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Market Overview

Mid-Morning Market Update: Markets Open Higher; Adobe Beats Q4 Expectations

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Following the market opening Friday, the Dow traded up 0.14 percent to 19,880.86 while the NASDAQ rose 0.21 percent to 5,468.23. The S&P also rose, gaining 0.19 percent to 2,266.37.

Leading and Lagging Sectors

Non-cyclical consumer goods & services shares gained around 0.78 percent in trading on Friday.

In trading on Friday, basic materials shares were relative laggards, down on the day by about 0.32 percent. Meanwhile, top losers in the sector included Innophos Holdings, Inc. (NASDAQ: IPHS), down 3 percent, and Dorchester Minerals LP (NASDAQ: DMLP), down 2 percent.

Top Headline

Adobe Systems Incorporated (NASDAQ: ADBE) posted stronger-than-expected results for its fourth quarter on Thursday.

Adobe reported Q4 adjusted earnings of $0.90 per share on revenue of $1.61 billion. Analysts expected earnings of $0.86 per share on revenue of $1.59 billion.


Equities Trading UP

Evoke Pharma Inc (NASDAQ: EVOK) shares shot up 50 percent to $2.16 after the company disclosed that it has received a positive NDA submission guidance from the US FDA for Gimoti.

Shares of Jabil Circuit, Inc. (NYSE: JBL) got a boost, shooting up 10 percent to $23.80 after the company reported better-than-expected results for its first quarter on Thursday.

Genius Brands International Inc (NASDAQ: GNUS) shares were also up, gaining 21 percent to $6.05.


Equities Trading DOWN

Agios Pharmaceuticals Inc (NASDAQ: AGIO) shares dropped 17 percent to $46.35 after the company issued an update on PKR program. The company disclosed that the development of its second PKR Activator, AG-519, has been discontinued following the FDA feedback.

Shares of Vericel Corp (NASDAQ: VCEL) were down 14 percent to $3.00 as the company reported a proposed public offering of common stock.

RXi Pharmaceuticals Corp (NASDAQ: RXII) was down, falling around 40 percent to $0.815 after the company reported the pricing of its $10 million offering.


Commodities


In commodity news, oil traded up 0.73 percent to $52.35 while gold traded up 0.50 percent to $1,135.50.

Silver traded up 1.08 percent Friday to $16.13, while copper fell 1.27 percent to $2.57.

Eurozone

European shares were higher today. The eurozone’s STOXX 600 gained 0.21 percent, the Spanish Ibex Index rose 0.30 percent, while Italy’s FTSE MIB Index surged 0.11 percent. Meanwhile the German DAX climbed 0.34 percent, and the French CAC 40 gained 0.27 percent while U.K. shares rose 0.13 percent.

Economics

Housing starts dipped 18.7 percent to an annual rate of 1.09 million in November, the Commerce Department reported. Economists were expecting a rate of 1.23 million for the month.

Richmond Federal Reserve Bank President Jeffrey Lacker is set to speak in Charlotte, N.C. at 12:30 p.m. ET.

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

 

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

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