Market Overview

Mid-Morning Market Update: Markets Open Lower; General Electric Profit Beats Expectations

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Following the market opening Friday, the Dow traded down 0.38 percent to 21,529.60 while the NASDAQ declined 0.20 percent to 6,377.17. The S&P also fell, dropping 0.28 percent to 2,466.46.

Leading and Lagging Sectors

Telecommunications services shares climbed by 0.27 percent in the US market on Friday. Top gainers in the sector included SK Telecom Co Ltd (ADR) (NYSE: SKM), and KT Corp (ADR) (NYSE: KT).

In trading on Friday, energy shares fell 0.84 percent. Meanwhile, top losers in the sector included Ameresco Inc (NASDAQ: AMRC), down 4 percent, and TETRA Technologies, Inc. (NYSE: TTI), down 6 percent.

Top Headline

General Electric Company (NYSE: GE) reported better-than-expected profit for its second quarter.

General Electric posted quarterly adjusted earnings of $0.28 per share, on revenue of $29.56 billion. However, analysts were expecting earnings of $0.25 per share on net sales of $29.02 billion.

Equities Trading UP

Plug Power Inc (NASDAQ: PLUG) shares shot up 12 percent to $2.37 after the company reported that it has expanded its agreement with Wal-Mart Stores Inc (NYSE: WMT).

Shares of Brainstorm Cell Therapeutics Inc (NASDAQ: BCLI) got a boost, shooting up 10 percent to $4.99 after the company disclosed that it has been awarded a $16 million non-dilutive grant from CIRM in support of ALS trial.

athenahealth, Inc (NASDAQ: ATHN) shares were also up, gaining 9 percent to $156.38 as the company posted upbeat quarterly results.

Equities Trading DOWN

Glassbridge Enterprises Inc (NYSE: GLA) shares dropped 17 percent to $3.27 after the company reported its intention to voluntarily delist its stock from the NYSE.

Shares of Pernix Therapeutics Holdings Inc (NASDAQ: PTX) were down 10 percent to $4.06. Pernix Therapeutics reported preliminary Q2 net loss of $24.5 million to $25 million, and sales of $33 million to $35 million. The company also reported refinancing to 'fortify' balance sheet.

Manhattan Associates, Inc. (NASDAQ: MANH) was down, falling around 10 percent to $42.98. Manhattan Associates posted upbeat Q2 results.

Commodities

In commodity news, oil traded down 0.83 percent to $46.73 while gold traded up 0.34 percent to $1,256.30.

Silver traded up 0.76 percent Friday to $16.47, while copper rose 1.01 percent to $2.7435.

Eurozone

European shares were lower today. The eurozone’s STOXX 600 declined 0.38 percent, the Spanish Ibex Index fell 0.78 percent, while Italy’s FTSE MIB Index slipped 0.66 percent. Meanwhile the German DAX dropped 0.92 percent, and the French CAC 40 declined 0.63 percent while U.K. shares fell 0.12 percent.

Economics

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

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

 

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