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Mid-Morning Market Update: Markets Mostly Flat; General Electric Earnings Beat Views

Following the market opening Friday, the Dow traded down 0.03 percent to 18,511.89 while the NASDAQ climbed 0.08 percent to 5,077.95. The S&P also fell, dropping 0.03 percent to 2,164.62.

Leading and Lagging Sectors

On Friday, telecommunications services shares climbed by 0.97 percent. Top gainers in the sector included Internet Gold Golden Lines Ltd NASDAQIGLD and Vodafone Group Plc (ADR) VOD 4.09%.

In trading on Friday, basic materials shares fell by 0.51 percent. Meanwhile, top losers in the sector included Olin Corporation OLN 21.3%, down 20 percent, and Clearwater Paper Corp CLW 4.14%, down 8 percent.

Top Headline

General Electric Company GE 2.03% reported better-than-expected profit for its second quarter on Friday.

GE posted adjusted earnings of $0.51 per share, beating analysts’ estimates of $0.46 per share. Its revenue climbed 15 percent to $33.49 billion. Sales from continuing industrial operations declined 1 percent to $24.4 billion in the quarter.

Equities Trading UP

Inventergy Global Inc INVT 2.82% shares shot up 14 percent to $1.63 as the company reported a private placement of $3.0 million.

Shares of Puma Biotechnology Inc PBYI 17.73% got a boost, shooting up 15 percent to $39.57 after the company reported that it has submitted New Drug Application for PB272 to the FDA for the extended adjuvant treatment of HER2-positive early stage breast cancer.

Boston Beer Co Inc SAM 16.85% shares were also up, gaining 15 percent to $188.63 as the company reported posted upbeat results for its second quarter.

Equities Trading DOWN

Skechers USA Inc SKX 22.56% shares dropped 22 percent to $25.03 as the company posted weaker-than-expected results for its second quarter on Thursday.

Shares of Olin Corporation OLN 21.3% were down 20 percent to $20.90 after the company updated its guidance. Olin projects Q2 net income to be breakeven and adjusted EBITDA of $180 million. It also expects FY16 adjusted EBITDA of $840 million to $900 million.

Contango Oil & Gas Company MCF 21.28% was down, falling around 21 percent to $9.85. Contango reported an offering of 5 million shares.


In commodity news, oil traded down 0.45 percent to $44.55 while gold traded down 0.56 percent to $1,331.40.

Silver traded down 0.43 percent Friday to $19.73, while copper rose 0.24 percent to $2.26.


European shares were mixed today. The eurozone’s STOXX 600 fell 0.21 percent, the Spanish Ibex Index rose 0.21 percent, while Italy’s FTSE MIB Index slipped 0.10 percent. Meanwhile the German DAX fell 0.07 percent, and the French CAC 40 rose 0.02 percent, while U.K. shares rose 0.40 percent.


The Markit manufacturing PMI rose to 52.90 for July, versus a prior reading of 51.30. However, economists were expecting a reading of 51.60.

The Baker Hughes North American rig count for the latest week will be released at 1:00 p.m. ET.

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