Market Overview

Mid-Morning Market Update: Markets Open Higher; Steelcase Tops Q2 Estimates

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Following the market opening Friday, the Dow traded up 0.32% to 27182.52 while the NASDAQ rose 0.14% to 8194.52. The S&P also rose, gaining 0.26% to 3014.73.

Leading and Lagging Sectors

Health care shares climbed 0.9% on Friday. Meanwhile, top gainers in the sector included Stealth BioTherapeutics Corp (NASDAQ: MITO), up 10%, and Eton Pharmaceuticals, Inc. (NASDAQ: ETON), up 7%.

In trading on Friday, utilities shares fell 0.2%.

Top Headline

Steelcase Inc. (NYSE: SCS) reported better-than-expected Q2 results on Thursday.

Earnings came in at 50 cents per share, beating estimates by 7 cents. Sales came in at $998 million, beating estimates by $17.13 million.
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Equities Trading UP

McDermott International, Inc. (NYSE: MDR) shares shot up 67% to $2.6436 after the company announced it will explore strategic alternatives for Lummus Technology. The company recently received unsolicited offers to acquire Lummus with a valuation of over $2.5 billion.

Shares of Steelcase Inc. (NYSE: SCS) got a boost, shooting up 9% to $18.22 after the company reported better-than-expected Q2 results

OptimumBank Holdings, Inc. (NASDAQ: OPHC) shares were also up, gaining 18% to $3.82.

Equities Trading DOWN

InspireMD, Inc. (NYSE: NSPR) shares tumbled 43% to $1.49 after the company priced its underwritten public offering of 2.77 million units at $1.80 per unit.

Shares of SMTC Corporation (NASDAQ: SMTX) were down 12% to $2.5814 after the company reported plan to exit China and issued weak sales forecast.

Roku, Inc. (NASDAQ: ROKU) was down, falling 11% to $118.89 after Pivotal Research initiated coverage on the stock with a Sell rating and a $60 price target.
 

Commodities

In commodity news, oil traded up 1% to $58.72, while gold traded up 0.2% to $1,509.10.

Silver traded up 0.1% Friday to $17.905, while copper rose 0.2% to $2.613.

Euro zone

European shares were higher today. The eurozone’s STOXX 600 rose 0.3%, the Spanish Ibex Index rose 0.4%, while Italy’s FTSE MIB Index climbed 0.4%. Meanwhile, the German DAX gained 0.1%, and the French CAC 40 rose 0.4% while UK shares rose 0.1%.

Economics

Boston Federal Reserve Bank President Eric Rosengren will speak in New York at 11:20 a.m. ET.

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

Dallas Federal Reserve Bank President Robert Kaplan will speak in Corpus Christi, Texas at 1:00 p.m. ET.

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

 

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