Skip to main content

Market Overview

Mid-Day Market Update: Tower International Jumps Following Acquisition News; US Xpress Shares Plunge


Midway through trading Friday, the Dow traded up 0.54% to 27233.14 while the NASDAQ rose 0.34% to 8,223.71. The S&P also rose, gaining 0.22% to 3,006.54.

Leading and Lagging Sectors

Industrial shares rose 0.9% on Friday. Meanwhile, top gainers in the sector included Milacron Holdings Corp. (NYSE: MCRN), up 25%, and YRC Worldwide Inc. (NASDAQ: YRCW), up 9%.

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 $30.89 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 61% to $1.0279 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.

HOOKIPA Pharma Inc. (NASDAQ: HOOK) shares were also up, gaining 26% to $8.42 after the company reported FDA clearance of investigational new drug application for HB-201 for treatment of HPV-positive cancers.

Equities Trading DOWN

U.S. Xpress Enterprises, Inc. (NYSE: USX) shares tumbled 14% to $4.18 after the company lowered its financial outlook for the second quarter 2019 as well as the full year.

Shares of SenesTech, Inc. (NASDAQ: SNES) were down 14% to $1.3179 after the company reported a common stock offering of 3.03 million shares at $1.35 per share.

Illumina, Inc. (NASDAQ: ILMN) was down, falling 15% to $308.39 after the company reported preliminary Q2 sales below analyst estimates.


In commodity news, oil traded up 0.4% to $60.43, while gold traded up 0.2% to $1,409.60.

Silver traded up 0.1% Friday to $15.165, while copper fell 0.3% to $2.6795.

Euro zone

European shares were mostly higher today. The eurozone’s STOXX 600 fell 0.04%, the Spanish Ibex Index rose 0.11%, while Italy’s FTSE MIB Index gained 0.12%. Meanwhile, the German DAX dropped 0.14%, and the French CAC 40 rose 0.22% while UK shares fell 0.05%.


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 (HOOK + ILMN)

View Comments and Join the Discussion!

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

Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Premarket Activity
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
Everything you need to know about the latest SPAC news.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at