Market Overview

Mid-Day Market Update: Sensient Technologies Falls On Downbeat Q3 Results; Fluidigm Shares Gain

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Midway through trading Friday, the Dow traded down 0.31% to 26941.65 while the NASDAQ fell 0.56% to 8110.83. The S&P also fell, dropping 0.22% to 2,991.22.

Leading and Lagging Sectors

Real estate shares climbed 0.5% on Friday. Meanwhile, top gainers in the sector included Altisource Portfolio Solutions S.A. (NASDAQ: ASPS), up 5%, and Crown Castle International Corp. (REIT) (NYSE: CCI), up 3%.

In trading on Friday, information technology shares fell 0.6%.

Top Headline

Coca-Cola Co (NYSE: KO) reported in-line earnings for its third quarter, while sales exceeded estimates.

Coca-Cola reported third-quarter earnings of 56 cents per share, which met the analyst consensus estimate. The company reported quarterly sales of $9.5 billion, which beat the analyst consensus estimate of $9.48 billion.

Coca-Cola sees fiscal year 2019 operating income up 12-13%, earnings minus 1% to up 1% and estimates fiscal year 2020 sales will be up 1-2%.

Equities Trading UP

Greenland Acquisition Corporation (NASDAQ: GLAC) shares shot up 47% to $10.27. Greenland Acquisition reported adjournment of special meeting of shareholders to approve proposed business combination with Zhongchai Holding (Hong Kong) Limited.

Shares of Dermira, Inc. (NASDAQ: DERM) surged 28% to $7.27 after the company presented data from Phase 2b study of lebrikizumab in patients with atopic dermatitis at he 39th Annual Fall Clinical Dermatology Conference in Las Vegas.

Fluidigm Corporation (NASDAQ: FLDM) shares gained 11% to $4.78 after UBS upgraded the company's stock from Neutral to Buy.

Equities Trading DOWN

Gildan Activewear Inc. (NYSE: GIL) shares tumbled 21% to $28.01 after the company announced its preliminary Q3 and FY19 EPS below analyst estimates. Stifel Nicolaus downgraded the stock from Buy to Hold and lowered the price target from $44 to $30 per share.

Shares of Navios Maritime Acquisition Corporation (NYSE: NNA) were down 22% to $8.20 after the company reported 1.88 million share offering of common stock at $8 per share.

Sensient Technologies Corporation (NYSE: SXT) was down, falling 11% to $59.56 after reporting downbeat Q3 results.

Commodities

In commodity news, oil traded up 0.1% to $53.97, while gold traded down 0.3% to $1,494.30.

Silver traded down 0.3% Friday to $17.555, while copper rose 1.4% to $2.6335.

Euro zone

European shares were lower today. The eurozone’s STOXX 600 fell 0.43%, the Spanish Ibex Index fell 0.27%, while Italy’s FTSE MIB Index dropped 0.32%. Meanwhile, the German DAX dropped 0.35%, and the French CAC 40 slipped 0.88% while UK shares fell 0.31%

Economics

The index of leading economic indicators fell 0.1% for September.

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

Dallas Federal Reserve Bank President Robert Kaplan will speak in Denver, Colorado at 5:10 p.m. ET.

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

 

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