14 Jan Mid-Afternoon Market Update: Tuniu Gains After Announcing $100M Share Repurchase Program; Aradigm Shares Slide
Toward the end of trading Friday, the Dow traded up 0.72 percent to 25,757.70 while the NASDAQ climbed 0.51 percent to 7,248.81. The S&P also rose, gaining 0.49 percent to 2,780.97.
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 Synaptics, Incorporated (NASDAQ: SYNA ) and 3D Systems Corporation (NYSE: DDD ).
In trading on Friday, utilities shares fell 0.06 percent. Meanwhile, top losers in the sector included American Water Works Company Inc (NYSE: AWK ), down 4 percent, and Aqua America Inc (NYSE: WTR ) down 3 percent.
JPMorgan Chase & Co. (NYSE: JPM ) reported better-than-expected earnings for its fourth quarter.
JPMorgan said it earned $1.76 per share in the quarter on revenue of $25.45 billion which exceeded Wall Street’s expectations for $1.69 per share and $25.15 billion.
Equities Trading UP
Performant Financial Corp (NASDAQ: PFMT ) shares shot up 31 percent to $2.54 after the company disclosed that it has been awarded student loan recovery contract from the U. S. Department of Education. Compass Point upgraded Performant Financial from Neutral to Buy.
Shares of Liberty Oilfield Services Inc. (NASDAQ: LBRT ) got a boost, shooting up 28 percent to $21.7925. Liberty Oilfield Services priced its 12.7 million share IPO at $17 per share.
Tuniu Corp (NASDAQ: TOUR ) shares were also up, gaining 13 percent to $8.57. Tuniu reported a $100 million share repurchase program and reported the promotion of Mr. Shihong Chen from Vice President to Chief Technology Officer, effective immediately.
Equities Trading DOWN
Aradigm Corporation (NASDAQ: ARDM ) shares dropped 34 percent to $2.27 after the company disclosed that the FDA Advisory Committee panel voted 12-3 against recommendation for Linhaliq. Ladenburg Thalmann downgraded Aradigm from Buy to Neutral.
Shares of AquaBounty Technologies, Inc. (NASDAQ: AQB ) were down 38 percent to $3.01 after the company reported a $12 million underwritten public offering.
Concert Pharmaceuticals Inc (NASDAQ: CNCE ) was down, falling around 26 percent to $20.48 despite the earlier FDA grant of Fast Track Designation for CTP-543. Mizuho downgraded shares to Neutral citing the Patent Board decision not to grant the company a Post Grant Review in litigation with Incyte over CTP-543.
In commodity news, oil traded up 0.49 percent to $64.11 while gold traded up 0.70 percent to $1,331.70.
Silver traded up 0.82 percent Friday to $17.105, while copper fell 0.49 percent to $3.217.
European shares closed higher today. The eurozone’s STOXX 600 gained 0.31 percent, the Spanish Ibex Index rose 0.26 percent, while Italy’s FTSE MIB Index rose 0.53 percent. Meanwhile the German DAX climbed 0.32 percent, and the French CAC 40 rose 0.52 percent while U.K. shares rose 0.20 percent.
U.S. retail sales rose 0.4 percent for December, versus economists’ expectations for a 0.4 percent growth.
The consumer price index gained 0.1 percent in December, versus economists’ expectations for a 0.1 percent rise.
U.S. business inventories gained 0.4 percent for November, versus economists’ estimates of a 0.3 percent growth
The Baker Hughes North American rig count report for the latest week is schedule for release at 1:00 p.m. ET.
Boston Federal Reserve Bank President Eric Rosengren will speak in La Jolla, California at 4:15 p.m. ET.
© 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.