Markets

Mid-Afternoon Market Update: Dow Climbs 170 Points; OHR Pharmaceutical Shares Slide

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Toward the end of trading Friday, the Dow traded up 0.68 percent to 25,245.93 while the NASDAQ climbed 0.62 percent to 7,121.82. The S&P also rose, gaining 0.51 percent to 2,738.00.

Leading and Lagging Sectors

Friday afternoon, the technology sector proved to be a source of strength for the market. Leading the sector was strength from Sify Technologies Limited (ADR) (NASDAQ: SIFY ) and Datawatch Corporation (NASDAQ: DWCH ).

In trading on Friday, energy shares fell 0.19 percent. Meanwhile, top losers in the sector included Zion Oil & Gas, Inc. (NASDAQ: ZN ), down 8 percent, and Hornbeck Offshore Services, Inc. (NYSE: HOS ) down 8 percent.

Top Headline

Cal-Maine Foods Inc (NASDAQ: CALM ) reported weaker-than-expected earnings for its second quarter.

Equities Trading UP

Datawatch Corporation (NASDAQ: DWCH ) shares shot up 24 percent to $11.40 after hiring an advisor to handle acquisition approaches, according to a report from Reuters.

Shares of TiGenix NV (NASDAQ: TIG ) got a boost, shooting up 70 percent to $40.62 after Takeda Pharmaceutical Company Limited announced its intention to acquire the company.

Skyline Corporation (NYSE: SKY ) shares were also up, gaining 48 percent to $19.02. Skyline and Champion Enterprises Holdings announced an agreement to combine their operations.

Equities Trading DOWN

OHR Pharmaceutical, Inc. (NASDAQ: OHRP ) shares dropped 81 percent to $0.382 after the company said topline data from its Mako study failed to meet its primary efficacy endpoint.

Shares of Core-Mark Holding Company, Inc. (NASDAQ: CORE ) were down 22 percent to $24.45 after the company lowered its FY17 earnings outlook.

Kala Pharmaceuticals Inc (NASDAQ: KALA ) was down, falling around 29 percent to $12.24 following STRIDE 1, 2 trial results which met primary endpoint. However, STRIDE 2 did not achieve statistical significance.

Commodities

In commodity news, oil traded down 0.84 percent to $61.49 while gold traded down 0.01 percent to $1,321.60.

Silver traded down 0.05 percent Friday to $17.26, while copper fell 0.98 percent to $3.231.

Eurozone

European shares closed higher today. The eurozone's STOXX 600 climbed 0.94 percent, the Spanish Ibex Index rose 0.93 percent, while Italy's FTSE MIB Index rose 1.11 percent. Meanwhile the German DAX gained 1.15 percent, and the French CAC 40 rose 1.09 percent while U.K. shares rose 0.37 percent.

Economics

The U.S. economy added 148,000 jobs in December. However, economists projected a gain of 198,000 nonfarm jobs. The unemployment rate remained unchanged at 4.1 percent.

The U.S. trade deficit increased 3.2 percent to $50.5 billion in November. Economists projected a gap of $50 billion. Imports gained 2.5 percent to $250.7 billion, while exports climbed 2.3 percent to $200.2 billion.

U.S. factory orders rose 1.3 percent for November, versus economists' expectations for a 1.1 percent growth

The ISM non-manufacturing index dropped to 55.90 for December, versus prior reading of 57.40. Economists expected a reading of 57.80.

The total number of active U.S. oil rigs slipped by 5 to 742 rigs this week, Baker Hughes Inc reported.

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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.


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

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