Market Overview

Mid-Morning Market Update: Markets Open Higher; American Express Profit Tops Expectations

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Following the market opening Friday, the Dow traded up 0.32% to 27,309.93 while the NASDAQ rose 0.26% to 8,228.53. The S&P also rose, gaining 0.19% to 3,000.92.

Leading and Lagging Sectors

Industrial shares rose 0.8% on Friday. Meanwhile, top gainers in the sector included Spirit AeroSystems Holdings, Inc. (NYSE: SPR), up 8%, and Marten Transport, Ltd. (NASDAQ: MRTN), up 10%.

In trading on Friday, health care shares fell 0.1%.

Top Headline

American Express Company (NYSE: AXP) reported better-than-expected earnings for its second quarter.

American Express reported second quarter earnings of $2.07 per share, which beat the analyst consensus estimate of $2.04. The company reported quarterly sales of $10.84 billion, versus the analyst consensus estimate of $10.82 billion. American Express affirmed its outlook for 2019.

Equities Trading UP

Midatech Pharma Plc (NASDAQ: MTP) shares shot up 59% to $2.0642 after the company announced positive results from a first in human study of its MTX102 immuno-tolerising vaccine product candidate in diabetes.

Shares of Gannett Co., Inc. (NYSE: GCI) got a boost, shooting up 26% to $9.93 after a report of talks to merge with GateHouse. The deal could be announced in the next few weeks.

CrowdStrike Holdings, Inc. (NASDAQ: CRWD) shares were also up, gaining 17% to $84.76 after the company reported Q1 EPS and sales results higher from last year.

Equities Trading DOWN

Jaguar Health, Inc. (NASDAQ: JAGX) shares tumbled 21% to $2.0361 following pricing of a 1.8 million Class A unit offering at $2 per unit.

Shares of RCI Hospitality Holdings, Inc. (NASDAQ: RICK) were down 19% to $13.64. RCI reported resignation of BDO as Auditor and filed compliance plan with Nasdaq. The company expects to report internal review status and preliminary 2Q19 results in more detail next week.

MicroVision, Inc. (NASDAQ: MVIS) was down, falling 22% to $0.67 after the company reported worse-than-expected Q2 EPS and sales results.

Commodities

In commodity news, oil traded up 1.3% to $56.04, while gold traded up 0.8% to $1,439.40.

Silver traded up 0.9% Friday to $16.35, while copper rose 2% to $2.765.

Euro zone

European shares were mixed today. The eurozone’s STOXX 600 gained 0.1%, the Spanish Ibex Index fell 0.4%, while Italy’s FTSE MIB Index dropped 1.5%. Meanwhile, the German DAX gained 0.1%, and the French CAC 40 rose 0.1% while UK shares rose 0.1%.

Economics

The University of Michigan's consumer sentiment index rose to a 98.4 in July, versus previous reading of 98.2.

St. Louis Federal Reserve Bank President James Bullard is set to speak in New York at 11:05 a.m. ET.

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

Boston Federal Reserve Bank President Eric Rosengren will speak in New York City, New York at 4:30 p.m. ET.

Posted-In: Mid-Morning Market UpdateEarnings News Eurozone Commodities Global Intraday Update Markets

 

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