Midway through trading Friday, the Dow traded up 0.28 percent to 22,008.60 while the NASDAQ climbed 0.10 percent to 6,434.80.
The S&P also rose, gaining 0.25 percent to 2,477.84.
Leading and Lagging Sectors
On Friday, the energy shares climbed by 0.77 percent. Meanwhile, top gainers in the sector included Calumet Specialty
Products Partners, L.P (NASDAQ: CLMT), up 13 percent,
and CVR Energy, Inc. (NYSE: CVI), up 7 percent.
In trading on Friday, healthcare shares fell 0.13 percent. Meanwhile, top losers in the sector included Progenics
Pharmaceuticals, Inc. (NASDAQ: PGNX), down 9 percent,
and Cooper Companies Inc (NYSE: COO) down 6 percent.
Top Headline
Lululemon Athletica inc. (NASDAQ: LULU) reported
better-than-expected results for its second quarter and raised its FY17 outlook.
Lululemon posted quarterly earnings of $0.36 per share on revenue of $581.1 million. However, analysts were expecting earnings
of $0.35 per share on revenue of $567.6 million.
lululemon now expects FY17 adjusted earnings of $2.35 to $2.42 per share, versus earlier forecast of $2.28 to $2.38 per share.
The company now projects sales of $2.545 billion to $2.595 billion, compared to earlier outlook of $2.53 billion to $2.58
billion.
Equities Trading UP
Iovance Biotherapeutics Inc (NASDAQ: IOVA) shares
shot up 13 percent to $6.50 as the company disclosed that the FDA has granted Fast Track designation for LN-144.
Shares of Palo Alto Networks Inc (NYSE: PANW) got a
boost, shooting up 10 percent to $145.77 after the company posted stronger-than-expected results for its fourth quarter and
announced the retirement of its Chief Financial Officer Steffan Tomlinson.
Aptevo Therapeutics Inc (NASDAQ: APVO) shares were
also up, gaining 59 percent to $2.12. Aptevo Therapeutics reported end of joint development and commercialization deal with
MorphoSys for MOR209/ES414 and disclosed a $74.5 million agreement to sell hyperimmune commercial products.
Equities Trading DOWN
Ambarella Inc (NASDAQ: AMBA) shares dropped 21
percent to $43.13. Ambarella reported better-than-expected results for its second quarter. Ambarella projects full-year revenue to
decline 3 percent to 7 percent versus the previous year. The company expects Q3 revenue of $87.5 million to $90.5 million.
Craig-Hallum downgraded Ambarella from Buy to Hold.
Shares of Tech Data Corp (NASDAQ: TECD) were down
20 percent to $87.91. Tech Data posted downbeat earnings for its second quarter, while sales exceeded estimates. The company also
issued a weak earnings forecast for the current quarter.
MacroGenics Inc (NASDAQ: MGNX) was down, falling
around 6 percent to $17.80 after the company reported termination of duvortuxizumab collaboration and license deal with J&J's
Janssen Biotech.
Commodities
In commodity news, oil traded down 0.13 percent to $47.17 while gold traded up 0.29 percent to $1,326.00.
Silver traded up 0.63 percent Friday to $17.685, while copper rose 0.39 percent to $3.1105.
Eurozone
European shares were higher today. The eurozone’s STOXX 600 climbed 0.78 percent, the Spanish Ibex Index gained 0.49 percent,
while Italy’s FTSE MIB Index rose 0.97 percent. Meanwhile the German DAX climbed 1.07 percent, and the French CAC 40 rose 1.03
percent while U.K. shares rose 0.26 percent.
Economics
Data on motor vehicle sales for August will be released today.
The U.S. economy added 156,000 new jobs in August, while the unemployment rate increased to 4.4 percent from 4.3 percent.
However, economists were expecting a gain of 180,000 nonfarm jobs.
The Markit manufacturing PMI declined to 52.8 for August, from a reading of 53.3 in July.
The ISM manufacturing index surged to 58.8 in August, compared to 56.3 in July. However, economists expected a reading of
56.8.
U.S. construction spending dropped 0.6 percent for July, versus economists’ expectations for a 0.6 percent growth.
The University of Michigan's consumer sentiment index slipped to 96.8 in August, versus a preliminary reading of 97.6.
Economists projected a reading 97.4.
The Baker Hughes North American rig count report for the latest week will be released at 1:00 p.m. ET.
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