Mid-Morning Market Update: Markets Edge Higher; Constellation Brands Profit Beats Estimates

Following the market opening Friday, the Dow traded up 0.13% to 26562.15 while the NASDAQ rose 0.12% to 7977.53. The S&P also rose, gaining 0.21% to 2930.96.

Leading and Lagging Sectors

Financial shares rose 0.9% on Friday. Meanwhile, top gainers in the sector included Puyi Inc. PUYI, up 10%, and Ocwen Financial Corporation OCN, up 7%.

In trading on Friday, health care shares fell 0.4%.

Top Headline

Constellation Brands, Inc. STZ posted upbeat earnings for its first quarter.

Constellation Brands reported first-quarter earnings of $2.20 per share, which beat the analyst consensus estimate of $2.06. The company reported quarterly sales of $2.097 billion, which beat the analyst consensus estimate of $2.06 billion.

The company sees FY2020 adjusted EPS of $8.65-$8.95 compared to the $8.57 consensus estimate.

Equities Trading UP

Highpower International, Inc. HPJ shares shot up 34% to $4.0796 after the company agreed to be taken private at $4.80 per share in cash.

Shares of Avid Bioservices, Inc. CDMO got a boost, shooting up 34% to $5.37 after the company reported upbeat Q4 results. Janney Capital upgraded Avid Bioservices from Neutral to Buy.

Motorcar Parts of America, Inc. MPAA shares were also up, gaining 25% to $23.12 after the company reported upbeat quarterly earnings.

Equities Trading DOWN

Hutchison China MediTech Limited HCM shares tumbled 23% to $23.16 after reporting an 8.5 million share offering by selling shareholder.

Shares of Sorrento Therapeutics, Inc. SRNE were down 20% to $2.71. Sorrento Therapeutics priced 8.333 million shares at $3 per share.

Cemtrex, Inc. CETX was down, falling 19% to $3.06 in a potential sell off after the stock spiked over 100% on Thursday.

Commodities

In commodity news, oil traded up 0.2% to $59.52, while gold traded up 0.2% to $1,414.80.

Silver traded up 0.1% Friday to $15.295, while copper fell 0.4% to $2.707.

Euro zone

European shares were higher today. The eurozone’s STOXX 600 rose 0.3%, the Spanish Ibex Index rose 0.3%, while Italy’s FTSE MIB Index gained 0.4%. Meanwhile, the German DAX gained 0.5%, and the French CAC 40 rose 0.4% while UK shares rose 0.3%.

Economics

U.S. personal income rose 0.5% for May, while consumer spending increased 0.4%.

The Chicago PMI fell to 49.7 for June, compared to 54.2 in May.

The final reading of University of Michigan's consumer sentiment index fell to 98.2 in June, versus a reading of 100 in May. However, economists projected expected a 98 reading.

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

San Francisco Federal Reserve Bank President Mary Daly is set to speakin Aspen, Colorado at 3:20 p.m. ET.