Mid-Morning Market Update: Markets Edge Lower; Duke Energy Earnings Top Views

Following the market opening Friday, the Dow traded down 0.20% to 27619.43 while the NASDAQ fell 0.05% to 8430.43. The S&P also fell, dropping 0.11% to 3,081.67.

Leading and Lagging Sectors

Communication services shares climbed 0.5% on Friday. Meanwhile, top gainers in the sector included TrueCar, Inc. TRUE, up 39%, and Yelp Inc. YELP, up 17%.

In trading on Friday, energy shares fell 1.5%.

Top Headline

Duke Energy Corporation DUK reported upbeat earnings for its third quarter, while sales missed views.

Duke Energy reported quarterly earnings of $1.82 per share, which beat the analyst consensus estimate of $1.68 per share. The company posted quarterly sales of $6.94 billion, versus analysts’ estimates of $7.11 billion.

Duke Energy narrowed its FY19 adjusted EPS guidance from $4.80-$5.20 to $4.95-$5.15.

Equities Trading UP

TrueCar, Inc. TRUE shares shot up 40% to $5.10 after the company reported better-than-expected Q3 sales results. The company also issued FY19 sales guidance above analyst estimates.

Shares of Axon Enterprise, Inc. AAXN got a boost, shooting up 29% to $67.46 after the company reported Q3 results and raised full-year revenue outlook.

Dermira, Inc. DERM shares were also up, gaining 27% to $8.87 on continued momentum after the company reported Q3 EPS and sales up from last year.

Equities Trading DOWN

AnaptysBio, Inc. ANAB shares tumbled 70% to $10.99 after the company reported that its Etokimab ATLAS Phase 2b trial in moderate-to-sever Atopic Dermatitis failed to meet its primary endpoint. The company also reported Q3 EPS down from last year.

Shares of Red Lion Hotels Corporation RLH were down 54% to $2.99 after the company reported Q3 results and announced CEO resignation.

Modine Manufacturing Company MOD was down, falling 40% to $7.17 after the company posted downbeat Q2 results.
 

Commodities


In commodity news, oil traded down 1.5% to $56.29, while gold traded down 0.2% to $1,463.10.

Silver traded down 1.4% Friday to $16.78, while copper fell 0.7% to $2.708.

Euro zone


European shares were mostly lower today. The eurozone’s STOXX 600 fell 0.2%, the Spanish Ibex Index fell 0.4%, while Italy’s FTSE MIB Index climbed 0.1%. Meanwhile, the German DAX dropped 0.2%, and the French CAC 40 fell 0.2% while UK shares fell 0.3%.

Economics

The University of Michigan's consumer sentiment index climbed to 95.7 in November, versus a reading of 95.5 in October.

U.S. wholesale inventories fell 0.4% in September, versus an initial estimate of a 0.3% decline.

San Francisco Federal Reserve Bank President Mary Daly is set to speak in San Francisco, CA at 11:45 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.

New York Federal Reserve Bank President John Williams will speak in New York at 8:00 p.m. ET.

Federal Reserve Member of the Board of Governors Lael Brainard is set to speak in San Francisco, CA at 8:35 p.m. ET.