Mid-Afternoon Market Update: Steelcase Surges On Earnings Beat; GTx Shares Slide

Toward the end of trading Friday, the Dow traded up 0.28 percent to 26,732.37 while the NASDAQ declined 0.22 percent to 8,010.31. The S&P also rose, gaining 0.10 percent to 2,933.59.

Leading and Lagging Sectors

Friday afternoon, the telecommunication services shares rose 1.43 percent.

In trading on Friday, financial shares fell 0.29 percent.

Top Headline

Micron Technology, Inc. MU 3.55% reported upbeat earnings for its fourth quarter, but issued weak guidance for its current quarter.

Adjusted earnings came in at $3.53, beating estimates by 19 cents. Sales came in at $8.44 billion, beating estimates by $190 million. Micron expects Q1 earnings of $2.88 to $3.02 per share, on sales of $7.9 billion to $8.3 billion. The company expects near-term margins to take a hit as a result of CPU shortages, tariffs and inventory adjustments. Analysts project Q1 earnings of $3.06 per share on sales of $8.44 billion.

Equities Trading UP

Steelcase Inc. SCS 17.96% shares shot up 18 percent to $19.05 after the company reported better-than-expected earnings for its second quarter. The company issued strong Q3 and FY19 earnings guidance.

Shares of Mazor Robotics Ltd. MZOR 10.23% got a boost, shooting up 10 percent to $58.11 after Medtronic PLC MDT 0.07% announced a deal to buy Mazor Robotics for $58.59 per ADS, or $29.25 per ordinary share, in cash for a total value of $1.64 billion, or $1.34 billion, net of Medtronic's existing stake in Mazor and cash acquired.

Y-mAbs Therapeutics, Inc. YMAB shares were also up, gaining 51 percent to $24.17. Y-mAbs priced its IPO at $16 per share.

Equities Trading DOWN

GTx, Inc. GTXI 92.46% shares dropped 92 percent to $1.82 after top-line results from the company's ASTRID trial of Enobosarm for women with stress urinary incontinence did not achieve statistical significance in its primary endpoint.

Shares of Bio-Path Holdings, Inc. BPTH 35.91% were down 36 percent to $0.6153 after the company reported the issuance and sale of 2.261 million shares at $0.65 per share.

Titan Pharmaceuticals, Inc. TTNP 55.81% was down, falling around 56 percent to $0.22. Titan Pharma priced its underwritten public offering, with the offering expected to generate gross proceeds of $9.5 million.

Commodities

In commodity news, oil traded up 0.77 percent to $70.86 while gold traded down 0.86 percent to $1,200.90.

Silver traded up 0.03 percent Friday to $14.31, while copper rose 3.85 to $2.8455.

Eurozone

European shares closed higher today. The eurozone’s STOXX 600 rose 0.43 percent, the Spanish Ibex Index rose 0.07 percent, while Italy’s FTSE MIB Index rose 0.69 percent. Meanwhile the German DAX climbed 0.85 percent, and the French CAC 40 rose 0.78 percent while U.K. shares rose 1.67 percent.

Economics

The Markit services PMI declined to 52.90 for September, versus prior reading of 54.80. However, economists were expecting a reading of 55.00. Markit manufacturing PMI rose to 55.60 for September, versus previous reading of 54.70. Economists expected a reading of 55.00.

The total number of active U.S. oil rigs declined by 1 to 866 rigs this week, Baker Hughes Inc reported.