Market Overview

Mid-Afternoon Market Update: Dow Up Over 100 Points; Domo Shares Tumble On Weak Forecast

Share:

Toward the end of trading Friday, the Dow traded up 0.38% to 26,830.08 while the NASDAQ rose 0.1% to 8,124.76. The S&P also rose, gaining 0.22% to 2,982.64.

Leading and Lagging Sectors

Materials shares climbed 0.6% on Friday. Meanwhile, top gainers in the sector included Ferroglobe PLC (NASDAQ: GSM), up 6%, and Ranpak Holdings Corp. (NYSE: PACK), up 8%.

In trading on Friday, utilities shares fell 0.4%.

Top Headline

Genesco Inc. (NYSE: GCO) reported better-than-expected earnings for its second quarter and raised FY20 EPS guidance. However, Genesco’s sales misses estimates.

Genesco reported second-quarter earnings of 15 cents per share, which beat the analyst consensus estimate by 17 cents. The company reported quarterly sales of $486.573 million, which missed the analyst consensus estimate of $487.93 million.

Genesco raised fiscal year 2020 EPS guidance from $3.35-$3.75 to $3.80-$4.20 versus the $3.67 estimate.

Equities Trading UP

Endo International plc (NASDAQ: ENDP) shares shot up 31% to $3.0950 after the company announced it has submitted a biologics license application to the FDA for collagenase clostridium histolyticum for the treatment of cellulite in the buttocks.

Shares of DocuSign, Inc. (NASDAQ: DOCU) got a boost, shooting up 20% to $55.51 after the company reported better-than-expected Q2 sales results.

Guidewire Software, Inc. (NYSE: GWRE) shares were also up, gaining 17% to $111.22 after reporting upbeat quarterly results.

Equities Trading DOWN

Domo, Inc. (NASDAQ: DOMO) shares tumbled 36% to $16.15 after the company issued Q3 and FY20 EPS and sales guidance below analyst estimates. Credit Suisse also downgraded the stock from Outperform to Neutral and lowered the price target from $45 to $20.

Shares of Avid Bioservices, Inc. (NASDAQ: CDMO) were down 20% to $5.65 after the company reported worse-than-expected Q1 EPS results.

Arcadia Biosciences, Inc. (NASDAQ: RKDA) was down, falling 10% to $6.79 after the company announced a 1.319 million share common stock offering at $7.5825 per share.

Commodities

In commodity news, oil traded up 0.2% to $56.43, while gold traded down 0.5% to $1,517.70.

Silver traded down 3% Friday to $18.245, while copper fell 0.4% to $2.631.

Euro zone

European shares closed mostly higher today. The eurozone’s STOXX 600 climbed 0.32%, the Spanish Ibex Index fell 0.03%, while Italy’s FTSE MIB Index fell 0.04%. Meanwhile, the German DAX rose 0.54% and the French CAC 40 climbed 0.19% while UK shares rose 0.15%.

Economics

The U.S. economy added 130,000 new jobs in August. However, economists were expecting a gain of 158,000 jobs. The unemployment rate was unchanged at 3.7% for August.

The total number of active U.S. oil rigs slipped by 4 to 738 rigs this week, Baker Hughes Inc reported.

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

 

Related Articles (CDMO + DOCU)

View Comments and Join the Discussion!
Fastest Market News Application
You'll Hear It First On Pro
Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Trading Daily
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.
Daily Analyst Rating
A summary of each day’s top rating changes from sell-side analysts on the street.
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

This Analyst Thinks Guidewire Needs To Work Through Near-Term Changes

Want To Enter The Cannabis Industry? Professionals Share Their Top Advice