Toward the end of trading Friday, the Dow traded down 0.24 percent to 20,678.49 while the NASDAQ rose 0.07 percent to 5,918.43.
The S&P also fell, dropping 0.10 percent to 2,365.79.
Leading and Lagging Sectors
Friday afternoon, the utilities sector proved to be a source of strength for the market. Leading the sector was strength from
American Midstream Partners LP (NYSE: AMID) and Cia
Energetica de Minas Gerais CEMIG-ADR. (NYSE: CIG).
In trading on Friday, healthcare shares fell 0.19 percent. Meanwhile, top losers in the sector included Acorda Therapeutics
Inc (NASDAQ: ACOR), down 26 percent, and II-VI,
Inc. (NASDAQ: IIVI), down 4 percent.
Top Headline
BlackBerry Ltd (NASDAQ: BBRY) reported
stronger-than-expected earnings for its fourth quarter on Friday.
BlackBerry reported a $0.04 per share profit in the fourth quarter, marking an improvement from a $0.03 per share loss a year
ago. Revenue for the quarter was $297 million (GAAP revenue of $286 million), of which 80 percent of sales came from Software &
Services segment revenue. Analysts were expecting earnings at $0.00 per share on revenue of $289.3 million.
Looking forward to fiscal 2018, BlackBerry expects to grow its business at or above the overall market in the software business.
The company expects to be profitable on a non-GAAP basis and to generate positive free cash flow for the full fiscal year.
Equities Trading UP
Akari Therapeutics PLC (ADR) (NASDAQ: AKTX) shares
shot up 45 percent to $10.16 after the company disclosed that the FDA has granted Fast Track designation for Coversin.
Shares of Sorl Auto Parts, Inc. (NASDAQ: SORL) got
a boost, shooting up 18 percent to $3.84. SORL Auto Parts reported Q4 earnings of $0.43 per share on revenue of $82.9 million.
TRC Companies, Inc. (NYSE: TRR) shares were also up,
gaining 46 percent to $17.40 after the company agreed to be acquired New Mountain Partners IV, L.P. in a deal valued at $17.55 per
share.
Equities Trading DOWN
DarioHealth Corp (NASDAQ: DRIO) shares dropped 25
percent to $3.00 after the company reported a shelf offering of common stock.
Shares of Bioline RX Ltd (NASDAQ: BLRX) were down
around 17 percent to $0.951. BioLineRx reported an underwritten public offering of American Depositary Shares.
Forward Pharma A/S (NASDAQ: FWP) was down, falling
around 20 percent to $21.51 on news of Biogen Inc (NASDAQ: BIIB)’s patent victory over the active ingredient in their competing multiple
sclerosis treatments. Biogen popped 1.5 percent on the news.
Commodities
In commodity news, oil traded up 0.56 percent to $50.63 while gold traded up 0.30 percent to $1,246.90.
Silver traded up 0.30 percent Friday to $18.26, while copper fell 0.47 percent to $2.66.
Eurozone
European shares closed mostly higher today. The eurozone’s STOXX 600 gained 0.18 percent, the Spanish Ibex Index rose 0.55
percent, while Italy’s FTSE MIB Index rose 0.61 percent. Meanwhile the German DAX gained 0.46 percent, and the French CAC 40
climbed 0.65 percent while U.K. shares fell 0.63 percent.
Economics
Personal income rose 0.4 percent in February, versus economists’ expectations for a 0.4 percent growth. Consumer spending gained
0.1 percent for February, versus estimates for a 0.2 percent growth
The Chicago PMI increased to 57.7 in March, versus 57.4 in February. Economists projected a reading of 56.9.
The final reading of University of Michigan's consumer sentiment index declined to 96.90 in March, versus a prior reading of
97.60. Economists were expecting a reading of 97.60.
© 2017 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.