Market Overview

Mid-Day Market Update: Digi International Jumps Following Upbeat Earnings; Vedanta Shares Plunge

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Midway through trading Friday, the Dow traded up 0.64 percent to 25,160.53 while the NASDAQ climbed 0.14 percent to 7,291.94. The S&P also rose, gaining 0.37 percent to 2,714.06.

Leading and Lagging Sectors

On Friday, the energy shares climbed 1.7 percent. Meanwhile, top gainers in the sector included Weatherford International plc (NYSE: WFT) up 9 percent, and TransGlobe Energy Corporation (NASDAQ: TGA) up 6 percent.

In trading on Friday, consumer discretionary shares fell 1.2 percent.

Top Headline

Exxon Mobil Corporation (NYSE: XOM) reported stronger-than-expected earnings for its fourth quarter.

Exxon Mobil delivered earnings of $1.41 per share, beating estimates of $1.17 per share.

 

Equities Trading UP

Titan Pharmaceuticals, Inc. (NASDAQ: TTNP) shares got a boost, shooting up 56 percent to $1.92 after company announced positive results of the company's Probuphine relaunch.

Shares of Continental Materials Corporation (NYSE: CUO) shot up 28 percent to $19.06 after the company reported the sale of substantially all the assets of Transit Mix Concrete for around $27 million.

Digi International Inc. (NASDAQ: DGII) shares were also up, gaining 18 percent to $13.92 after the company beat Q1 earnings estimates and issued strong FY19 EPS guidance.

Equities Trading DOWN

Vedanta Limited (NYSE: VEDL) shares dropped 17 percent to $9.32 after the company announced it would buy a $200 million stake in mining company Anglo American.

Shares of Nano Dimension Ltd. (NASDAQ: NNDM) were down 14 percent to $0.83 after the company announced a $12 million stock and warrant offering at $0.75 for both units.

Bottomline Technologies (de), Inc. (NASDAQ: EPAY) was down, falling around 17 percent to $43.04 after the company reported Q2 results.
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Commodities

In commodity news, oil traded up 1.2 percent to $54.44 while gold traded down 0.22 percent to $1,322.30.

Silver traded down 0.57 percent Friday to $15.98, while copper fell 0.43 percent to $2.7725.

 

Eurozone

European shares were mixed today. The eurozone’s STOXX 600 gained 0.18 percent, the Spanish Ibex Index dropped 0.5 percent, while Italy’s FTSE MIB Index declined 0.77 percent. Meanwhile the German DAX fell 0.16 percent, and the French CAC 40 climbed 0.52 percent while U.K. shares rose 0.6 percent.

Economics

The U.S. economy added 304,000 new jobs for January. However, economists were expecting an increase of 165,000 nonfarm jobs. The unemployment rate rose to 4 percent from 3.9 percent.

The Markit PMI manufacturing report for January is schedule for release at 9:45 a.m. ET.

The ISM manufacturing index climbed to 56.60 in January, versus prior reading of 54.10. Economists projected a reading of 54.20.

U.S. construction spending rose 0.8 percent for November, versus economists’ expectations for a 0.2 percent increase.

The University of Michigan's consumer sentiment index dropped to 91.2 in January, versus a reading of 98.3 in December.

U.S. wholesale inventories rose 0.3 percent for November, versus economists’ expectations for a 0.5 percent increase.

The Baker Hughes North American rig count report for the recent week is schedule for release at 1:00 p.m. ET.

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

 

Related Articles (CUO + DGII)

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