Market Overview

Mid-Day Market Update: Alkermes Surges Following Positive Data For Depression Drug Trial; Stone Energy Shares Slide

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Midway through trading Friday, the Dow traded down 0.24 percent to 18,119.61 while the NASDAQ gained 0.26 percent to 5,255.25. The S&P also fell, dropping 0.12 percent to 2,138.76.

Leading and Lagging Sectors

On Friday, non-cyclical consumer goods & services shares gained by 0.41 percent. Meanwhile, top gainers in the sector included Reynolds American, Inc. (NYSE: RAI), and Cosan Ltd (USA) (NYSE: CZZ).

In trading on Friday, telecommunications services shares fell by 1.14 percent. Meanwhile, top losers in the sector included AT&T Inc. (NYSE: T), down 4 percent, and Cellcom Israel Ltd. (NYSE: CEL), down 2 percent.

Top Headline

McDonald's Corporation (NYSE: MCD) reported better-than-expected results for the third quarter on Friday.

While net income dipped 3 percent from $1.309 billion to $1.275 billion, EPS grew 7 percent from $1.40 to $1.50 and came in above the estimates of $1.49 a share.

Similarly, McDonald's revenues fell 3 percent from $6.615 billion to $6.424 billion. However, this is higher than the Street analysts' expectations of $6.28 billion.


Equities Trading UP

Alkermes Plc (NASDAQ: ALKS) shares shot up 33 percent to $57.95 after the company announced positive topline results from its late-stage clinical study of ALKS 5461 for the treatment of depression.

Shares of Reynolds American, Inc. (NYSE: RAI) got a boost, shooting up 14 percent to $53.72. British American Tobacco PLC (ADR) (NYSE: BTI) made a $47 billion takeover offer for the roughly 58 percent of Reynolds American that it doesn’t already own — a move that would cement the two cigarette giants’ longstanding trans-Atlantic ties and create the world’s largest listed tobacco company by revenue and market value. BAT owns 42.2 percent of Reynolds, and is offering cash and BAT stock worth $56.50 a share for the rest of the company.

Knoll Inc (NYSE: KNL) shares were also up, gaining 13 percent to $23.28 after the company posted upbeat results for the third quarter.


Equities Trading DOWN

Stone Energy Corporation (NYSE: SGY) shares dropped 30 percent to $6.76 after the company reported a comprehensive restructuring support agreement with senior noteholders and agreed to sell its Appalachia assets.

Shares of Skechers USA Inc (NYSE: SKX) were down 17 percent to $19.06 after the company reported downbeat results for its third quarter and issued a weak forecast for the fourth quarter.

Supreme Industries, Inc. (NYSE: STS) was down, falling around 20 percent to $14.41. Supreme Industries reported Q3 earnings of $0.29 per share on revenue of $74.8 million.


Commodities


In commodity news, oil traded up 0.08 percent to $50.67 while gold traded down 0.09 percent to $1,266.30.

Silver traded down 0.34 percent Friday to $17.49, while copper fell 0.31 percent to $2.09.

Eurozone

European shares were mixed today. The eurozone’s STOXX 600 declined 0.01 percent, the Spanish Ibex Index rose 0.43 percent, while Italy’s FTSE MIB Index gained 0.15 percent. Meanwhile the German DAX gained 0.09 percent, and the French CAC 40 fell 0.09 percent while U.K. shares fell 0.09 percent.

Economics

The Baker Hughes North American rig count report for the latest week will be released at 1:00 p.m. ET.

San Francisco Federal Reserve Bank President John Williams will speak in San Francisco at 2:30 p.m. ET.

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

 

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