Mid-Morning Market Update: Markets Edge Lower; BlackBerry Earnings Top Views

Following the market opening Friday, the Dow traded down 0.18 percent to 20,691.64 while the NASDAQ fell 0.07 percent to 5,910.27. The S&P also fell, dropping 0.07 percent to 2,366.52.

Leading and Lagging Sectors

Friday morning, the non-cyclical consumer goods & services sector proved to be a source of strength for the market.

In trading on Friday, basic materials shares fell 0.44 percent. Meanwhile, top losers in the sector included Century Aluminum Co CENX, down 3 percent, and Companhia Siderurgica Nacional (ADR) SID, down 3 percent.

Top Headline

BlackBerry Ltd BBRY reported stronger-than-expected earnings for its fourth quarter on Friday.

BlackBerry reported a $0.04 per share profit in the fourth quarter, marking an improvement from a $0.03 per share loss a year ago. Revenue for the quarter was $297 million (GAAP revenue of $286 million), of which 80 percent of sales came from Software & Services segment revenue. Analysts were expecting earnings at $0.00 per share on revenue of $289.3 million.

Looking forward to fiscal 2018, BlackBerry expects to grow its business at or above the overall market in the software business. The company expects to be profitable on a non-GAAP basis and to generate positive free cash flow for the full fiscal year.

Equities Trading UP

Akari Therapeutics PLC (ADR) AKTX shares shot up 24 percent to $8.63 after the company disclosed that the FDA has granted Fast Track designation for Coversin.

Shares of Sorl Auto Parts, Inc. SORL got a boost, shooting up 20 percent to $3.92. SORL Auto Parts reported Q4 earnings of $0.43 per share on revenue of $82.9 million.

FMC Corp FMC shares were also up, gaining 16 percent to $71.17. DuPont reported a deal with FMC to divest a portion of the company’s Crop Protection Nutrition Unit for $1.6 billion.

Equities Trading DOWN

DarioHealth Corp DRIO shares dropped 23 percent to $3.02 after the company reported a shelf offering of common stock.

Shares of Bioline RX Ltd BLRX were down around 24 percent to $0.875. BioLineRx reported an underwritten public offering of American Depositary Shares.

Proteostasis Therapeutics Inc PTI was down, falling around 15 percent to $9.28. Proteostasis Therapeutics reported a Q4 loss of $0.38 per share on revenue of $4.06 million.

Commodities

In commodity news, oil traded down 0.34 percent to $50.18 while gold traded down 0.01 percent to $1,248.00.

Silver traded up 0.10 percent Friday to $18.23, while copper fell 1.10 percent to $2.64.

Eurozone

European shares were mostly lower today. The eurozone’s STOXX 600 declined 0.16 percent, the Spanish Ibex Index fell 0.22 percent, while Italy’s FTSE MIB Index rose 0.16 percent. Meanwhile the German DAX declined 0.06 percent, and the French CAC 40 slipped 0.09 percent while U.K. shares fell 0.41 percent.

Economics

Personal income rose 0.4 percent in February, versus economists’ expectations for a 0.4 percent growth. Consumer spending gained 0.1 percent for February, versus estimates for a 0.2 percent growth

The Chicago PMI increased to 57.7 in March, versus 57.4 in February. Economists projected a reading of 56.9.

The final reading of University of Michigan's consumer sentiment index declined to 96.90 in March, versus a prior reading of 97.60. Economists were expecting a reading of 97.60.

Minneapolis Federal Reserve Bank President Neel Kashkari is set to speak in Minneapolis, Minn. at 10:00 a.m. ET.

St. Louis Federal Reserve Bank President James Bullard will speak in New York at 10:30 a.m. ET.

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