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Market Overview

Mid-Afternoon Market Update: Falls After Lowering FY19 Outlook; Control4 Shares Climb


Toward the end of trading Thursday, the Dow traded down 0.74 percent to 25774.06 while the NASDAQ declined 0.69 percent to 7,888.78. The S&P also fell, dropping 0.52 percent to 2,864.32.

Leading and Lagging Sectors

Thursday afternoon, the energy shares rose by 0.2 percent. Meanwhile, top gainers in the sector included Matrix Service Company (NASDAQ: MTRX) up 15 percent, and Parker Drilling Company (NYSE: PKD) up 6 percent.

In trading on Thursday, information technology shares fell 0.7 percent.

Top Headline

Tapestry Inc (NYSE: TPR) reported better-than-expected earnings for its fiscal third quarter and disclosed a $1 billion share repurchase program.

Earnings came in at $0.42 per share, beating estimates of $0.41 per share. Sales came in at $1.33 billion, versus estimates of $1.34 billion.

Coach net sales dropped 0.4 percent to $965 million during the quarter, while Kate Spade sales gained 4.5 percent to $281 million.


Equities Trading UP

Control4 Corporation (NASDAQ: CTRL) shares got a boost, shooting up 40 percent to $23.90 after SnapAV reported the purchase of Control4 for $23.91 per share in cash. Control4 also reported upbeat Q1 earnings.

Shares of Roku, Inc. (NASDAQ: ROKU) shot up 26 percent to $81.95 after the company reported upbeat results for its first quarter and issued strong second-quarter sales guidance.

Cortexyme, Inc. (NASDAQ: CRTX) shares were also up, gaining 75 percent to $29.67 after pricing its IPO at $17 per share.

Equities Trading DOWN Inc. (NASDAQ: STMP) shares dropped 57 percent to $35.74 after the company cut FY19 EPS and sales guidance.

Shares of Seanergy Maritime Holdings Corp. (NASDAQ: SHIP) were down 50 percent to $1.82 after the company announced pricing of its $14.3 million public offering at $3.40 per share.

Mer Telemanagement Solutions Ltd. (NASDAQ: MTSL) was down, falling around 42 percent to $0.9394 after the company received a Nasdaq delisting notice.


In commodity news, oil traded down 0.7 percent to $61.66 while gold traded up 0.3 percent to $1,285.70.

Silver traded down 0.5 percent Thursday to $14.79, while copper fell 0.1 percent to $2.771.



European shares closed lower today. The eurozone’s STOXX 600 fell 1.65 percent, the Spanish Ibex Index fell 1.43 percent, while Italy’s FTSE MIB Index dropped 1.82 percent. Meanwhile the German DAX declined 1.69 percent, and the French CAC 40 dropped 1.93 percent while U.K. shares fell 0.87 percent.


U.S. trade deficit increased 1.5 percent to $50 billion in March. U.S. exports rose 1 percent to $212 billion, while imports rose 1.1 percent to $262 billion for March.

Initial jobless claims fell 2,000 to 228,000 last week. However, economists were expecting a 215,000 reading.

The Producer Price Index rose 0.2 percent for April, versus economists’ expectations for a 0.2 percent increase.

U.S. wholesale inventories fell 0.1 percent for March.

Domestic supplies of natural gas climbed 85 billion cubic feet for the week ended May 3, the U.S. Energy Information Administration reported. Analysts expected a gain of 87 billion cubic feet.

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


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

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