Market Overview

Mid-Day Market Update: Crude Oil Up 2.8%; Tyme Technologies Shares Plummet

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Midway through trading Friday, the Dow traded up 0.67 percent to 24,533.41 while the NASDAQ climbed 0.65 percent to 7,130.78. The S&P also rose, gaining 0.77 percent to 2,656.24.

Leading and Lagging Sectors

On Friday, the industrial shares rose 1.4 percent. Meanwhile, top gainers in the sector included Daseke Inc (NASDAQ: DSKE) up 7 percent, and NCI Building Systems, Inc. (NYSE: NCS) up 11 percent.

In trading on Friday, real estate shares fell 0.2 percent.

Top Headline

Tesla Inc (NASDAQ: TSLA) announced plans to reduce its full-time workforce by 7 percent.

CEO Elon Musk said the job cuts are intended to cut Model 3 production costs — and ultimately the final sales price to the promised, competitive $35,000.

"Tesla will need to make these cuts while increasing the Model 3 production rate and making many manufacturing engineering improvements in the coming months," Musk said in an internal email.

 

Equities Trading UP

Ultra Petroleum Corp. (NASDAQ: UPL) shares got a boost, shooting up 32 percent to $1.0150 after a court ruling was reversed which would have forced the company to pay $400 million to creditors.

Shares of Bio-Path Holdings, Inc. (NASDAQ: BPTH) shot up 61 percent to $4.0500 after reporting a 1-for-20 reverse stock split.

Moxian, Inc. (NASDAQ: MOXC) shares were also up, gaining 92 percent to $0.7300 after the company announced a strategic partnership with Fujian.

 

Equities Trading DOWN

Nautilus, Inc. (NYSE: NLS) shares dropped 39 percent to $7.15 after the company issued weak fourth-quarter and FY18 sales guidance.

Shares of Immunomedics, Inc. (NASDAQ: IMMU) were down 28 percent to $12.98 after the company received a CRL from the FDA for its Sacituzumab Govitecan Biologics License Application.

Tyme Technologies, Inc. (NASDAQ: TYME) was down, falling around 37 percent to $2.3499 after the company announced disappointing data from its SM-88 study.

 

Commodities

In commodity news, oil traded up 2.7 percent to $53.53 while gold traded down 0.8 percent to $1,281.90.

Silver traded down 0.78 percent Friday to $15.415, while copper rose 0.91 percent to $2.7045.

 

Eurozone

European shares were higher today. The eurozone’s STOXX 600 gained 1.64 percent, the Spanish Ibex Index rose 1.74 percent, while Italy’s FTSE MIB Index jumped 1.05 percent. Meanwhile the German DAX climbed 2.19 percent, and the French CAC 40 rose 1.7 percent while U.K. shares rose 1.86 percent.

Economics

U.S. industrial production rose 0.3 percent for December, versus economists’ expectations for a 0.2 percent increase.

The University of Michigan's consumer sentiment index dropped to 90.7 for January, versus prior reading of 98.3. However, economists were expecting a reading of 97.5.

The Baker Hughes North American rig count report for the recent week will be released at 1:00 p.m. ET.

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

 

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