Midway through trading Friday, the Dow traded up 0.26 percent to 26,726.65 while the NASDAQ declined 0.14 percent to 8,016.72.
The S&P also rose, gaining 0.15 percent to 2,935.29.
Leading and Lagging Sectors
On Friday, the telecommunication services shares rose 1.23 percent.
In trading on Friday, financial shares fell 0.21 percent.
Top Headline
Micron Technology, Inc. (NASDAQ: MU)
reported upbeat earnings for its fourth quarter, but issued weak guidance for its current quarter.
Adjusted earnings came in at $3.53, beating estimates by 19 cents. Sales came in at $8.44 billion, beating estimates by $190
million. Micron expects Q1 earnings of $2.88 to $3.02 per share, on sales of $7.9 billion to $8.3 billion. The company expects
near-term margins to take a hit as a result of CPU shortages, tariffs and inventory adjustments. Analysts project Q1 earnings of
$3.06 per share on sales of $8.44 billion.
Equities Trading UP
Steelcase Inc. (NYSE: SCS) shares shot up
15 percent to $18.55 after the company reported better-than-expected earnings for its second quarter. The company issued strong Q3
and FY19 earnings guidance.
Shares of Mazor Robotics Ltd. (NASDAQ: MZOR) got a boost, shooting up 10 percent to $58.07 after Medtronic
PLC (NYSE: MDT) announced a deal to buy Mazor
Robotics for $58.59 per ADS, or $29.25 per ordinary share, in cash for a total value of $1.64 billion, or $1.34 billion, net of
Medtronic's existing stake in Mazor and cash acquired.
Y-mAbs Therapeutics, Inc. (NASDAQ: YMAB) shares were also up, gaining 67 percent to $26.70. Y-mAbs priced its IPO at
$16 per share.
Equities Trading DOWN
GTx, Inc. (NASDAQ: GTXI) shares dropped
92 percent to $1.87 after top-line results from the company's ASTRID trial of Enobosarm for women with stress urinary incontinence
did not achieve statistical significance in its primary endpoint.
Shares of Bio-Path Holdings, Inc. (NASDAQ: BPTH) were down 36 percent to $0.62 after the company reported the issuance and
sale of 2.261 million shares at $0.65 per share.
Titan Pharmaceuticals, Inc. (NASDAQ: TTNP) was down, falling around 56 percent to $0.22. Titan Pharma priced its
underwritten public offering, with the offering expected to generate gross proceeds of $9.5 million.
Commodities
In commodity news, oil traded up 0.31 percent to $70.54 while gold traded down 0.79 percent to $1,201.70.
Silver traded up 0.28 percent Friday to $14.345, while copper rose 4.09 to $2.852.
Eurozone
European shares were mostly higher today. The eurozone’s STOXX 600 rose 0.29 percent, the Spanish Ibex Index fell 0.10 percent,
while Italy’s FTSE MIB Index rose 0.58 percent. Meanwhile the German DAX climbed 0.51 percent, and the French CAC 40 rose 0.63
percent while U.K. shares rose 1.53 percent.
Economics
The Markit services PMI declined to 52.90 for September, versus prior reading of 54.80. However, economists were expecting a
reading of 55.00. Markit manufacturing PMI rose to 55.60 for September, versus previous reading of 54.70. Economists expected a
reading of 55.00.
The Baker Hughes North American rig count report for the recent week will be released at 1:00 p.m. ET.
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