Market Overview

Mid-Morning Market Update: Markets Open Higher; Deere Earnings Miss Views

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Following the market opening Friday, the Dow traded up 0.51% to 25,712.20 while the NASDAQ rose 1% to 7,844.53. The S&P also rose, gaining 0.79% to 2,870.08.

Leading and Lagging Sectors

Information technology shares climbed 1.1% on Friday. Meanwhile, top gainers in the sector included PagSeguro Digital Ltd. (NYSE: PAGS), up 10%, and NVIDIA Corporation (NASDAQ: NVDA), up 6%.

In trading on Friday, real estate shares rose by just 0.1%.

Top Headline

Deere & Company (NYSE: DE) reported weaker-than-expected earnings for its third quarter and lowered FY19 outlook.

Deere reported third-quarter earnings of $2.71 per share, which missed the analyst consensus estimate of $2.85. The company reported quarterly sales of $8.97 billion, which missed the analyst consensus estimate of $9.39 billion.

Deere cut its fiscal year 2019 net income from ~$3.3 billion to ~$3.2 billion and sales growth from 5% down to 4%.

Equities Trading UP

Plus Therapeutics, Inc. (NASDAQ: PSTV) shares shot up 172% to $10.54 after the company reported Q2 earnings.

Shares of IZEA Worldwide, Inc. (NASDAQ: IZEA) got a boost, shooting up 25% to $0.48 after the company announced it won a $1.1 million contract to promote an international fashion brand.

Solid Biosciences Inc. (NASDAQ: SLDB) shares were also up, gaining 28% to $7.90 after Chardan Capital upgraded the company's stock from Neutral to Buy and raised the price target from $7.50 to $10.

Equities Trading DOWN

Accuray Incorporated (NASDAQ: ARAY) shares tumbled 18% to $2.51 after the company reported downbeat earnings for its fourth quarter.

Shares of SAExploration Holdings, Inc. (NASDAQ: SAEX) were down 40% to $1.97 after the company reported SEC investigation regarding accounting matters and establishment of special committee. The company announced restatement of historical financial statements and appointment of interim CFO.

Dillard's, Inc. (NYSE: DDS) was down, falling 6% to $53.06 after the company reported a Q2 net loss of $1.59 per share, versus a year-ago loss of $0.10 per share. The company’s sales also missed analysts’ estimates.

Commodities

In commodity news, oil traded up 0.7% to $54.88, while gold traded down 0.6% to $1,522.60.

Silver traded down 0.3% Friday to $17.17, while copper fell 0.2% to $2.5895.

Euro zone

European shares were higher today. The eurozone’s STOXX 600 rose 1.1%, the Spanish Ibex Index rose 1.3%, while Italy’s FTSE MIB Index climbed 1.1%. Meanwhile, the German DAX gained 0.9%, and the French CAC 40 rose 1% while UK shares rose 0.4%.

Economics

U.S. housing starts dropped 4% to an annual rate of 1.19 million in July, while building permits increased 8.4% to 1.34 million.

The University of Michigan's consumer sentiment index fell to 92.1 in August, compared to 98.4 in the prior month.

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

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

 

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