Mid-Afternoon Market Update: InnerWorkings Falls After Q3 Results; BioLife Solutions Shares Surge

Toward the end of trading Friday, the Dow traded down 0.94 percent to 25,943.87 while the NASDAQ declined 1.93 percent to 7,385.57. The S&P also fell, dropping 1.17 percent to 2,773.87.

Leading and Lagging Sectors

Friday afternoon, the consumer staples shares climbed 0.5 percent. Meanwhile, top gainers in the sector included Revlon Inc REV up 26 percent, and Coca-Cola Bottling Co Consolidated COKE up 5 percent.

In trading on Friday, information technology shares fell 2 percent.

Top Headline

II-VI, Inc. IIVI announced plans to buy Finisar Corp. 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. PDEX shares shot up 30 percent to $12.10 after the company reported Q1 results.

Shares of BioLife Solutions, Inc. BLFS got a boost, shooting up 18 percent to $14.43 following strong Q3 results.

Revlon Inc REV shares were also up, gaining 27 percent to $27.75 after the company beat Q3 earnings estimates.


Equities Trading DOWN

InnerWorkings, Inc. INWK shares dropped 37 percent to $4.4650 after the company reported weaker-than-expected Q3 results.

Shares of Apollo Endosurgery Inc APEN were down 37 percent to $3.7285 after the company missed Q3 EPS and revenue estimates.

Sanchez Production Partners LP SNMP was down, falling around 38 percent to $5.0130 after the company missed Q3 EPS and revenue estimates.


In commodity news, oil traded down 1.15 percent to $59.97 while gold traded down 1.3 percent to $1,209.20.

Silver traded down 1.96 percent Friday to $14.14, while copper fell 1.79 percent to $2.687.



European shares closed mostly lower today. The eurozone’s STOXX 600 declined 0.37 percent, the Spanish Ibex Index fell 0.46 percent, while Italy’s FTSE MIB Index dropped 0.88 percent. Meanwhile the German DAX rose 0.02 percent, and the French CAC 40 fell 0.48 percent while U.K. shares fell 0.49 percent.


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 total number of active U.S. oil rigs rose by 12 to 886 rigs this week, Baker Hughes Inc reported.

Posted In: Mid-Afternoon Market UpdateNewsEurozoneCommoditiesGlobalIntraday UpdateMarkets