Market Overview

Mid-Day Market Update: Friday's Movers, Jobs Report and Interest Rates

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Friday’s July Job report was in-line with the expectations of the Federal Reserve; 215,000 jobs were gained in the month of July while jobless rates remained at 5.3 percent. Average hourly earnings for workers were up 2.1 percent from a year ago, but did not show signs of wage acceleration.

According to The Wall Street Journal, a broader measure of the unemployment, which concludes people working part-time who are interested in working full-time and discouraged workers, fell down to 10.4 percent versus 10.5 percent in June, and had decreased nearly 2 percent from a year ago.

The Federal Reserve previously announced their projections for the unemployment rate, one of the most crucial economic indicators, to be in the range of 5.2-5.3 percent in the fourth quarter of 2015. Since the 5.3 percent rate in July is in-line with the Fed’s projections, the Feds may still be on track for a short-term interest rate hike before the New Year.

Bond king Bill Gross of Janus Capital Group warned that the economy is “dangerously close to deflationary growth.”

The Dow Jones Industrial Index declined 0.60 percent, the S&P 500 fell 0.54 percent, the NASDAQ Composite dwindled 0.65 percent, crude oil WTI fell 1 percent, and the US Dollar Index fell 0.35 percent in Friday’s mid-day session.

Winners

Aquinox Pharmaceuticals Inc (NASDAQ: AQXP) skyrocketed a whopping 447 percent after the pharmaceuticals company announced positive results from its secondary endpoints for its Phase II LEADERSHIP trial.

Engility Holdings, Inc. (NYSE: EGL) soared 32 percent after the provider reported Q2 earnings; the company reported sales of $575 million and an adjusted diluted earnings per share of $0.51.

Career Education Corp (NASDAQ: CECO) was lifted 32 percent after the company reported a loss of $0.07 per share, better than analyst expectations of a loss of $0.24 per share.

Stamps.com Inc. (NASDAQ: STMP) was heightened 29 percent after the provider of internet-based mailing and shipping solutions reported Q2 earnings per share of $0.97, above the $0.71 per share analysts were expecting, on sales of $48.4 million, up 41.4 percent year-over-year.

Nu Skin Enterprises, Inc. (NYSE: NUS) gained 20 percent after the global direct selling company reported Q3 earnings of $0.75 per share, up from $0.32 per share in the prior year period.

Losers

Fluidigm Corporation (NASDAQ: FLDM) dwindled 40 percent after the technologies and life science tools manufacturer reported a Q2 loss of $15.2 million on sales of $28.62 million. Analysts expected sales of $30.43 million.

NeoPhotonics Corp (NYSE: NPTN) declined 36 percent after the optoelectronic manufacturer reported Q2 EPS beat, but lower guidance. It expects to announce earnings of $0.01-$0.09 per share for Q3, below analysts expected $0.13 per share.

Tangoe Inc (NASDAQ: TNGO) was down 32 percent after the global provider of connection lifecycle management reported Q2 earnings..

TCP International Holdings Ltd (NYSE: TCPI) moved lower 29 percent after the global provider of efficient light-emitting diode reported a Q2 earnings $0.03 per share on sales of $111.2 million.

Posted-In: News Intraday Update Movers

 

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