Market Overview

Mid-Afternoon Market Update: Enzo Biochem Rises Following Q4 Results; Natural Health Trends Shares Decline

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Toward the end of trading Friday, the Dow traded up 0.46 percent to 18,181.36 while the NASDAQ climbed 0.16 percent to 5,221.53. The S&P also rose, gaining 0.21 percent to 2,137.05.

Leading and Lagging Sectors

Friday afternoon, telecommunications services shares gained by 0.64 percent. Meanwhile, top gainers in the sector included China Unicom (Hong Kong) Limited (ADR) (NYSE: CHU), and China Telecom Corporation Limited (ADR) (NYSE: CHA).

In trading on Friday, healthcare shares fell by 0.53 percent. Meanwhile, top losers in the sector included Ariad Pharmaceuticals, Inc. (NASDAQ: ARIA), down 11 percent, and Invacare Corporation (NYSE: IVC), down 4 percent.

Top Headline

Citigroup Inc (NYSE: C) delivered another EPS beat, making it seven quarters in a row of an EPS beat. Its revenue for the third quarter also came in above the expectations.

Citigroup revealed net income of $3.8 billion, or $1.24 a share, down from $4.3 billion, or $1.35 a share, in the year-ago quarter. Street analysts' estimate was $1.16 a share.

The bank's revenue also fell from $18.7 billion to $17.8 billion. However, this was more than the analysts' expectations of $17.34 billion.


Equities Trading UP

First Bancshares Inc (NASDAQ: FBMS) shares shot up 21 percent to $21.64. First Bancshares reported Q3 net income of $2.6 million on revenue of $13.2 million. First Bancshares also announced the acquisition of Iberville Bank and Gulf Coast Community Bank.

Shares of Enzo Biochem, Inc. (NYSE: ENZ) got a boost, shooting up 11 percent to $5.61. Enzo Biochem reported Q4 non-GAAP earnings of $0.04 per share on revenue of $26.6 million.

MGT Capital Investments Inc. (NYSE: MGT) shares were also up, gaining 22 percent to $2.57. MGT Capital issued news on the commercial launch of its Sentinel. MGT Capital Investments shares have jumped 439.74 percent over the past 52 weeks, while the S&P 500 index has increased 6.94 percent in the same period.


Equities Trading DOWN

Natural Health Trends Corp. (NASDAQ: NHTC) shares dropped 18 percent to $22.42. Natural Health Trends projects Q3 sales of $70.7 million, down 12 percent on year-over-year basis. The company is expected to report its Q3 financial results on October 25, 2016.

Shares of Ocean Power Technologies Inc (NASDAQ: OPTT) were down 28 percent to $2.90. Ocean Power priced 2.4 million shares at $2.75 per share.

Taylor Devices, Inc. (NASDAQ: TAYD) was down, falling around 33 percent to $13.30. Taylor Devices reported Q1 earnings of $0.06 per share on revenue of $5.76 million.


Commodities


In commodity news, oil traded down 0.18 percent to $50.76 while gold traded down 0.19 percent to $1,255.20.

Silver traded down 0.05 percent Friday to $17.45, while copper fell 0.66 percent to $2.11.

Eurozone

European shares closed higher today. The eurozone’s STOXX 600 gained 1.29 percent, the Spanish Ibex Index rose 1.85 percent, while Italy’s FTSE MIB Index surged 1.98 percent. Meanwhile the German DAX climbed 1.60 percent, and the French CAC 40 gained 1.49 percent while U.K. shares rose 0.51 percent.

Economics

The Producer Price Index rose 0.3 percent for September, versus economists’ estimates for a 0.2 percent growth

U.S. retail sales increased 0.6 percent in September, versus expectations for a 0.7 percent gain.

U.S. business inventories rose 0.20 percent for September, versus economists’ expectations for a 0.20 percent growth.

The University of Michigan's consumer sentiment index declined to 87.90 for October, versus a prior reading of 91.20. Economists expected a reading of 91.90.

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

 

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