Market Overview

Mid-Morning Market Update: Markets Open Higher; Finisar Beats Q2 Estimates

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Following the market opening Friday, the Dow traded up 0.14 percent to 19,642.25 while the NASDAQ climbed 0.52 percent to 5,445.29. The S&P also rose, gaining 0.28 percent to 2,252.48.

Leading and Lagging Sectors

Friday morning, healthcare shares gained by 1.11 percent. Meanwhile, top gainers in the sector included Emergent Biosolutions Inc (NYSE: EBS), and Sangamo Biosciences, Inc. (NASDAQ: SGMO).

In trading on Friday, basic materials shares fell by 0.33 percent. Meanwhile, top losers in the sector included Harmony Gold Mining Co. (ADR) (NYSE: HMY), down 4 percent, and Gerdau SA (ADR) (NYSE: GGB), down 3 percent.

Top Headline

Finisar Corporation (NASDAQ: FNSR) reported upbeat results for its second quarter and issued a strong forecast for the current quarter on Thursday.

Finisar posted adjusted earnings of $0.58 per share on revenue of $369.9 million. Analysts were expecting earnings of $0.46 per share on revenue of $361 million.


Equities Trading UP

China Customer Relations Centers Inc (NASDAQ: CCRC) shares shot up 25 percent to $21.71 after the company reported unaudited financial results for the half-year ended June 30, 2016. EPS rose 150.2 percent year-over-year to $0.28, while revenue gained 34.3 percent to $34.5 million.

Shares of Stillwater Mining Company (NYSE: SWC) got a boost, shooting up 19 percent to $17.44 after Sibanye Gold Ltd (ADR) (NYSE: SBGL) announced plans to acquire Stillwater for $18.00 per share in cash.

Ferrellgas Partners, L.P. (NYSE: FGP) shares were also up, gaining 7 percent to $7.20 after the company reported upbeat results for its fiscal first quarter.


Equities Trading DOWN

Superconductor Technologies, Inc. (NASDAQ: SCON) shares dropped 30 percent to $1.42 after the company reported an offering of $10.2 million.

Shares of Clearside Biomedical Inc (NASDAQ: CLSD) were down 22 percent to $8.97. Clearside Biomedical priced an underwritten public offering of 4,000,000 shares at $9.00 per share.

Restoration Hardware Holdings Inc (NYSE: RH) was down, falling around 18 percent to $32.08. Restoration Hardware reported better-than-expected earnings for its third quarter, but issued a weak outlook for the holiday quarter.

 

Commodities


In commodity news, oil traded up 1.06 percent to $51.38 while gold traded down 0.27 percent to $1,169.20.

Silver traded up 0.11 percent Friday to $17.12, while copper rose 0.88 percent to $2.65.

Eurozone

European shares were mostly higher today. The eurozone’s STOXX 600 gained 0.60 percent, the Spanish Ibex Index fell 0.04 percent, while Italy’s FTSE MIB Index declined 1.22 percent. Meanwhile the German DAX climbed 0.07 percent, and the French CAC 40 gained 0.45 percent while U.K. shares rose 0.24 percent.

Economics

The University of Michigan's consumer sentiment index rose to 98.00 in December, versus a prior reading of 93.80. Economists were expecting a reading of 94.50.

U.S. wholesale inventories declined 0.40 percent for October, versus economists’ expectations for a 0.40 percent drop.

The Baker Hughes North American rig count report for the latest week is schedule for release at 1:00 p.m. ET.

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

 

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