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Market Overview

Mid-Morning Market Update: Markets Open Higher; Micron To Lower Jobs

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Following the market opening Friday, the Dow traded up 0.24 percent to 17,972.55 while the NASDAQ gained 0.51 percent to 4,867.34. The S&P also rose, gaining 0.32 percent to 2,105.60.

Leading and Lagging Sectors

On Friday, basic materials shares surged by 0.83 percent. Top gainers in the sector included Kinross Gold Corporation (USA) (NYSE: KGC) and Harmony Gold Mining Co. (ADR) (NYSE: HMY).

In trading on Friday, financial shares rose by just 0.01 percent. Meanwhile, top losers in the sector included WellCare Health Plans, Inc. (NYSE: WCG), down 3.3 percent, and NewStar Financial Inc (NASDAQ: NEWS), down 3 percent.

Top Headline

On Thursday, Micron Technology, Inc. (NASDAQ: MU) reported a narrower-than-expected loss for the third quarter, but the company missed analysts’ sales estimates. The company also projected a surprise adjusted loss for the fourth quarter. Micron also announced number of initiatives to reduce costs, including global workforce reduction.

Equities Trading UP

AEterna Zentaris Inc. (USA) (NASDAQ: AEZS) shares shot up 21 percent to $3.95 as the company reported that it has signed an exclusive license agreement with Cyntec, an affiliate of Orient EuroPharma Co, for Zoptrex.

Shares of Mesoblast limited (ADR) (NASDAQ: MESO) got a boost, shooting up 10 percent to $4.39 after the company issued an update on heart failure trial and funding of clinical operations. Mesoblast projects to do interim analysis for Phase 3 endpoints in Q1 2017

Galectin Therapeutics Inc (NASDAQ: GALT) shares were also up, gaining 7 percent to $1.57. Roth Capital assumed Galectin Therapeutics with a Buy rating.


Equities Trading DOWN

IntriCon Corporation (NASDAQ: IIN) shares dropped 11 percent to $4.75 after the company issued a weak Q2 guidance.

Shares of Micron Technology, Inc. (NASDAQ: MU) were down 10 percent to $12.41. Micron reported a narrower-than-expected loss for the third quarter, but the company missed analysts’ sales estimates. The company also projected a surprise adjusted loss for the fourth quarter. Micron also announced number of initiatives to reduce costs, including global workforce reduction.

Franklin Covey Co. (NYSE: FC) was down, falling around 6 percent to $14.37 as the company posted weaker-than-expected results for its third quarter on Thursday.


Commodities

In commodity news, oil traded down 0.37 percent to $48.15 while gold traded up 1.45 percent to $1,339.70.

Silver traded up 3.80 percent Friday to $19.33, while copper fell 0.25 percent to $2.19.

Eurozone

European shares were higher today. The eurozone’s STOXX 600 gained 0.57 percent, the Spanish Ibex Index rose 1.22 percent, while Italy’s FTSE MIB Index rose 0.21 percent. Meanwhile the German DAX gained 0.84 percent, and the French CAC 40 gained 0.76 percent, while U.K. shares rose 0.77 percent.

Economics

The final reading of Markit manufacturing PMI rose to 51.3 for June, versus economists’ estimates for a reading of 51.2.

U.S. construction spending declined 0.80 percent for June, versus economists’ expectations for a 0.60 percent growth.

The ISM manufacturing PMI increased to 53.20 in June, versus a prior reading of 51.30. However, economists were expecting a reading of 51.40.

Cleveland Federal Reserve Bank President Loretta J. Mester is set to speak at EEFC event in London at 11:00 a.m. ET.

Data on motor vehicle sales for June will be released today.

 

Related Articles (HMY + KGC)

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Posted-In: Earnings News Guidance Eurozone Commodities Global Intraday Update Markets

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