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Mid-Morning Market Update: Markets Open Lower; Amazon Profit Misses Expectations


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Following the market opening Friday, the Dow traded down 0.16 percent to 21,760.99 while the NASDAQ declined 0.38 percent to 6,357.79. The S&P also fell, dropping 0.34 percent to 2,466.93.

Leading and Lagging Sectors

Non-cyclical consumer goods & services shares climbed by 0.08 percent in the US market on Friday. Top gainers in the sector included Boston Beer Company Inc (NYSE: SAM ), and Aaron's, Inc. (NYSE: AAN ).

In trading on Friday, technology shares fell 0.45 percent. Meanwhile, top losers in the sector included MicroStrategy Incorporated (NASDAQ: MSTR ), down 22 percent, and Ellie Mae Inc (NYSE: ELLI ), down 19 percent.

Top Headline

Amazon.com, Inc. (NASDAQ: AMZN ) reported weaker-than-expected earnings for its second quarter, while sales exceeded estimates.

Amazon reported Q2 earnings of 40 cents per share, which doesn't compare to analyst estimates of $1.42; The company reported EPS of $1.78 in the year-ago period. Sales came in ahead of predictions at $38 billion, beating consensus estimates by $820 million.

The e-commerce giant forecasts FY 2017 sales of $39.25 billion-$41.75 billion, against estimates of $39.9 billion.

Equities Trading UP

Cesca Therapeutics Inc (NASDAQ: KOOL ) shares shot up 9 percent to $3.75 after the company reported the issuance of new cellular processing patent.

Shares of ArcBest Corp (NASDAQ: ARCB ) got a boost, shooting up 24 percent to $26.62 as the company reported upbeat Q2 earnings.

Boston Beer Company Inc (NYSE: SAM ) shares were also up, gaining 19 percent to $160.95 as the company posted better-than-expected quarterly results.

Equities Trading DOWN

Destination Maternity Corp (NASDAQ: DEST ) shares dropped 42 percent to $1.73. Destination Maternity and Orchestra-Prémaman reported termination of merger.

Shares of Meta Financial Group Inc. (NASDAQ: CASH ) were down 24 percent to $70.20. Meta Financial reported Q3 net income of $9.8 million on revenue of $59.7 million. FBR Capital downgraded Meta Financial from Outperform to Market Perform..

CyberOptics Corporation (NASDAQ: CYBE ) was down, falling around 23 percent to $18.20 as the company reported downbeat Q2 earnings.

Commodities

In commodity news, oil traded up 0.33 percent to $49.20 while gold traded up 0.30 percent to $1,270.30.

Silver traded up 0.62 percent Friday to $16.675, while copper fell 0.16 percent to $2.873.

Eurozone

European shares were lower today. The eurozone's STOXX 600 dropped 0.92 percent, the Spanish Ibex Index fell 0.50 percent, while Italy's FTSE MIB Index dropped 0.84 percent. Meanwhile the German DAX declined 0.43 percent, and the French CAC 40 slipped 1.18 percent while U.K. shares fell 0.75 percent.

Economics

U.S. economy expanded at an annual rate of 2.6 percent in the second quarter, versus economists' expectations for a 2.6 percentgrowth.

The final reading of the University of Michigan's consumer sentiment index increased to 93.4 in July, versus a preliminary reading of 93.1. Economists expected a reading of 93.1.

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

Minneapolis Federal Reserve Bank President Neel Kashkari is set to speak in Oakdale, Minnesota at 1:20 p.m. ET.

© 2017 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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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: AMZN , CASH , CYBE , DEST , KOOL


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