Mid-Day Market Update: Modine Manufacturing Drops After Q2 Results; Ubiquiti Shares Climb

Midway through trading Friday, the Dow traded down 0.16% to 27631.62 while the NASDAQ rose 0.3% to 8,460.00. The S&P also rose, gaining 0.05% to 3,086.87.

Benzinga · 11/08/2019 17:36

Midway through trading Friday, the Dow traded down 0.16% to 27631.62 while the NASDAQ rose 0.3% to 8,460.00. The S&P also rose, gaining 0.05% to 3,086.87.

Leading and Lagging Sectors

Health care shares climbed 0.5% on Friday. Meanwhile, top gainers in the sector included Clovis Oncology, Inc. (NASDAQ: CLVS), up 34%, and Dermira, Inc. (NASDAQ: DERM), up 27%.

In trading on Friday, energy shares fell 0.9%.

Top Headline

Duke Energy Corporation (NYSE: CAH) reported upbeat earnings for its third quarter, while sales missed views.

Duke Energy reported quarterly earnings of $1.82 per share, which beat the analyst consensus estimate of $1.68 per share. The company posted quarterly sales of $6.94 billion, versus analysts’ estimates of $7.11 billion.

Duke Energy narrowed its FY19 adjusted EPS guidance from $4.80-$5.20 to $4.95-$5.15.

Equities Trading UP

TrueCar, Inc. (NASDAQ: TRUE) shares shot up 30% to $4.74 after the company reported better-than-expected Q3 sales results. The company also issued FY19 sales guidance above analyst estimates.

Shares of Ubiquiti Inc. (NYSE: UI) got a boost, shooting up 33% to $172.68 after the company reported Q1 EPS and sales results up from last year.

Dermira, Inc. (NASDAQ: DERM) shares were also up, gaining 27% to $8.88 on continued momentum after the company reported Q3 EPS and sales up from last year.

 

Equities Trading DOWN

AnaptysBio, Inc. (NASDAQ: ANAB) shares tumbled 71% to $10.34 after the company reported that its Etokimab ATLAS Phase 2b trial in moderate-to-sever Atopic Dermatitis failed to meet its primary endpoint. The company also reported Q3 EPS down from last year.

Shares of Red Lion Hotels Corporation (NYSE: RLH) were down 56% to $2.83 after the company reported Q3 results and announced CEO resignation.

Modine Manufacturing Company (NYSE: MOD) was down, falling 39% to $7.20 after the company posted downbeat Q2 results.
 

Commodities

In commodity news, oil traded down 0.1% to $57.13, while gold traded down 0.2% to $1,465.50.

Silver traded down 1% Friday to $16.84, while copper fell 1.5% to $2.686.

Euro zone

European shares were mostly lower today. The eurozone’s STOXX 600 fell 0.35%, the Spanish Ibex Index fell 0.57%, while Italy’s FTSE MIB Index climbed 0.13%. Meanwhile, the German DAX dropped 0.46%, and the French CAC 40 fell 0.02% while UK shares fell 0.63%.

Economics

The University of Michigan's consumer sentiment index climbed to 95.7 in November, versus a reading of 95.5 in October.

U.S. wholesale inventories fell 0.4% in September, versus an initial estimate of a 0.3% decline.

The Baker Hughes North American rig count report for the latest week is schedule for release at 1:00 p.m. ET.

New York Federal Reserve Bank President John Williams will speak in New York at 8:00 p.m. ET.

Federal Reserve Member of the Board of Governors Lael Brainard is set to speak in San Francisco, CA at 8:35 p.m. ET.