Skip to main content

Market Overview

Mid-Morning Market Update: Markets Open Lower; Uber Misses Q2 Expectations

Share:

Following the market opening Friday, the Dow traded down 0.40% to 26271.97 while the NASDAQ fell 0.79% to 7975.97. The S&P also fell, dropping 0.54% to 2922.13.

Leading and Lagging Sectors

Health care shares rose 0.02% on Friday. Meanwhile, top gainers in the sector included Puma Biotechnology, Inc. (NASDAQ: PBYI), up 27%, and Cutera, Inc. (NASDAQ: CUTR), up 22%.

In trading on Friday, information technology shares fell 1%.

Top Headline

Uber Technologies Inc. (NYSE: UBER) reported weaker-than-expected results for its second quarter on Thursday.

Uber reported a wider-than-expected loss of $4.72 per share versus a consensus estimate of a $3.20 per share loss. Uber's quarterly revenue rose 14% from $2.7 billion in the second quarter of 2018 to $3.2 billion.

The ride-hailing service reached the 100-million mark in monthly active platform consumers for the first time in July and posted 35% year-over-year growth in trips and 37% year-over-year growth in gross bookings, according to Uber.

Equities Trading UP

Arcadia Biosciences, Inc. (NASDAQ: RKDA) shares shot up 47% to $2.96 after Verdeca received USDA approval of HB4 drought tolerant soybeans.

Shares of Puma Biotechnology, Inc. (NASDAQ: PBYI) got a boost, shooting up 26% to $11.63 after the company reported better-than-expected Q2 EPS and sales results.

InnerWorkings, Inc. (NASDAQ: INWK) shares were also up, gaining 23% to $3.49 after reporting upbeat Q2 earnings.

Equities Trading DOWN

Waitr Holdings Inc. (NASDAQ: WTRH) shares tumbled 48% to $1.97 after the company reported worse-than-expected Q2 EPS and sales results and lowered FY19 revenue guidance.

Shares of ViewRay, Inc. (NASDAQ: VRAY) were down 48% to $3.50 after the company reported Q2 results.

Farfetch Limited (NYSE: FTCH) was down, falling 39% to $11.20 after the company reported Q2 results.

Commodities

In commodity news, oil traded up 1.2% to $53.15, while gold traded down 0.1% to $1,508.80.

Silver traded up 0.1% Friday to $16.945, while copper rose 0.2% to $2.6115.

 

Euro zone

European shares were lower today. The eurozone’s STOXX 600 fell 0.5%, the Spanish Ibex Index fell 1.1%, while Italy’s FTSE MIB Index dropped 2.4%. Meanwhile, the German DAX dropped 1%, and the French CAC 40 fell 0.8% while UK shares fell 0.1%.

 

Economics

The Producer Price Index rose 0.2% for July, versus economists’ expectations for a 0.2% gain.

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

 

Related Articles (CUTR + FTCH)

View Comments and Join the Discussion!

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

Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Premarket Activity
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
SPAC
Everything you need to know about the latest SPAC news.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at vipaccounts@benzinga.com