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Market Overview

Mid-Day Market Update: Friday's Movers, China's Factory Worries And More


The United States financial markets are on a steep decline with the Dow diminishing down to levels experienced back in October 2014.

China’s slowing economy is critical to the decline in the world economies. China continues to worry the markets as it reported that its factory activity had fallen to a 6.5 year low in August, as its Shanghai Stock Exchange Composite Index sank 4.27 percent in Friday’s session.

The U.S. markets hastily reacted to the news:

  • The Dow Jones Industrial Index: Declined 0.83 percent
  • The S&P 500: Dwindled 0.74 percent
  • The NASDAQ Composite: Fell 0.67 percent
  • The US Dollar Index: Tumbled 0.40 percent
  • Crude Oil WTI: Down 0.44 percent

China is targeting a 7 percent growth for its economy for the year, which would be its lowest growth rate in the past 25 years. The slowing growth is mainly due to a slowdown in exports, domestic demand, and a slack in its property market.

The oil market is down nearly 60 percent from its peak in 2014, while producers keep pumping oil. Saudi Arabia, US, Russia nor Iraq has not slowed down any supply. According to the Wall Street Journal, analysts say this is “a pre-emptive effort” to keeping competitors, such as Iraq, from taking customers in Asia.

Hewlett-Packard Company (NYSE: HPQ) reported earnings after the close on Thursday. The company reported earnings of $900 million, down from $1 billion it reported a year ago with sales of $25.3 billion, down from analyst expectations of $25.44 billion.


Siliconware Precision Industries (NASDAQ: SPIL) skyrocketed 25 percent after the semiconductor provider reported that Advanced Semiconductor Engineering (NYSE: ASX) plans to commence tender offers in the Republic of China and in the US for common shares alongside American Depositary Shares of Siliconware at NT$45 per common share, NT$225 per American Depositary Share.

Arch Coal Inc (NYSE: ACI) still continues to soar for the third straight day, up 15 percent after the coal maker seeked a compromise with lenders against a debt swap, eliminating bankruptcy rumors. The coal producer also received interest from billionaire investor George Soros.

New York & Company Inc (NYSE: NWY) was lifted 15 percent after the company beats earnings by $0.01 per share alongside sales of $235.7 million, up from $226.1 million from the prior year.

Brocade Communications Systems Inc (NASDAQ: BRCD) was heightened 13 percent after the company beat earnings for Q3 by $0.05 per share on sales of $552 million. Inc (NYSE: WUBA) was up 11 percent after the holding company beat earnings by $0.36 per share.


Tuesday Morning Corporation (NASDAQ: TUES) sunk 39 percent after the merchandise and retailer missed earnings by $0.09 per share. The company reported a Q4 loss of $4.2 million on sales of $213 million.

GigOptix Inc (NYSE: GIG) dwindled 28 percent after the company priced its ~9.218 million shares of common stock at $1.70 per share.

The Fresh Market Inc (NASDAQ: TFM) declined 19 percent after the specialty grocery retailer missed earnings by $0.04 per share; the company reported profits of $17.5 million, or $0.36 per share on sales of $442.1 million in Q2.

Intuit Inc (NASDAQ: INTU) fell 13 percent after the company reported an adjusted fiscal Q4 loss of $0.05 per share on sales of $696 million. Analysts expected sales of $735.9 million.


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Posted-In: News Intraday Update Movers

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