Market Overview

NASDAQ Slides 1.2%; Manitowoc Shares Dip Following Cautious Outlook

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NASDAQ Slides 1.2%; Manitowoc Shares Dip Following Cautious Outlook

Midway through trading Friday, the Dow traded down 0.14 percent to 16,635.52 while the NASDAQ tumbled 1.20 percent to 4,325.86. The S&P also fell, dropping 0.49 percent to 1,918.68.

Leading and Lagging Sectors

Non-cyclical consumer goods & services shares gained 0.52 percent on Friday. Top gainers in the sector included Synutra International (NASDAQ: SYUT), up 4 percent, and The Pantry (NASDAQ: PTRY), up 3.9 percent.

In trading on Friday, energy shares were relative laggards, down on the day by about 1.98 percent. Top losers in the sector included SM Energy Company (NYSE: SM), down 9.8 percent, and Vanguard Natural Resources, LLC (NYSE: VNR), off 10 percent.

Top Headline

Fastenal Co (NASDAQ: FAST) reported in-line earnings for the third quarter.

The Winona, Minnesota-based company posted quarterly net income of $133.3 million, or $0.45 per share, up from $119.4 million, or $0.40 per share, in the year-ago period.

Its revenue rose 14.3% to $980.8 million from $858.4 million. However, analysts were expecting earnings of $0.45 per share on revenue of $980.1 million.

Equities Trading UP

Exact Sciences (NASDAQ: EXAS) shares shot up 36.51 percent to $24.74 following the company’s announcement that its stool DNA test to detect colorectal cancer has been approved for coverage by the Centers for Medicare and Medicaid Services.

Shares of Infosys (NYSE: INFY) got a boost, shooting up 5.57 percent to $62.72 after the company reported better-than-expected Q2 earnings.

Synutra International (NASDAQ: SYUT) shares were also up, gaining 4.08 percent to $4.59 after the company announced preliminary second quarter financial results.

Equities Trading DOWN

Shares of Knowles (NYSE: KN) were down 16.03 percent to $20.33 after the company lowered its Q3 forecast.

The Manitowoc Company (NYSE: MTW) shares tumbled 17.65 percent to $17.73 following cautious guidance. BMO Capital downgraded Manitowoc from Market Perform to Underperform and lowered the price target from $28.00 to $24.00.

Microchip Technology (NASDAQ: MCHP) was down, falling 12.80 percent to $39.71 after the company lowered its sales forecast for the second quarter.

Commodities

In commodity news, oil traded down 0.91 percent to $84.99, while gold traded down 0.27 percent to $1,222.00.

Silver traded down 0.51 percent Friday to $17.33, while copper fell 0.66 percent to $3.01.

Eurozone

European shares were lower today. The eurozone’s STOXX 600 dropped 1.35 percent, the Spanish Ibex Index fell 0.96 percent, while Italy’s FTSE MIB Index declined 0.59 percent. Meanwhile, the German DAX slipped 2.11 percent and the French CAC 40 fell 1.50 percent while UK shares fell 1.28 percent.

Economics

US import price index dropped 0.5% in September, versus economists’ expectations for a 0.7% decline. US export price index dropped 0.2% in September.

Posted-In: Earnings News Guidance Eurozone Futures Commodities FDA Markets

 

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