Market Overview

Mid-Day Market Update: Renren Drops After Q1 Results; ArQule Shares Surge

Share:

Midway through trading Friday, the Dow traded down 0.1% to 26080.68 while the NASDAQ fell 0.47% to 7,800.31. The S&P also fell, dropping 0.18% to 2,886.32.

Leading and Lagging Sectors

Utilities shares rose 0.5% on Friday. Meanwhile, top gainers in the sector included AquaVenture Holdings Limited (NYSE: WAAS), up 5%, and Spark Energy, Inc. (NASDAQ: SPKE), up 3%.

In trading on Friday, information technology shares fell by 0.7%.

Top Headline

Broadcom Inc (NASDAQ: AVGO) reported upbeat earnings for its second quarter, while sales missed estimates. The company also cut its FY2019 sales guidance.

Second-quarter adjusted earnings came in at $5.21, beating estimates by 3 cents. Sales came in at $5.517 billion, missing estimates by $173 million. The company cut FY2019 sales guidance from $24.5 billion to $22.5 billion.

Equities Trading UP

India Globalization Capital, Inc. (NYSE: IGC) shares shot up 48% to $1.2585 after the company announced its subsidiary, Holi Hemp, has been approved to participate in Arizona's Industrial Hemp program.

Shares of ArQule, Inc. (NASDAQ: ARQL) got a boost, shooting up 38% to $8.69 after the company announced clinical proof-of-concept data from its ongoing Phase 1 study of ARQ-531 in patients with relapsed/refractory Hematologic Malignancies.

Bluegreen Vacations Corporation (NYSE: BXG) shares were also up, gaining 28% to $10.21 after the company entered into a settlement with Bass Pro to reinstate marketing activities; Stifel Nicolaus also upgraded the company's stock from Hold to Buy and raised its price target from $8 to $10.

Equities Trading DOWN

Renren Inc. (NYSE: RENN) shares tumbled 29% to $0.921 after the company reported Q1 results. The company posted adjusted net loss of US$7.4 million for the quarter, versus a year-ago loss of US$18.8 million. Its net revenue fell 17.6% to US$110.4 million.

Shares of Navidea Biopharmaceuticals, Inc. (NYSE: NAVB) were down 29% to $0.7032. Navidea Biopharmaceuticals priced its 8 million share public offering of common stock at $0.75 per share and regained direct control of Intellectual Property.

SELLAS Life Sciences Group, Inc. (NASDAQ: SLS) was down, falling 58% to $0.1584 after the company priced a 26.37 million share common stock offering at $0.15 per share.

Commodities

In commodity news, oil traded up 0.4% to $52.49, while gold traded up 0.6% to $1,351.70.

Silver traded up 0.1% Friday to $14.895, while copper fell 0.9% to $2.6325.

Euro zone

European shares were lower today. The eurozone’s STOXX 600 fell 0.44%, the Spanish Ibex Index fell 0.48%, while Italy’s FTSE MIB Index slipped 0.19%. Meanwhile, the German DAX dropped 0.74%, and the French CAC 40 fell 0.32% while UK shares fell 0.21%.

Economics

U.S. retail sales increased 0.5% for May, versus economists’ expectations for a 0.7% gain.

U.S. industrial production rose 0.4% for May, versus economists’ expectations for a 0.2% gain.

The University of Michigan's consumer sentiment index declined to 97.9 in June, versus a reading of 100 in May. However, economists expected a 99 reading.

U.S. business inventories rose 0.5% for April, versus economists’ expectations for a 0.4% increase.

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

 

Related Articles (ARQL + AVGO)

View Comments and Join the Discussion!
Lightning Fast
Market News Service
$199 Free 14 Day Trial

35 Stocks Moving In Friday's Mid-Day Session

CNBC: Tesla Loses Key Engineer To Autonomous Startup