Mid-Afternoon Market Update: Wesco Aircraft Jumps Following Upbeat Q2 Results; Renewable Energy Group Shares Slide

Toward the end of trading Friday, the Dow traded up 0.77 percent to 26510.41 while the NASDAQ climbed 1.47 percent to 8,154.69. The S&P also rose, gaining 0.93 percent to 2,944.70.

Leading and Lagging Sectors

Friday afternoon, the energy shares rose 1.5 percent. Meanwhile, top gainers in the sector included Weatherford International plc WFT up 26 percent, and Geospace Technologies Corporation GEOS up 21 percent.

In trading on Friday, health care shares rose by just 0.6 percent.

Top Headline

DISH Network Corp DISH reported weaker-than-expected earnings for its first quarter,

Earnings came in at $0.65 per share, missing estimates of $0.66 per share. Sales came in at $3.19 billion, in-line with estimates. The company’s pay-TV business lost a net 259,000 subscribers during the quarter.

Equities Trading UP

Zix Corporation ZIXI shares got a boost, shooting up 32 percent to $10.88 after the company reported better-than-expected Q1 EPS and sales results. The company also gave strong guidance.

Shares of Yunji Inc. YJ shot up 30 percent to $14.24 after the company priced its 11 million ADS IPO at $11 per ADS.

Wesco Aircraft Holdings, Inc. WAIR shares were also up, gaining 26 percent to $10.59 after the company reported better-than-expected Q2 EPS and sales.

Equities Trading DOWN

Pixelworks, Inc. PXLW shares dropped 21 percent to $3.62 after the company issued weak Q2 sales forecast.

Shares of Harvard Bioscience, Inc. HBIO were down 25 percent to $2.8150 after the company reported downbeat Q1 results and lowered FY19 forecast.

Renewable Energy Group, Inc. REGI was down, falling around 21 percent to $17.87 after the company reported wider-than-expected Q1 loss.

Commodities

In commodity news, oil traded up 0.3 percent to $61.99 while gold traded up 0.7 percent to $1,280.60.

Silver traded up 2.2 percent Friday to $14.945, while copper rose 1.4 percent to $2.819.

Eurozone

European shares closed higher today. The eurozone’s STOXX 600 rose 0.39 percent, the Spanish Ibex Index fell 0.09 percent, while Italy’s FTSE MIB Index gained 0.24 percent. Meanwhile the German DAX gained 0.55 percent, and the French CAC 40 gained 0.18 percent while U.K. shares rose 0.4 percent.

Economics

The U.S. economy added 263,000 new jobs in April, while the unemployment rate fell to 3.6 percent versus 3.8 percent in March. However, economists were expecting a gain of 185,000 jobs in April.

U.S. advanced trade deficit in goods increased 0.7 percent to $71.4 billion in March.

US Services Purchasing Managers' Index declined to 53 for April, versus prior reading of 55.3.

The ISM's non-manufacturing index fell to 55.5 in April, compared to a reading of 56.1 in March.

Federal Reserve Board of Governors Vice Chairman Richard Clarida will speak in Stanford, CA at 11:30 a.m. ET.

The total number of active U.S. oil rigs increased by 2 to 807 rigs this week, Baker Hughes Inc reported.

Federal Reserve Board of Governors Member Michelle Bowman will speak in Stanford, CA at 3:00 p.m. ET.

St. Louis Federal Reserve Bank President James Bullard is set to speak in Stanford, California at 7:45 p.m. ET.

San Francisco Federal Reserve Bank President Mary Daly will speak in Stanford, California at 7:45 p.m. ET.

Dallas Federal Reserve Bank President Robert Kaplan is set to speak in Stanford, California at 7:45 p.m. ET.

Cleveland Federal Reserve Bank President Loretta Mester will speak in Stanford, California at 7:45 p.m. ET.