Market Overview

Mid-Day Market Update: Skechers Drops Following Disappointing Results; Puma Biotechnology Shares Surge

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Midway through trading Friday, the Dow traded up 0.12 percent to 18,539.83 while the NASDAQ climbed 0.49 percent to 5,098.81. The S&P also rose, gaining 0.30 percent to 2,171.63.

Leading and Lagging Sectors

On Friday, non-cyclical consumer goods & services shares climbed by 0.93 percent. Top gainers in the sector included Boston Beer Co Inc (NYSE: SAM) and Cadiz Inc (NASDAQ: CDZI).

In trading on Friday, basic materials shares fell by 0.28 percent. Meanwhile, top losers in the sector included Olin Corporation (NYSE: OLN), down 19 percent, and IAMGOLD Corp (USA) (NYSE: IAG), down 4 percent.

Top Headline

General Electric Company (NYSE: GE) reported better-than-expected profit for its second quarter on Friday.

GE posted adjusted earnings of $0.51 per share, beating analysts’ estimates of $0.46 per share. Its revenue climbed 15 percent to $33.49 billion. Sales from continuing industrial operations declined 1 percent to $24.4 billion in the quarter.


Equities Trading UP

Ocean Power Technologies Inc (NASDAQ: OPTT) shares shot up 16 percent to $10.85. Ocean Power Technologies priced public offering of 595,000 units at $6.75 per unit.

Shares of Puma Biotechnology Inc (NYSE: PBYI) got a boost, shooting up 19 percent to $41.08 after the company reported that it has submitted New Drug Application for PB272 to the FDA for the extended adjuvant treatment of HER2-positive early stage breast cancer.

Boston Beer Co Inc (NYSE: SAM) shares were also up, gaining 18 percent to $194.21 as the company reported posted upbeat results for its second quarter.


Equities Trading DOWN

Skechers USA Inc (NYSE: SKX) shares dropped 22 percent to $24.98 as the company posted weaker-than-expected results for its second quarter on Thursday.

Shares of Olin Corporation (NYSE: OLN) were down 18 percent to $21.41 after the company updated its guidance. Olin projects Q2 net income to be breakeven and adjusted EBITDA of $180 million. It also expects FY16 adjusted EBITDA of $840 million to $900 million.

Contango Oil & Gas Company (NYSE: MCF) was down, falling around 22 percent to $9.80. Contango reported an offering of 5 million shares.


Commodities

In commodity news, oil traded down 1.74 percent to $43.97 while gold traded down 0.60 percent to $1,330.90.

Silver traded down 0.56 percent Friday to $19.71, while copper fell 1.33 percent to $2.23.

Eurozone

European shares were mixed today. The eurozone’s STOXX 600 fell 0.11 percent, the Spanish Ibex Index rose 0.22 percent, while Italy’s FTSE MIB Index slipped 0.19 percent. Meanwhile the German DAX fell 0.11 percent, and the French CAC 40 rose 0.01 percent, while U.K. shares rose 0.46 percent.

Economics

The Markit manufacturing PMI rose to 52.90 for July, versus a prior reading of 51.30. However, economists were expecting a reading of 51.60.

 

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