Mid-Afternoon Market Update: Coty Rises On Earnings Beat; Cellect Biotechnology Shares Plunge
|Toward the end of trading Friday, the Dow traded down 0.57 percent to 25,025.44 while the NASDAQ gained 0.01 percent to 7,288.85. The S&P also fell, dropping 0.21 percent to 2,700.34.
Leading and Lagging Sectors
Friday afternoon, the utilities shares climbed 0.2 percent. Meanwhile, top gainers in the sector included Artesian Resources Corporation ARTNA 3.88% up 4 percent, and The York Water Company YORW 3.35% up 3 percent.
In trading on Friday, energy shares fell 1.5 percent.
Top Headline
Hasbro, Inc. HAS 3.38% reported weaker-than-expected fourth-quarter results.
Hasbro earned $1.33 cents per share in the fourth quarter on revenue of $1.39 billion. However, analysts were expecting the company to earn $1.69 per share on revenue of $1.53 billion. Hasbro raised its quarterly dividend from $0.63 per share to $0.68 per share.
Equities Trading UP
eGain Corporation EGAN 41.53% shares got a boost, shooting up 42 percent to $10.59 after the company reported strong Q2 results and raised 2019 SaaS revenue growth expectations from 25%-30% to 30%-35%.
Shares of Coty Inc. COTY 30.27% shot up 27 percent to $8.99 after reporting better-than-expected earnings for its second quarter.
Mattel, Inc. MAT 21.68% shares were also up, gaining 23 percent to $15.20 after the company reported stronger-than-expected results for its fourth quarter on Thursday.
Equities Trading DOWN
Biocept, Inc. BIOC 49.76% shares dropped 47 percent to $1.0700 after the company priced its 6.25 million share offering at $1.20 per share.
Shares of Cellect Biotechnology Ltd. APOP 47.6% were down 48 percent to $1.2018 after the company priced a stock and warrant combination unit at $1.50 per unit.
Pulmatrix, Inc. PULM 30.45% was down, falling around 31 percent to $0.9220 after reporting a $2.5 million registered direct offering priced at the market.
Commodities
In commodity news, oil traded down 0.06 percent to $52.61 while gold traded up 0.36 percent to $1,318.90.
Silver traded up 0.52 percent Friday to $15.795, while copper fell 0.65 percent to $2.81.
European shares closed lower today. The eurozone’s STOXX 600 declined 0.56 percent, the Spanish Ibex Index fell 0.91 percent, while Italy’s FTSE MIB Index dipped 0.65 percent. Meanwhile the German DAX declined 1.05 percent, and the French CAC 40 slipped 0.48 percent while U.K. shares fell 0.32 percent.
Economics
The total number of active U.S. oil rigs rose by 7 to 854 rigs this week, Baker Hughes Inc reported.
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