Market Overview

Mid-Day Market Update: Netflix Shares Decline Following Q2 Results; Hudson Technologies Shares Surge



Midway through trading Tuesday, the Dow traded up 0.06 percent to 18,544.83 while the NASDAQ declined 0.19 percent to 5,046.25. The S&P also fell, dropping 0.13 percent to 2,164.00.

Leading and Lagging Sectors

On Tuesday, industrial shares slipped by just 0.02 percent. Top gainers in the sector included Star Bulk Carriers Corp. (NASDAQ: SBLK) and NL Industries Inc (NYSE: NL).

In trading on Tuesday, basic materials shares fell by 1.53 percent. Meanwhile, top losers in the sector included Vale SA (ADR) (NYSE: VALE), down 6 percent, and Olympic Steel, Inc. (NASDAQ: ZEUS), down 7 percent.

Top Headline

Goldman Sachs Group Inc (NYSE: GS) reported stronger-than-expected results for its second quarter on Tuesday.

The bank posted quarterly earnings $3.72 per share on revenue of $7.93 billion. However, analysts were expecting earnings of $3 per share on sales of $7.58 billion.

Its revenue from trading fixed income, commodities and currencies climbed 20 percent to $1.93 billion, while revenue from trading increased 2 percent to $3.68 billion in the quarter.

Equities Trading UP

Golden Enterprises, Inc. (NASDAQ: GLDC) shares shot up 58 percent to $11.88 following a $12 per share cash bid from Utz Quality Foods.

Shares of Hudson Technologies, Inc. (NASDAQ: HDSN) got a boost, shooting up 37 percent to $5.19 after the company reported that it has been awarded a Department of Defense contract with an estimated maximum value of $400 million.

Cerulean Pharma Inc (NASDAQ: CERU) shares were also up, gaining 15 percent to $2.63 as the company reported that it has received the FDA Fast Track designation for CRLX101 for the treatment of platinum-resistant ovarian cancer.

Equities Trading DOWN

Super Micro Computer, Inc. (NASDAQ: SMCI) shares dropped 28 percent to $18.87 after the company lowered its Q4 forecast and announced a $100 million buyback plan.

Shares of Netflix, Inc. (NASDAQ: NFLX) were down 14 percent to $85.07. Netflix posted upbeat earnings for its second quarter, but the company reported weak subscriber growth for the quarter. Netflix added 1.7 million subscribers worldwide during the quarter, well short of the company’s projections.

SciClone Pharmaceuticals, Inc. (NASDAQ: SCLN) was down, falling around 18 percent to $10.92. SciClone Pharma reported that it is no longer speaking with acquirers and plans to remain an independent company. The company projects FY2016 earnings of $0.70 to $0.74 per share on sales of $158.0 million to 163.0 million.


In commodity news, oil traded down 0.64 percent to $44.95 while gold traded up 0.23 percent to $1,332.40.

Silver traded down 0.27 percent Tuesday to $20.02, while copper rose 0.80 percent to $2.26.


European shares were mostly lower today. The eurozone’s STOXX 600 declined 0.47 percent, the Spanish Ibex Index slipped 0.66 percent, while Italy’s FTSE MIB Index dropped 1.50 percent. Meanwhile the German DAX declined 0.95 percent, and the French CAC 40 declined 0.75 percent, while U.K. shares rose 0.04 percent.


U.S. housing starts rose 4.8 percent to an annual pace of 1.19 million in June. However, economists were expecting a 1.17 million pace. Building permits increased 1.5 percent to an annual pace of 1.15 million.


Related Articles (SBLK + NL)

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Posted-In: Earnings M&A News Guidance Eurozone Commodities Global Economics

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