21 Jan Mid-Morning Market Update: Markets Edge Higher; Schlumberger Earnings Top Views
Following the market opening Friday, the Dow traded up 0.02 percent to 26,023.17 while the NASDAQ gained 0.24 percent to 7,313.27. The S&P also rose, gaining 0.24 percent to 2,804.83.
Leading and Lagging Sectors
Friday morning, the non-cyclical consumer goods & services sector proved to be a source of strength for the market.
In trading on Friday, energy shares fell 0.52 percent. Meanwhile, top losers in the sector included Enduro Royalty Trust (NYSE: NDRO ), down 8 percent, and BP Prudhoe Bay Royalty Trust (NYSE: BPT ) down 6 percent.
Schlumberger Limited. (NYSE: SLB ) posted stronger-than-expected results for its fourth quarter.
Schlumberger posted adjusted earnings of $0.48 per share in the quarter on revenue of $8.2 billion which exceeded Wall Street’s expectations for $0.44 per share and $8.13 billion.
Equities Trading UP
GWG Holdings Inc (NASDAQ: GWGH ) shares shot up 19 percent to $9.63 after the company disclosed plans to partner with the Beneficient Company Group in a transaction valued at up to $800 million including a $150 million cash investment.
Shares of Forward Industries, Inc. (NASDAQ: FORD ) got a boost, shooting up 189 percent to $3.58 after the company reported the acquisition of Intelligent Product Solutions.
PLx Pharma Inc. (NASDAQ: PLXP ) shares were also up, gaining 10 percent to $6.57. Janney Capital initiated coverage on PLx Pharma with a Buy rating and a $14.00 price target.
Equities Trading DOWN
PAVmed Inc. (NASDAQ: PAVM ) shares dropped 28 percent to $1.8201 after the company reported public offering of common stock.
Shares of Obalon Therapeutics, Inc. (NASDAQ: OBLN ) were down 12 percent to $5.40 after the company priced public offering of common stock.
Inphi Corporation (NYSE: IPHI ) was down, falling around 5 percent to $33.72. Morgan Stanley downgraded Inphi from Overweight to Equal-Weight, while Bank of America downgraded the stock from Buy to Neutral.
In commodity news, oil traded down 0.66 percent to $63.53 while gold traded up 0.48 percent to $1,333.60.
Silver traded up 0.51 percent Friday to $17.04, while copper rose 0.02 percent to $3.1995.
European shares were higher today. The eurozone’s STOXX 600 rose 0.56 percent, the Spanish Ibex Index climbed 0.54 percent, while Italy’s FTSE MIB Index gained 0.85 percent. Meanwhile the German DAX gained 1.13 percent, and the French CAC 40 rose 0.58 percent while U.K. shares rose 0.33 percent.
The University of Michigan’s consumer sentiment index dropped to a reading of 94.4 in January. However, economists expected a reading of 98.
The Baker Hughes North American rig count report for the latest week will be released at 1:00 p.m. ET.
Federal Reserve Vice Chairman for Supervision Randal Quarles is set to speak in Washington at 1:00 p.m. ET.
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