News - "Mid-Afternoon Market Update: Dow Rises 275 Points; Horizon Global Shares Spike Higher"
Toward the end of trading Friday, the Dow traded up 1.08% to 25,854.42 while the NASDAQ rose 1.71% to 7,899.76. The S&P also rose, gaining 1.42% to 2,888.16.
Leading and Lagging Sectors
Financial shares climbed 2% on Friday. Meanwhile, top gainers in the sector included Bancorp Of New Jersey, Inc. (NYSE: BKJ), up 11%, and Ocwen Financial Corporation (NYSE: OCN), up 10%.
In trading on Friday, utilities shares rose by just 0.2%.
Deere & Company (NYSE: DE) reported weaker-than-expected earnings for its third quarter and lowered FY19 outlook.
Deere reported third-quarter earnings of $2.71 per share, which missed the analyst consensus estimate of $2.85. The company reported quarterly sales of $8.97 billion, which missed the analyst consensus estimate of $9.39 billion.
Deere cut its fiscal year 2019 net income from ~$3.3 billion to ~$3.2 billion and sales growth from 5% down to 4%.
Equities Trading UP
Plus Therapeutics, Inc. (NASDAQ: PSTV) shares shot up 179% to $10.82 after the company reported Q2 earnings.
Shares of Horizon Global Corporation (NYSE: HZN) got a boost, shooting up 22% to $3.5732 after the company announced to sell its Asia-Pacific business segment to Pacific Equity Partners for AUD$340 million in cash.
Solid Biosciences Inc. (NASDAQ: SLDB) shares were also up, gaining 36% to $8.37 after Chardan Capital upgraded the company's stock from Neutral to Buy and raised the price target from $7.50 to $10.
Equities Trading DOWN
Accuray Incorporated (NASDAQ: ARAY) shares tumbled 9% to $2.79 after the company reported downbeat earnings for its fourth quarter.
Shares of SAExploration Holdings, Inc. (NASDAQ: SAEX) were down 34% to $2.16 after the company reported SEC investigation regarding accounting matters and establishment of special committee. The company announced restatement of historical financial statements and appointment of interim CFO.
Trupanion, Inc. (NASDAQ: TRUP) was down, falling 8% to $26.75. Craig-Hallum downgraded Trupanion from Buy to Hold.
In commodity news, oil traded up 0.7% to $54.86, while gold traded down 0.4% to $1,524.50.
Silver traded down 0.4% Friday to $17.14, while copper fell 0.1% to $2.5915.
European shares closed higher today. The eurozone’s STOXX 600 rose 1.24%, the Spanish Ibex Index rose 1.78%, while Italy’s FTSE MIB Index climbed 1.51%. Meanwhile, the German DAX gained 1.31%, and the French CAC 40 rose 1.22% while UK shares rose 0.71%.
U.S. housing starts dropped 4% to an annual rate of 1.19 million in July, while building permits increased 8.4% to 1.34 million.
The University of Michigan's consumer sentiment index fell to 92.1 in August, compared to 98.4 in the prior month.
The total number of active U.S. oil rigs increased by 6 to 770 rigs this week, Baker Hughes Inc reported.