Toward the end of trading Friday, the Dow traded down 0.55 percent to 18,111.54 while the NASDAQ declined 0.30 percent to 5,233.74.
The S&P also fell, dropping 0.56 percent to 2,135.29.
Leading and Lagging Sectors
Friday afternoon, utilities shares gained 0.14 percent. Meanwhile, top gainers in the sector included Artesian Resources
Corporation (NASDAQ: ARTNA), and Connecticut Water
Service Inc (NASDAQ: CTWS).
In trading on Friday, basic materials shares tumbled by 1.20 percent. Meanwhile, top losers in the sector included McEwen
Mining Inc (NYSE: MUX), down 6 percent, and Harmony Gold
Mining Co. (ADR) (NYSE: HMY), down 6 percent.
Top Headline
Intel Corporation (NASDAQ: INTC) lifted its
revenue outlook for the third quarter on Friday.
The company now projects Q3 revenue to be between $15.3 billion to $15.9 billion, versus its earlier range of $14.4 billion to
$15.4 billion.
Equities Trading UP
GenMark Diagnostics, Inc (NASDAQ: GNMK) shares
shot up 20 percent to $10.54. Cowen & Co. upgraded GenMark Diagnostics from Market Perform to Outperform.
Shares of Depomed Inc (NASDAQ: DEPO) got a boost,
shooting up 13 percent to $23.90. Depomed is preparing to put itself up for sale, following calls from activist investor Starboard
Value LP to explore such a move, just a year after it fought off a hostile acquisition bid, people familiar with the matter told
Reuters.
Mad Catz Interactive, Inc. (USA) (NYSE: MCZ) shares
were also up, gaining 35 percent to $0.260 as the company disclosed that it has sold its Saitek simulation product line to
Logitech International SA (USA) (NASDAQ: LOGI) for
$13 million in cash.
Equities Trading DOWN
Novavax, Inc. (NASDAQ: NVAX) shares dropped 83
percent to $1.42 after reporting disappointing results from two Phase 3 vaccine trials that had previously done well in the Phase 2
trial. According to the company, data from the Resolve Phase 3 trial for its vaccine for a potentially deadly respiratory virus
didn't meet the efficacy objectives it had set. Novavax shares dipped 79.86 percent to $1.68 in pre-market trading.
Shares of Roka Bioscience Inc (NASDAQ: ROKA) were
down 35 percent to $0.757. Roka Bioscience priced private placement of preferred stock and warrants.
Deutsche Bank AG (USA) (NYSE: DB) was down, falling
around 10 percent to $13.35 after the German-based bank was slapped with a $14 billion penalty from the U.S. Justice Department.
The Wall Street Journal, citing "people familiar with the matter," reported that the $14 billion fee would settle a series of
high-profile mortgage-securities probes during the financial crisis. Deutsche Bank was quoted by the Wall Street Journal as saying
in a statement that it has "no intent" of paying a fee that is "anywhere near the number cited."
Commodities
In commodity news, oil traded down 2.31 percent to $43.49 while gold traded down 0.57 percent to $1,310.50.
Silver traded down 0.92 percent Friday to $18.87, while copper fell 0.02 percent to $2.16.
Eurozone
European shares closed lower today. The eurozone’s STOXX 600 fell 0.74 percent, the Spanish Ibex Index dropped 1 percent, while
Italy’s FTSE MIB Index dipped 2.43 percent. Meanwhile the German DAX declined 1.49 percent, and the French CAC 40 slipped 0.93
percent while U.K. shares fell 0.30 percent.
Economics
U.S. consumer prices rose 0.2 percent for August, versus economists’ expectations for a 0.1 percent growth.
The University of Michigan's consumer sentiment index was unchanged at 89.80 for September, versus a prior reading of 89.80.
Economists expected a reading of 90.80.
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