares of Viveve Medical, Inc. (NASDAQ: VIVE) were down 36 percent to $2.09 after the company reported a wider-than-expected Q3 loss.

Motorcar Parts of America, Inc. (NASDAQ: MPAA) was down, falling around 40 percent to $13.11. Motorcar Parts of America disclosed that the company will delay filing of its Q2 10-Q.

Commodities

In commodity news, oil traded down 1.65 percent to $59.67 while gold traded down 0.96 percent to $1,213.40.

Silver traded down 1.37 percent Friday to $14.225, while copper fell 1.44 percent to $2.6965.

 

Eurozone

European shares were lower today. The eurozone’s STOXX 600 declined 0.46 percent, the Spanish Ibex Index fell 0.6 percent, while Italy’s FTSE MIB Index dropped 1.06 percent. Meanwhile the German DAX slipped 0.27 percent, and the French CAC 40 fell 0.59 percent while U.K. shares fell 0.72 percent.

Economics

The Producer Price Index rose 0.6 percent for October, versus economists’ expectations for a 0.2 percent increase.

The University of Michigan’s consumer-sentiment index dropped to 98.3 for November, compared to 98.6 in October.

U.S. wholesale inventories rose 0.2 percent for September, versus economists’ expectations for a 0.3 percent increase.

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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