Toward the end of trading Friday, the Dow traded up 0.13 percent to 21,813.90 while the NASDAQ declined 0.37 percent to 6,373.99. The S&P also fell, dropping 0.08 percent to 2,463.11.
Leading and Lagging Sectors
Friday afternoon, the financial shares surged 0.38 percent. Meanwhile, top gainers in the sector included Federated National Holding Co (NASDAQ: FNHC ), up 9 percent, and Citizens, Inc. (NYSE: CIA ), up 7 percent.
In trading on Friday, basic materials shares fell 1.16 percent. Meanwhile, top losers in the sector included Freeport-McMoRan Inc (NYSE: FCX ), down 7 percent, and Cleveland-Cliffs Inc (NYSE: CLF ) down 8 percent.
Finisar Corporation (NASDAQ: FNSR ) reported in-line earnings for its first quarter, but issued a weak forecast for the current quarter.
Finisar reported Q1 adjusted earnings of $0.40 per share on revenue of $341.806 million. Analysts expected earnings of $0.40 per share on revenue of $341.2 million.
Finisar expects Q2 adjusted earnings of $0.27 to $0.33 per share, on revenue of $322 million to $342 million. Analysts projected earnings of $0.50 per share on sales of $372.6 million.
Equities Trading UP
Kura Oncology Inc (NASDAQ: KURA ) shares shot up 91 percent to $13.10 after the company offered positive Phase 2 study for tipifarnib in HRAS mutant head and neck cancer.
Shares of Zumiez Inc. (NASDAQ: ZUMZ ) got a boost, shooting up 21 percent to $15.93 after the company reported better-than-expected results for its second quarter and issued a strong forecast for the current quarter.
NewLink Genetics Corp (NASDAQ: NLNK ) shares were also up, gaining 37 percent to $18.64 after surging 74.58 percent on Thursday. Jefferies upgraded NewLink Genetics from Hold to Buy.
Equities Trading DOWN
Tintri Inc (NASDAQ: TNTR ) shares dropped 29 percent to $4.75 after the company reported mixed quarterly results. Bank of America downgraded Tintri from Buy to Neutral.
Shares of American Outdoor Brands Corp (NASDAQ: AOBC ) were down 17 percent to $14.03 after the company reported downbeat results for its second quarter and issued a weak guidance for FY18.
Science Applications International Corp (NYSE: SAIC ) was down, falling around 16 percent to $62.72 as the company reported weaker-than-expected earnings for its second quarter.
In commodity news, oil traded down 3.12 percent to $47.56 while gold traded up 0.07 percent to $1,351.30.
Silver traded down 0.06 percent Friday to $18.105, while copper fell 3.20 percent to $3.043.
European shares closed mostly higher today. The eurozone’s STOXX 600 gained 0.15 percent, the Spanish Ibex Index rose 0.05 percent, while Italy’s FTSE MIB Index gained 0.25 percent. Meanwhile the German DAX climbed 0.06 percent, and the French CAC 40 fell 0.02 percent while U.K. shares fell 0.26 percent.
U.S. wholesale inventories rose 0.60 percent for July, versus economists’ expectations for a 0.40 percent gain.
The total number of active U.S. oil rigs dropped by 3 to 756 rigs this week, Baker Hughes Inc reported.
Data on consumer credit for July will be released at 3:00 p.m. ET.
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