Mid-Afternoon Market Update: IntriCon Drops On Weak Forecast; Thor Industries Shares Spike Higher
Toward the end of trading Friday, the Dow traded up 0.10 percent to 17,948.24 while the NASDAQ gained 0.32 percent to 4,858.26. The S&P also rose, gaining 0.15 percent to 2,102.09.
Leading and Lagging Sectors
In trading on Friday, financial shares fell by 0.26 percent. Meanwhile, top losers in the sector included Pacific Mercantile Bancorp (NASDAQ: PMBC), down 5 percent, and BofI Holding, Inc. (NASDAQ: BOFI), down 3 percent.
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 14 percent to $3.71 as the company reported that it has signed an exclusive license agreement with Cyntec, an affiliate of Orient EuroPharma Co, for Zoptrex.
Shares of Kinross Gold Corporation (USA) (NYSE: KGC) got a boost, shooting up 8 percent to $5.29. Macquarie upgraded Kinross Gold from Underperform to Neutral.
Thor Industries, Inc. (NYSE: THO) shares were also up, gaining 7 percent to $68.95 after the company disclosed the acquisition of Jayco, Corp. for about $576 million in cash.
Equities Trading DOWN
IntriCon Corporation (NASDAQ: IIN) shares dropped 9 percent to $4.88 after the company issued a weak Q2 guidance.
Shares of InspireMD Inc (NYSE: NSPR) were down 20 percent to $0.255. InspireMD reported the pricing of public offering of around $14.6 million.
Franklin Covey Co. (NYSE: FC) was down, falling around 9 percent to $13.90 as the company posted weaker-than-expected results for its third quarter on Thursday.
In commodity news, oil traded up 0.54 percent to $48.59 while gold traded up 1.38 percent to $1,338.80.
Silver traded up 5.43 percent Friday to $19.64, while copper rose 1.18 percent to $2.22.
European shares closed higher today. The eurozone's STOXX 600 gained 0.72 percent, the Spanish Ibex Index rose 1.29 percent, while Italy's FTSE MIB Index rose 0.61 percent. Meanwhile the German DAX gained 0.99 percent, and the French CAC 40 gained 0.86 percent, while U.K. shares rose 1.13 percent.
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.
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