Market Overview

Mid-Morning Market Update: Markets Mostly Flat; BlackBerry Sales Miss Views


Following the market opening Friday, the Dow traded down 0.09 percent to 21,377.75 while the NASDAQ slipped 0.05 percent to 6,233.47. The S&P also rose, gaining 0.03 percent to 2,435.28.

Leading and Lagging Sectors

Energy shares rose by 0.53 percent in the US market on Friday. Top gainers in the sector included Gran Tierra Energy Inc (NYSE: GTE), PrimeEnergy Corporation (NASDAQ: PNRG), and EQT Corporation (NYSE: EQT).

In trading on Friday, healthcare shares fell by 0.45 percent. Meanwhile, top losers in the sector included Arena Pharmaceuticals, Inc. (NASDAQ: ARNA), down 5 percent, and Regeneron Pharmaceuticals Inc (NASDAQ: REGN), down 4 percent.

Top Headline

BlackBerry Ltd (NASDAQ: BBRY) reported an unexpected profit for the first quarter. However, sales trailed expectations. The company also announced a stock buyback program.

BlackBerry posted non-GAAP earnings of $0.02 per share versus break-even results a year ago. Non-GAAP revenue came in at $244 million, missing the consensus of $264.51 million.

Equities Trading UP

AVEO Pharmaceuticals, Inc. (NASDAQ: AVEO) shares shot up 68 percent to $1.22 after the company reported positive CHMP opinion for tivozanib for the treatment of advanced renal cell carcinoma.

Shares of Synchronoss Technologies, Inc. (NASDAQ: SNCR) got a boost, shooting up 38 percent to $16.83. Siris Capital believes it is in a position to buy Synchronoss at $18 per share in cash.

Cara Therapeutics Inc (NASDAQ: CARA) shares were also up, gaining 14 percent to $22.67 after the company disclosed that it has received Breakthrough Therapy designation for IV CR845 for the treatment of chronic kidney disease-associated pruritus in hemodialysis patients.

Equities Trading DOWN

TOP SHIPS Inc (NASDAQ: TOPS) shares dropped 58 percent to $1.00 after the company effected a 1:15 reverse stock split.

Shares of Ocular Therapeutix Inc (NASDAQ: OCUL) were down 11 percent to $10.23. Ocular Therapeutix disclosed that Antony Mattessich will succeed Dr. Amar Sawhney as CEO of the company. Morgan Stanley downgraded Ocular Therapeutix from Overweight to Equal-Weight.

Bed Bath & Beyond Inc. (NASDAQ: BBBY) was down, falling around 12 percent to $29.82 after the company reported weaker-than-expected results for its first quarter.


In commodity news, oil traded up 0.30 percent to $42.87 while gold traded up 0.78 percent to $1,259.20.

Silver traded up 1.28 percent Friday to $16.785, while copper rose 1.17 percent to $2.6405.


European shares were lower today. The eurozone’s STOXX 600 fell 0.35 percent, the Spanish Ibex Index fell 0.87 percent, while Italy’s FTSE MIB Index declined 0.70 percent. Meanwhile the German DAX declined 0.70 percent, and the French CAC 40 dropped 0.48 percent while U.K. shares fell 0.18 percent.


The preliminary reading of Markit manufacturing PMI declined to 52.1 in June, compared to 52.7 in May. However, economists were expecting a reading of 53 for June. The preliminary services PMI declined to 53 in June, from 53.6 in May. Economists projected a reading of 53.7 for June.

New-home sales rose 2.9 percent to an annual rate of 610,000 in May. However, economists were expecting a 597,000 pace.

St. Louis Federal Reserve Bank President James Bullard is set to speak in Nashville, TN at 11:15 a.m. ET.

Cleveland Federal Reserve Bank President Loretta Mester will speak in Cleveland, Ohio at 12:40 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.

Federal Reserve Board Gov. Jerome Powell is set to speak at the Federal Reserve Bank of Chicago Symposium at 2:15 p.m. ET.

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


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