Quantcast

Mid-Morning Market Update: Markets Open Higher; Huntsman Earnings Top Estimates


Shutterstock photo

Following the market opening Friday, the Dow traded up 0.40 percent to 25,062.08 while the NASDAQ climbed 0.46 percent to 7,243.26. The S&P also rose, gaining 0.47 percent to 2,716.71.

Leading and Lagging Sectors

Friday morning, the utilities shares climbed 0.91 percent. Meanwhile, top gainers in the sector included OGE Energy Corp. (NYSE: OGE ), up 4 percent, and South Jersey Industries Inc (NYSE: SJI ), up 4 percent.

In trading on Friday, healthcare shares slipped 0.22 percent. Meanwhile, top losers in the sector included LifePoint Health Inc (NASDAQ: LPNT ), down 14 percent, and Anika Therapeutics Inc (NASDAQ: ANIK ) down 13 percent.

Top Headline

Huntsman Corporation (NYSE: HUN ) reported better-than-expected earnings for its fourth quarter and increased its quarterly dividend from $0.125 to $0.1625 per share. The company's board also approved a $450 million buyback plan.

The company said it earned $0.76 per share in the fourth quarter on revenue of $2.2 billion versus expectations of $0.66 per share on revenue of $2.1 billion.

Equities Trading UP

Vicor Corp (NASDAQ: VICR ) shares shot up 34 percent to $25.10. Vicor reported Q4 earnings of $0.04 per share on revenue of $58.771 million.

Shares of Financial Engines Inc (NASDAQ: FNGN ) got a boost, shooting up 23 percent to $36.72 as the company posted upbeat Q4 earnings.

Universal Electronics Inc (NASDAQ: UEIC ) shares were also up, gaining 19 percent to $52.30. Universal Electronics posted in-line Q4 earnings, while sales exceeded estimates.

Equities Trading DOWN

Marin Software Inc (NASDAQ: MRIN ) shares dropped 18 percent to $7.50. Marin Software reported Q4 adjusted loss of $0.92 per share on sales of $17.7 million. Marin Software expects Q1 adjusted loss of $1.36 to $1.28 per share, on sales of $14.3 million to $14.8 million.

Shares of Workiva Inc (NYSE: WK ) were down 19 percent to $21.05. Workiva posted a narrower-than-expected Q4 loss, but issued weak forecast for the current quarter. . Acacia Communications, Inc. (NASDAQ: ACIA ) was down, falling around 18 percent to $34.17 after issuing weak first quarter guidance despite reporting a fourth quarter earnings beat

Commodities

In commodity news, oil traded down 0.02 percent to $62.76 while gold traded down 0.05 percent to $1,332.10.

Silver traded down 0.05 percent Friday to $16.63, while copper fell 0.98 percent to $3.2295.

Eurozone

European shares were mixed today. The eurozone's STOXX 600 rose 0.09 percent, the Spanish Ibex Index dropped 0.74 percent, while Italy's FTSE MIB Index gained 0.42 percent. Meanwhile the German DAX gained 0.17 percent, and the French CAC 40 fell 0.01 percent while U.K. shares fell 0.16 percent.

Economics

New York Federal Reserve Bank President William Dudley is set to speak in New York at 10:15 a.m. ET.

Boston Federal Reserve Bank President Eric Rosengren will speak in New York at 10:15 a.m. ET.

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

Cleveland Federal Reserve Bank President Loretta Mester is set to speak in New York at 1:30 p.m. ET.

San Francisco Federal Reserve Bank President John Williams will speak in Los Angeles at 3:40 p.m. ET.

┬ę 2018 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Profit with More New & Research . Gain access to a streaming platform with all the information you need to invest better today. Click here to start your 14 Day Trial of Benzinga Professional

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.



This article appears in: Investing , Commodities
Referenced Symbols: ANIK , LPNT , UEIC , VICR , HUN


More from Benzinga

Subscribe






Contributor:

Benzinga

Market Analysis, FinTech








Research Brokers before you trade

Want to trade FX?