Market Overview

Mid-Day Market Update: BlackLine Surges Following Upbeat Q2 Results; Glu Mobile Shares Slide

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Midway through trading Friday, the Dow traded down 0.60% to 26423.09 while the NASDAQ fell 1.28% to 8006.90. The S&P also fell, dropping 0.72% to 2,932.37.

Leading and Lagging Sectors

Real estate shares climbed 0.7% on Friday. Meanwhile, top gainers in the sector included Sunstone Hotel Investors, Inc. (NYSE: SHO), up 5%, and Redfin Corporation (NASDAQ: RDFN), up 7%.

In trading on Friday, information technology shares fell 1.9%.

Top Headline

Exxon Mobil Corporation (NYSE: XOM) reported better-than-expected earnings for its second quarter.

Exxon Mobil reported second-quarter earnings of 73 cents per share, which beat the analyst consensus estimate of 69 cents. Oil-equivalent production was 3.9 million barrels per day, up 7% from the second quarter of 2018.

Equities Trading UP

Aphria Inc. (NYSE: APHA) shares shot up 37% to $7.11 after reporting a huge increase in quarterly net revenue. Fourth-quarter net revenue came in at CA$128.6 million. This isup from CA$12.03 million in the same period last year, an increase of 969%.

Shares of Regional Health Properties, Inc. (NYSE: RHE) got a boost, shooting up 22% to $2.57 after the company reported the sale of 3 properties for $26.1 million. The company extinguished $24.7 million in secured debt.

BlackLine, Inc. (NASDAQ: BL) shares were also up, gaining 29% to $54.70 after reporting upbeat Q2 results.

Equities Trading DOWN

Glu Mobile Inc. (NASDAQ: GLUU) shares tumbled 41% to $4.5050 after the company reported downbeat results for its second quarter and lowered its annual outlook.

Shares of Acorda Therapeutics, Inc. (NASDAQ: ACOR) were down 49% to $3.10 after the company reported Q2 results.

Fluidigm Corporation (NASDAQ: FLDM) was down, falling 34% to $7.98 after the company reported worse-than-expected Q2 sales results.

 

Commodities

In commodity news, oil traded up 2.9% to $55.51, while gold traded up 1.9% to $ 1,459.00.

Silver traded up 0.7% Friday to $16.29, while copper fell 3.6% to $2.5695.

Euro zone

European shares were lower today. The eurozone’s STOXX 600 fell 2.46%, the Spanish Ibex Index fell 1.56%, while Italy’s FTSE MIB Index dropped 2.41%. Meanwhile, the German DAX dropped 3.11%, and the French CAC 40 fell 3.57% while UK shares fell 2.34%.

Economics

The U.S. economy added 164,000 new jobs in July, while the unemployment rate was unchanged at 3.7%. However, economists were expecting a gain of 164,000 jobs.

U.S. trade deficit fell 0.3% to $55.2 billion in June. However, economists were projecting a $54.6 billion deficit. Exports fell 2.1% to $206.3 billion, while imports slipped 1.7% to $261.5 billion in June.

The final reading of University of Michigan's consumer sentiment index rose to 98.4 in July, compared to 98.2 in June. However, economists were expecting a reading of 98.5.

U.S. factory orders increased 0.6% for June.

The Baker Hughes North American rig count report for the latest week is schedule for release at 1:00 p.m. ET.

 

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

 

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