Mid-Morning Market Update: Markets Mostly Lower; J C Penney Q3 Sales Miss Estimates

 

Following the market opening Friday, the Dow traded down 0.01 percent to 18,806.23 while the NASDAQ declined 0.40 percent to 5,188.09. The S&P also fell, dropping 0.32 percent to 2,160.54.

Leading and Lagging Sectors

Friday morning, non-cyclical consumer goods & services shares gained by 0.20 percent.

In trading on Friday, energy shares fell by 1.88 percent. Meanwhile, top losers in the sector included Atwood Oceanics, Inc. ATW, down 5 percent, and Hornbeck Offshore Services, Inc. HOS, down 5 percent.

Top Headline

J C Penney Company Inc JCP posted in-line Q3 loss, but revenue missed expectations.

The department store chain said it lost $0.21 per share, which matched analysts’ expectations. Its revenue of $2.86 billion missed estimates by $0.10 billion.

Its comparable sales fell 0.8 percent during the quarter.

Equities Trading UP

PTC Therapeutics, Inc. PTCT shares shot up 78 percent to $10.64 after the company announced that the Committee for Medicinal Products for Human Use (CHMP) of the European Medicines Agency (EMA) recommended the renewal of the company's therapy called Translarna (ataluren).

Shares of Avalon Holdings Corp AWX got a boost, shooting up 35 percent to $3.18. Avalon Holdings reported Q3 earnings of $0.21 per share on revenue of $19.13 million.

NVIDIA Corporation NVDA shares were also up, gaining 21 percent to $82.31 as the company reported better-than-expected earnings for its third quarter. The company boosted its quarterly dividend by 22 percent and authorized an additional $2 billion in share buyback program.


Equities Trading DOWN

Photronics, Inc. PLAB shares dropped 20 percent to $8.65 as the company reported weak preliminary Q4 results.

Shares of Lightbridge Corp LTBR were down 12 percent to $1.35 after the company issued a business update and reported financial results for the third quarter.

Companhia Paranaense de Energia (ADR) ELP was down, falling around 14 percent to $8.14. Companhia Paranaense de Energia reported a Q3 loss of $26.8 million on revenue of $895.4 million.


Commodities


In commodity news, oil traded down 2.29 percent to $44.32 while gold traded down 0.96 percent to $1,254.30.

Silver traded down 1.64 percent Friday to $18.43, while copper rose 1.84 percent to $2.60.

Eurozone

European shares were mostly lower today. The eurozone’s STOXX 600 declined 0.27 percent, the Spanish Ibex Index dropped 1.08 percent, while Italy’s FTSE MIB Index rose 0.07 percent. Meanwhile the German DAX rose 0.38 percent, and the French CAC 40 fell 0.67 percent while U.K. shares fell 1.27 percent.

Economics

The University of Michigan's consumer sentiment index rose to 91.60 in November, versus a prior reading of 87.20. Economists were expecting a reading of 87.50.

Federal Reserve Vice Chairman Stanley Fischer is set to speak at the Annual Conference of the Central Bank of Chile, in Santiago at 11:00 a.m. ET.

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

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Posted In: EarningsNewsEurozoneCommoditiesGlobalIntraday UpdateMarketsMoversMid-Morning Market Update
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