Mid-Afternoon Market Update: Crude Oil Up Over 3%; Lumber Liquidators Shares Spike Higher

Toward the end of trading Friday, the Dow traded down 0.34 percent to 17,673.52 while the NASDAQ declined 0.78 percent to 4,807.30. The S&P also fell, dropping 0.35 percent to 2,070.70.

Leading and Lagging Sectors

On Friday, energy shares rose by 1.16 percent. Top gainers in the sector included Teekay Offshore Partners L.P. (NYSE: TOO ) and Teekay LNG Partners L.P. (NYSE: TGP ).

In trading on Friday, healthcare shares tumbled by 0.79 percent. Meanwhile, top losers in the sector included Endocyte, Inc. (NASDAQ: ECYT ), down 6 percent, and Ariad Pharmaceuticals, Inc. (NASDAQ: ARIA ), down 6 percent.

Top Headline

Smith & Wesson Holding Corp (NASDAQ: SWHC ) posted upbeat results for its fourth quarter and issued a strong forecast for the year.

Fourth quarter EPS of $0.66 and revenue of $221.1 million (up 22.2 percent year-over-year) beat the Street's consensus by $0.12 and $6.55 million, respectively.

Equities Trading UP

Elizabeth Arden, Inc. (NASDAQ: RDEN ) shares shot up 49 percent to $13.86 as Revlon Inc (NYSE: REV ) agreed to acquire the company for $14.00 per share in cash, for an enterprise value of around $870 million.

Shares of Lumber Liquidators Holdings Inc (NYSE: LL ) got a boost, shooting up 20 percent to $15.81 after the company announced it has entered into a voluntary agreement with CPSC regarding its laminate flooring products made in China. The CPSC announced Lumber Liquidators had agreed not to resume the sales of laminate wood flooring that had previously been imported from China.

Teekay Offshore Partners L.P. (NYSE: TOO ) shares were also up, gaining 21 percent to $5.49. Teekay Offshore reported a $200 million private placement.

Equities Trading DOWN

GlycoMimetics Inc (NASDAQ: GLYC ) shares dropped 19 percent to $6.00. GlycoMimetics priced public offering of 3.3 million shares at $6.10 per share.

Shares of Comtech Telecomm. Corp. (NASDAQ: CMTL ) were down 14 percent to $13.91. Comtech priced its 7.145 million share offering at $14.00 per share.

Innocoll Holdings PLC (NASDAQ: INNL ) was down, falling around 16 percent to $6.20. Innocoll Holdings priced its 5.725 million share offering at $7.00 per share.


In commodity news, oil traded up 3.38 percent to $47.77 while gold traded down 0.13 percent to $1,296.70.

Silver traded down 0.89 percent Friday to $17.45, while copper rose 0.34 percent to $2.06.


European shares closed higher today. The eurozone's STOXX 600 climbed 1.40 percent, the Spanish Ibex Index rose 1.98 percent, while Italy's FTSE MIB Index jumped 3.49 percent. Meanwhile the German DAX gained 0.85 percent, and the French CAC 40 climbed 0.98 percent, while U.K. shares rose 1.19 percent.


U.S. housing starts declined 0.3 percent to an annual pace of 1.16 million in May. However, economists were projecting a 1.15 million pace.

© 2016 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.

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

In This Story


Other Topics


Latest Markets Videos