Mid-Morning Market Update: Markets Open Lower; Diana Containerships Shares Fall Following Q3 Results

Following the market opening Friday, the Dow traded down 0.57 percent to 24,326.20 while the NASDAQ declined 0.08 percent to 6,966.99. The S&P also fell, dropping 0.50 percent to 2,636.59.

Leading and Lagging Sectors

Friday morning, the consumer staples shares climbed 0.3 percent. Meanwhile, top gainers in the sector included New Age Beverages Corp NBEV up 9 percent, and Neptune Wellness Solutions Inc NEPT up 4 percent.

In trading on Friday, energy shares fell 3.1 percent.

Top Headline

The Markit services PMI slipped to 54.40 in November, versus prior reading of 54.80. However, economists expected a reading of 55.00. The manufacturing PMI slipped to 55.40 for November, versus previous reading of 55.70. Economists projected a reading of 55.80.

 

Equities Trading UP

Orchids Paper Products Company TIS shares got a boost, shooting up 153 percent to $1.72 after the company announced a 'significant' new customer and $5.9 million increase in its credit line.

Shares of Sphere 3D Corp. ANY shot up 22 percent to $5.1098 on very heavy volume despite a lack of fundamental news. The stock is seeing continued volatility and interest following a nearly 200% move higher over Tuesday's session.

TSR, Inc. TSRI shares were also up, gaining 22 percent to $6.20 after the company disclosed that it has received an offer from QAR Industries at $6.25 per share.

 

Equities Trading DOWN

Ability Inc. ABIL shares dropped 46 percent to $2.98. Ability priced 3.076 million shares at $3.25 per unit.

Shares of Qudian Inc. QD were down 12 percent to $5.19 after surging 36.83 percent on Wednesday.

Diana Containerships Inc. DCIX was down, falling around 15 percent to $1.1271 following Q3 earnings. Diana Containerships posted a Q3 loss of $0.61 per share on sales of $5.229 million.

 

Commodities

In commodity news, oil traded down 5.62 percent to $51.56 while gold traded down 0.45 percent to $1,222.50.

Silver traded down 1.78 percent Friday to $14.365, while copper fell 1.09 percent to $2.7775.

 

Eurozone

European shares were mostly higher today. The eurozone’s STOXX 600 climbed 0.15 percent, the Spanish Ibex Index gained 0.05 percent, while Italy’s FTSE MIB Index jumped 0.51 percent. Meanwhile the German DAX climbed 0.16 percent, and the French CAC 40 rose 0.08 percent while U.K. shares fell 0.28 percent.

Economics

The Markit services PMI slipped to 54.40 in November, versus prior reading of 54.80. However, economists expected a reading of 55.00. The manufacturing PMI slipped to 55.40 for November, versus previous reading of 55.70. Economists projected a reading of 55.80.

Data on money supply for the latest week will be released at 4:30 p.m. ET.