Market Overview

Mid-Morning Market Update: Markets Open Higher; Infosys Raises FY Forecast

Share:

Following the market opening Friday, the Dow traded up 0.51% to 27226.21 while the NASDAQ rose 0.12% to 8,205.78. The S&P also rose, gaining 0.11% to 3,003.19.

Leading and Lagging Sectors

Industrial shares rose 1% on Friday. Meanwhile, top gainers in the sector included Milacron Holdings Corp. (NYSE: MCRN), up 25%, and XPO Logistics, Inc. (NYSE: XPO), up 6%.

In trading on Friday, health care shares fell 1%.

Top Headline

Infosys Limited (NYSE: INFY) reported upbeat June-quarter profit and raised revenue forecast for the fiscal year.

Infosys posted a profit of 38.02 billion rupees ($554.00 million), compared to 36.12 billion rupees in the year-ago period. Revenue from operations increased around 14%. Analysts were expecting a profit of 37.05 billion rupees.

Infosys raised its full-year sales growth guidance from 7.5%-9.5% to 8.5%-10%.

Equities Trading UP

Tower International, Inc. (NYSE: TOWR) shares shot up 69% to $30.81 after the company announced it will be acquired by Autokiniton Global for $31 per share in cash.

Shares of SG Blocks, Inc. (NASDAQ: SGBX) got a boost, shooting up 119% to $1.4001 after the company executed an agreement to own a 50% membership interest in CPF GP, which is expected to own a 302-unit multifamily project in Sullivan County, NY.

Milacron Holdings Corp. (NYSE: MCRN) shares were also up, gaining 25% to $16.89 after the company agreed to be acquired by Hillenbrand Inc. (NYSE: HI) in a cash and stock transaction valued at $2 billion including net debt of $686 million as of March 31.

Equities Trading DOWN

U.S. Xpress Enterprises, Inc. (NYSE: USX) shares tumbled 19% to $3.95 after the company lowered its financial outlook for the second quarter 2019 as well as the full year.

Shares of Revolution Lighting Technologies, Inc. (NASDAQ: RVLT) were down 26% to $0.43 on no company-specific news, potentially after traders took profits following a 200% stock price rise yesterday. The company was recently granted an extension to remain listed on Nasdaq.

Illumina, Inc. (NASDAQ: ILMN) was down, falling 16% to $306.92 after the company reported preliminary Q2 sales below analyst estimates.

Commodities

In commodity news, oil traded up 0.1% to $60.26, while gold traded up 0.1% to $1,407.50.

Silver traded down 0.4% Friday to $15.085, while copper fell 0.4% to $2.676.

Euro zone

European shares were higher today. The eurozone’s STOXX 600 rose 0.14%, the Spanish Ibex Index rose 0.17%, while Italy’s FTSE MIB Index gained 0.26%. Meanwhile, the German DAX dropped 0.01%, and the French CAC 40 rose 0.38% while UK shares rose 0.09%.

Economics

The Producer Price Index rose 0.1% for June, versus economists’ expectations for a 0.1% increase.

The Baker Hughes North American rig count report for the latest week will be released at 1:00 p.m. ET.

 

Related Articles (ILMN + HI)

View Comments and Join the Discussion!

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