Market Overview

Mid-Day Market Update: athenahealth Drops On Weak Results; Olympic Steel Shares Climb

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Midway through trading Friday, the Dow traded down 0.11 percent to 20,957.32 while the NASDAQ climbed 0.01 percent to 6,049.06. The S&P also fell, dropping 0.10 percent to 2,386.37.

Leading and Lagging Sectors

On Friday, the non-cyclical consumer goods & services sector proved to be a source of strength for the market. Leading the sector was strength from Align Technology, Inc. (NASDAQ: ALGN) and Aaron's, Inc. (NYSE: AAN).

In trading on Friday, cyclical consumer goods & services shares slipped by 0.61 percent. Meanwhile, top losers in the sector included PCM Inc (NASDAQ: PCMI), down 17 percent, and Group 1 Automotive, Inc. (NYSE: GPI), down 8 percent.

Top Headline

Amazon.com, Inc. (NASDAQ: AMZN) reported stronger-than-expected results for its first quarter on Thursday.

Amazon.com said it earned $1.48 per share in the first quarter on revenue of $35.7 billion; Analysts were expecting the company to earn $1.13 per share on revenue of $35.30 billion.

 

Equities Trading UP

Bancorp Inc (NASDAQ: TBBK) shares shot up 29 percent to $6.53 after the company reported strong earnings for its fourth quarter.

Shares of Olympic Steel, Inc. (NASDAQ: ZEUS) got a boost, shooting up 22 percent to $23.50. Olympic Steel reported a Q1 net income of $7.7 million, after posting a loss in the year-ago period.

Align Technology, Inc. (NASDAQ: ALGN) shares were also up, gaining 18 percent to $142.00 as the company posted better-than-expected quarterly results. Baird upgraded Align Technology from Neutral to Outperform.

Equities Trading DOWN

FuelCell Energy Inc (NASDAQ: FCEL) shares dropped 33 percent to $1.08. FuelCell Energy priced its $15.4 million underwritten public offering of common stock and warrants.

Shares of athenahealth, Inc (NASDAQ: ATHN) were down around 19 percent to $97.96 after the company reported weaker-than-expected quarterly results.

Transenterix Inc (NASDAQ: TRXC) was down, falling around 35 percent to $0.706. TransEnterix reported the pricing of $24.9 million public offering of common stock and warrant.

Commodities

In commodity news, oil traded up 0.63 percent to $49.28 while gold traded up 0.14 percent to $1,267.70.

Silver traded down 0.63 percent Friday to $17.225, while copper rose 0.48 percent to $2.6055.

Eurozone

European shares were mixed today. The eurozone’s STOXX 600 declined 0.18 percent, the Spanish Ibex Index rose 0.46 percent, while Italy’s FTSE MIB Index rose 0.33 percent. Meanwhile the German DAX slipped 0.06 percent, and the French CAC 40 gained 0.01 percent while U.K. shares fell 0.27 percent.

Economics

U.S. GDP rose at an annual pace of 0.7 percent for the first quarter, versus economists’ expectations for a 1.2 percent growth.

The employment cost index increased 0.8 percent for the first quarter.

The Chicago PMI rose to 58.30 in April, versus a prior reading of 57.70. Economists expected a reading of 56.40.

The final reading of University of Michigan's consumer sentiment index slipped to 97.00 in April, versus a prior reading of 98.00. Economists were expecting a reading of 98.00.

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

Federal Reserve Board of Governor Lael Brainard is set to speak in Evanston, Illinois at 1:15 p.m. ET.

Philadelphia Federal Reserve Bank President Patrick Harker will speak in Washington, D.C. at 2:30 p.m. ET.

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

 

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