News - "Mid-Afternoon Market Update: Cintas Rises On Earnings Beat; Omega Flex Shares Plunge"
Toward the end of trading Friday, the Dow traded down 0.23 percent to 21,562.94 while the NASDAQ declined 0.14 percent to 6,381.05. The S&P also fell, dropping 0.13 percent to 2,470.28.
Leading and Lagging Sectors
Telecommunications services shares climbed by 0.61 percent in the US market on Friday. Top gainers in the sector included SK Telecom Co Ltd (ADR) (NYSE: SKM), and Internet Initiative Japan Inc. (ADR) (NASDAQ: IIJI).
In trading on Friday, energy shares fell 0.88 percent. Meanwhile, top losers in the sector included TETRA Technologies, Inc. (NYSE: TTI), down 8 percent, and Frontline Ltd. (NYSE: FRO), down 6 percent.
General Electric Company (NYSE: GE) reported better-than-expected profit for its second quarter.
General Electric posted quarterly adjusted earnings of $0.28 per share, on revenue of $29.56 billion. However, analysts were expecting earnings of $0.25 per share on net sales of $29.02 billion.
Equities Trading UP
Plug Power Inc (NASDAQ: PLUG) shares shot up 13 percent to $2.39 after the company reported that it has expanded its agreement with Wal-Mart Stores Inc (NYSE: WMT).
Shares of Cintas Corporation (NASDAQ: CTAS) got a boost, shooting up 8 percent to $136.87 as the company posted upbeat Q4 earnings.
Independent Bank Corp (NASDAQ: INDB) shares were also up, gaining 8 percent to $71.75. Independent Bank reported Q2 earnings of $0.75 per share. Compass Point upgraded Independent Bank from Neutral to Buy.
Equities Trading DOWN
American Superconductor Corporation (NASDAQ: AMSC) shares dropped 15 percent to $3.60. FBR Capital downgraded American Superconductor from Outperform to Market Perform.
Shares of Pernix Therapeutics Holdings Inc (NASDAQ: PTX) were down 16 percent to $3.76. Pernix Therapeutics reported preliminary Q2 net loss of $24.5 million to $25 million, and sales of $33 million to $35 million. The company also reported refinancing to 'fortify' balance sheet.
Omega Flex, Inc. (NASDAQ: OFLX) was down, falling around 15 percent to $57.97. Omega Flex reported Q2 earnings of $0.30 per share on sales of $23.8 million.
In commodity news, oil traded down 0.83 percent to $46.73 while gold traded up 0.68 percent to $1,260.60.
Silver traded up 0.67 percent Friday to $16.455, while copper rose 0.29 percent to $2.724.
European shares closed lower today. The eurozone’s STOXX 600 declined 1.02 percent, the Spanish Ibex Index fell 1.31 percent, while Italy’s FTSE MIB Index slipped 1.10 percent. Meanwhile the German DAX dropped 1.66 percent, and the French CAC 40 declined 1.57 percent while U.K. shares fell 0.47 percent.
The total number of active U.S. oil rigs declined by 1 to 764 rigs this week, Baker Hughes Inc reported.