Mid-Afternoon Market Update: Dow Falls Over 200 Points; Limelight Networks Shares Spike Higher

Toward the end of trading Friday, the Dow traded down 0.87 percent to 24,449.23 while the NASDAQ declined 1.18 percent to 7,152.46. The S&P also fell, dropping 0.87 percent to 2,669.75.

Leading and Lagging Sectors

Friday afternoon, the financial shares climbed 0.11 percent. Meanwhile, top gainers in the sector included Farmers Capital Bank Corporation FFKT, up 16 percent, and OFG Bancorp OFG, up 10 percent.

In trading on Friday, consumer staples shares fell 1.82 percent.

Top Headline

General Electric Company GE reported better-than-expected profit for its first quarter.

The conglomerate said it earned 16 cents per share in the first quarter on revenue of $28.7 billion versus expectations of 12 cents per share and $27.5 billion.

Equities Trading UP

Farmers Capital Bank Corporation FFKT shares shot up 16 percent to $48.95. WesBanco Inc WSBC announced an agreement and plan of merger with Farmers Capital Bank Corporation.

Shares of Limelight Networks, Inc. LLNW got a boost, shooting up 26 percent to $5.17 following a first-quarter earnings beat. The company also raised its fiscal 2018 estimates.

Telefonaktiebolaget LM Ericsson ERIC shares were also up, gaining 17 percent to $7.755 after reporting strong Q1 earnings.

Equities Trading DOWN

Clearwater Paper Corporation CLW shares dropped 35 percent to $26.30 after reporting Q1 results.

Shares of Skechers USA Inc SKX were down 27 percent to $30.62. Skechers reported in-line earnings for its first quarter, but issued weak guidance for the second quarter.

Atossa Genetics Inc. ATOS was down, falling around 16 percent to $3.67. Atossa Genetics reported a 1-for-12 reverse stock split.

Commodities

In commodity news, oil traded down 0.23 percent to $68.13 while gold traded down 0.73 percent to $1,338.90.

Silver traded down 0.37 percent Friday to $17.175, while copper fell 0.05 percent to $3.1525.

Eurozone

European shares closed mostly higher today. The eurozone’s STOXX 600 fell 0.03 percent, the Spanish Ibex Index rose 0.16 percent, while Italy’s FTSE MIB Index gained 0.16 percent. Meanwhile the German DAX fell 0.21 percent, and the French CAC 40 gained 0.39 percent while U.K. shares rose 0.54 percent.

Economics

The total number of active U.S. oil rigs gained by 5 to 820 rigs this week, Baker Hughes Inc reported.