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Market Overview

Mid-Afternoon Market Update: InnerWorkings Rises On Upbeat Earnings; Exela Technologies Shares Plummet

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Toward the end of trading Friday, the Dow traded down 0.22% to 26319.88 while the NASDAQ fell 0.83% to 7972.18. The S&P also fell, dropping 0.53% to 2,922.48.

Leading and Lagging Sectors

Utilities shares rose by 0.2% on Friday. Meanwhile, top gainers in the sector included Pampa Energía S.A. (NYSE: PAM), up 10%, and Central Puerto S.A. (NYSE: CEPU), up 8%.

In trading on Friday, energy shares tumbled 0.9%.

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 141% to $4.85 after Verdeca received USDA approval of HB4 drought tolerant soybeans.

Shares of Two River Bancorp (NASDAQ: TRCB) got a boost, shooting up 46% to $19.79. Two River Bancorp and OceanFirst Financial reported a merger agreement.

InnerWorkings, Inc. (NASDAQ: INWK) shares were also up, gaining 46% to $4.15 after the company reported upbeat Q2 earnings.

Equities Trading DOWN

Waitr Holdings Inc. (NASDAQ: WTRH) shares tumbled 53% to $1.7750 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 55% to $3.0350 after the company reported Q2 results.

Exela Technologies, Inc. (NASDAQ: XELA) was down, falling 48% to $1.2833 as the company posted downbeat Q2 results and lowered FY2019 sales guidance.

Commodities

In commodity news, oil traded up 3.7% to $54.48, while gold traded down 0.1% to $1,508.30.

Silver traded up 0.1% Friday to $16.94, while copper fell 0.6% to $2.5925.

Euro zone

European shares closed lower today. The eurozone’s STOXX 600 fell 0.84%, the Spanish Ibex Index fell 1.25%, while Italy’s FTSE MIB Index dropped 2.48%. Meanwhile, the German DAX dropped 1.28%, and the French CAC 40 fell 1.11% while UK shares fell 0.44%.

Economics

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

The total number of active U.S. oil rigs slipped by 6 to 764 rigs this week, Baker Hughes Inc reported.

 

Related Articles (INWK + CEPU)

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

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