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Market Overview

Mid-Afternoon Market Update: U.S. Stocks Turn Lower; Roku Shares Plummet

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Toward the end of trading Friday, the Dow traded down 0.23% to 27,032.00 while the NASDAQ fell 0.59% to 8,134.62. The S&P also fell, dropping 0.23% to 2,999.95.

Leading and Lagging Sectors

Health care shares climbed 0.6% on Friday. Meanwhile, top gainers in the sector included Akorn, Inc. (NASDAQ: AKRX), up 11%, and DURECT Corporation (NASDAQ: DRRX), up 11%.

In trading on Friday, information technology shares fell 0.9%.

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 28% to $2.02 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 10% to $18.41 after the company reported better-than-expected Q2 results

California Resources Corporation (NYSE: CRC) shares were also up, gaining 12% to $11.10 after falling 29.46% on Thursday.

Equities Trading DOWN

InspireMD, Inc. (NYSE: NSPR) shares tumbled 44% to $1.4550 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 $2.59 after the company reported plan to exit China and issued weak sales forecast.

Roku, Inc. (NASDAQ: ROKU) was down, falling 20% to $106.50 after Pivotal Research initiated coverage on the stock with a Sell rating and a $60 price target.
 

Commodities

In commodity news, oil traded down 0.5% to $57.85, while gold traded up 0.8% to $ 1,518.80.

Silver traded up 0.1% Friday to $17.905, while copper fell 0.7% to $2.5905.

Euro zone

European shares closed mostly higher today. The eurozone’s STOXX 600 rose 0.29%, the Spanish Ibex Index rose 0.47%, while Italy’s FTSE MIB Index slipped 0.02%. Meanwhile, the German DAX gained 0.08%, and the French CAC 40 rose 0.56% while UK shares fell 0.16%.

Economics

The total number of active U.S. oil rigs dropped by 14 to 719 rigs this week, Baker Hughes Inc reported.

 

Related Articles (CRC + AKRX)

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

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