Market Overview

Mid-Afternoon Market Update: Dow Rises 75 Points; Tel-Instrument Electronics Shares Spike Higher

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Toward the end of trading Friday, the Dow traded up 0.30 percent to 25,414.00 while the NASDAQ climbed 0.30 percent to 7,295.17. The S&P also rose, gaining 0.44 percent to 2,749.83.

Leading and Lagging Sectors

Friday afternoon, the utilities shares climbed 1.2 percent. Meanwhile, top gainers in the sector included AmeriGas Partners, L.P. (NYSE: APU) up 6 percent, and Azure Power Global Limited (NYSE: AZRE) up 5 percent.

In trading on Friday, communication services shares fell 0.3 percent.

Top Headline

GameStop Corp. (NYSE: GME) reported better-than-expected earnings for its third quarter, but lowered its full-year profit outlook.

GameStop posted quarterly earnings of $0.67 per share on revenues of $2.08 billion. However, analysts were expecting a profit of $0.57 per share on revenue of $2.03 billion.

GameStop said it now projects full-year adjusted profit of $2.55 to $2.75 per share, versus earlier forecast of $3.00 to $3.35 per share. The company expects FY18 total sales to fall 2 percent to 6 percent.

 

Equities Trading UP

Tel-Instrument Electronics Corp. (NYSE: TIK) shares got a boost, shooting up 54 percent to $3.78 after the company announced a $816,000 test order from a major US defense contractor.

Shares of Ambarella, Inc. (NASDAQ: AMBA) shot up 18 percent to $39.87 after the company reported better-than-expected results for its third quarter on Thursday.

Universal Technical Institute, Inc. (NYSE: UTI) shares were also up, gaining 19 percent to $3.34 following Q4 results. Universal Technical Institute posted a Q4 loss of $0.49 per share on sales of $80.26 million.

Equities Trading DOWN

Yext, Inc. (NYSE: YEXT) shares dropped 19 percent to $14.76 following Q3 results. For the current quarter, Yext expects a loss of $0.10 per share to a loss of $0.09 per share, and revenue of $62 million to $63 million.

Shares of Vivint Solar, Inc. (NYSE: VSLR) were down 21 percent to $5.50 after the company priced an 8 million share common stock offering at $5.50 per share.

China Ceramics Co., Ltd. (NASDAQ: CCCL) was down, falling around 25 percent to $1.28 after reporting a proposed public offering of common stock and warrants.

 

Commodities

In commodity news, oil traded down 0.51 percent to $51.19 while gold traded down 0.35 percent to $1,226.10.

Silver traded down 1.16 percent Friday to $14.235, while copper fell 0.29 percent to $2.7815.

 

Eurozone

European shares closed mostly lower today. The eurozone’s STOXX 600 dropped 0.17 percent, the Spanish Ibex Index fell 0.24 percent, while Italy’s FTSE MIB Index climbed 0.15 percent. Meanwhile the German DAX dropped 0.36 percent, and the French CAC 40 fell 0.05 percent while U.K. shares fell 0.83 percent.

Economics

The Chicago PMI rose to 66.40 for November, versus prior reading of 58.40. However, economists projected a reading of 58.60.

The total number of active U.S. oil rigs rose by 2 to 887 rigs this week, Baker Hughes Inc reported.

Posted-In: Mid-Afternoon Market UpdateNews Eurozone Commodities Global Intraday Update Markets

 

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