Market Overview

Mid-Afternoon Market Update: Dow Drops 200 Points; Gildan Activewear Shares Plummet

Share:

Toward the end of trading Friday, the Dow traded down 0.74% to 26825.68 while the NASDAQ fell 0.70% to 8099.74. The S&P also fell, dropping 0.25% to 2,990.36.

Leading and Lagging Sectors

Real estate shares climbed 1.1% on Friday. Meanwhile, top gainers in the sector included Altisource Portfolio Solutions S.A. (NASDAQ: ASPS), up 5%, and IRSA Propiedades Comerciales S.A. (NASDAQ: IRCP), up 6%.

In trading on Friday, communication services shares fell 0.7%.

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 48% to $10.32. 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 26% to $7.16 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 12% to $4.8150 after UBS upgraded the company's stock from Neutral to Buy.

Equities Trading DOWN

Gildan Activewear Inc. (NYSE: GIL) shares tumbled 25% to $26.48 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 16% to $8.72 after the company reported 1.88 million share offering of common stock at $8 per share.

Sensient Technologies Corporation (NYSE: SXT) was down, falling 10% to $59.98 after reporting downbeat Q3 results.

Commodities

In commodity news, oil traded down 0.3% to $53.78, while gold traded down 0.3% to $1,494.20.

Silver traded down 0.2% Friday to $17.58, while copper rose 1.5% to $2.6355.

Euro zone

European shares closed lower today. The eurozone’s STOXX 600 fell 0.32%, the Spanish Ibex Index fell 0.11%, while Italy’s FTSE MIB Index dropped 0.24%. Meanwhile, the German DAX dropped 0.17%, and the French CAC 40 slipped 0.65% while UK shares fell 0.44%

Economics

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

The total number of active U.S. oil rigs increased by 1 to 713 rigs this week, Baker Hughes Inc reported.

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

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

 

Related Articles (ASPS + DERM)

View Comments and Join the Discussion!

Bank Of America Upgrades Chipotle On Stronger Comps, Margin Outlook

How Is Legal Cannabis Changing Workplace Drug Testing?