Following the market opening Friday, the Dow traded down 0.03 percent to 18,511.89 while the NASDAQ climbed 0.08 percent to
5,077.95. The S&P also fell, dropping 0.03 percent to 2,164.62.
Leading and Lagging Sectors
On Friday, telecommunications services shares climbed by 0.97 percent. Top gainers in the sector included Internet Gold
Golden Lines Ltd (NASDAQ: IGLD) and Vodafone Group
Plc (ADR) (NASDAQ: VOD).
In trading on Friday, basic materials shares fell by 0.51 percent. Meanwhile, top losers in the sector included Olin
Corporation (NYSE: OLN), down 20 percent, and Clearwater
Paper Corp (NYSE: CLW), down 8 percent.
Top Headline
General Electric Company (NYSE: GE) reported
better-than-expected profit for its second quarter on Friday.
GE posted adjusted earnings of $0.51 per share, beating analysts’ estimates of $0.46 per share. Its revenue climbed 15 percent
to $33.49 billion. Sales from continuing industrial operations declined 1 percent to $24.4 billion in the quarter.
Equities Trading UP
Inventergy Global Inc (NASDAQ: INVT) shares shot
up 14 percent to $1.63 as the company reported a private placement of $3.0 million.
Shares of Puma Biotechnology Inc (NYSE: PBYI) got a
boost, shooting up 15 percent to $39.57 after the company reported that it has submitted New Drug Application for PB272 to the FDA
for the extended adjuvant treatment of HER2-positive early stage breast cancer.
Boston Beer Co Inc (NYSE: SAM) shares were also up,
gaining 15 percent to $188.63 as the company reported posted upbeat results for its second quarter.
Equities Trading DOWN
Skechers USA Inc (NYSE: SKX) shares dropped 22
percent to $25.03 as the company posted weaker-than-expected results for its second quarter on Thursday.
Shares of Olin Corporation (NYSE: OLN) were down 20
percent to $20.90 after the company updated its guidance. Olin projects Q2 net income to be breakeven and adjusted EBITDA of $180
million. It also expects FY16 adjusted EBITDA of $840 million to $900 million.
Contango Oil & Gas Company (NYSE: MCF) was down,
falling around 21 percent to $9.85. Contango reported an offering of 5 million shares.
Commodities
In commodity news, oil traded down 0.45 percent to $44.55 while gold traded down 0.56 percent to $1,331.40.
Silver traded down 0.43 percent Friday to $19.73, while copper rose 0.24 percent to $2.26.
Eurozone
European shares were mixed today. The eurozone’s STOXX 600 fell 0.21 percent, the Spanish Ibex Index rose 0.21 percent, while
Italy’s FTSE MIB Index slipped 0.10 percent. Meanwhile the German DAX fell 0.07 percent, and the French CAC 40 rose 0.02 percent,
while U.K. shares rose 0.40 percent.
Economics
The Markit manufacturing PMI rose to 52.90 for July, versus a prior reading of 51.30. However, economists were expecting a
reading of 51.60.
The Baker Hughes North American rig count for the latest week will be released at 1:00 p.m. ET.
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