Market Overview

Mid-Day Market Update: Motorcar Parts of America Climbs On Upbeat Earnings; Sorrento Therapeutics Shares Plummet

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Midway through trading Friday, the Dow traded up 0.41% to 26634.25 while the NASDAQ rose 0.52% to 8009.39. The S&P also rose, gaining 0.52% to 2940.21.

Leading and Lagging Sectors

Financial shares rose 1.2% on Friday. Meanwhile, top gainers in the sector included Jiayin Group Inc. (NASDAQ: JFIN), up 9%, and Ocwen Financial Corporation (NYSE: OCN), up 10%.

In trading on Friday, health care shares fell 0.1%.

Top Headline

Constellation Brands, Inc. (NYSE: 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. (NASDAQ: HPJ) shares shot up 38% to $4.22 after the company agreed to be taken private at $4.80 per share in cash.

Shares of Foresight Autonomous Holdings Ltd. (NASDAQ: FRSX) got a boost, shooting up 67% to $2.32 after the company signed an agreement with a Chinese Tier One supplier to develop smart mobility solutions for the Chinese automotive industry, and two Chinese OEMs.

Motorcar Parts of America, Inc. (NASDAQ: MPAA) shares were also up, gaining 24% to $22.92 after the company reported upbeat quarterly earnings.

Equities Trading DOWN

Hutchison China MediTech Limited (NASDAQ: HCM) shares tumbled 25% to $22.71 after reporting an 8.5 million share offering by selling shareholder.

Shares of Sorrento Therapeutics, Inc. (NASDAQ: SRNE) were down 20% to $2.7250. Sorrento Therapeutics priced 8.333 million shares at $3 per share.

Cemtrex, Inc. (NASDAQ: CETX) was down, falling 15% to $3.23 in a potential sell off after the stock spiked over 100% on Thursday.

Commodities

In commodity news, oil traded down 0.1% to $59.38, while gold traded up 0.3% to $1,415.70.

Silver traded up 0.5% Friday to $15.37, while copper fell 0.1% to $2.716.

Euro zone

European shares were higher today. The eurozone’s STOXX 600 rose 0.7%, the Spanish Ibex Index rose 0.56%, while Italy’s FTSE MIB Index gained 0.59%. Meanwhile, the German DAX gained 1.04%, and the French CAC 40 rose 0.83% while UK shares rose 0.31%.

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.

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

 

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