Mid-Afternoon Market Update: Dow Drops 200 Points; Gildan Activewear Shares Plummet

Toward the end of trading Friday, the Dow traded down 0.74% to 26825.68 while the NASDAQ fell 0.70% to 8099.74. The S&P also fell, dropping 0.25% to 2,990.36.

Leading and Lagging Sectors

Real estate shares climbed 1.1% on Friday. Meanwhile, top gainers in the sector included Altisource Portfolio Solutions S.A. ASPS, up 5%, and IRSA Propiedades Comerciales S.A. IRCP, up 6%.

In trading on Friday, communication services shares fell 0.7%.

Top Headline

Coca-Cola Co KO reported in-line earnings for its third quarter, while sales exceeded estimates.

Coca-Cola reported third-quarter earnings of 56 cents per share, which met the analyst consensus estimate. The company reported quarterly sales of $9.5 billion, which beat the analyst consensus estimate of $9.48 billion.

Coca-Cola sees fiscal year 2019 operating income up 12-13%, earnings minus 1% to up 1% and estimates fiscal year 2020 sales will be up 1-2%.


Equities Trading UP

Greenland Acquisition Corporation GLAC shares shot up 48% to $10.32. Greenland Acquisition reported adjournment of special meeting of shareholders to approve proposed business combination with Zhongchai Holding (Hong Kong) Limited.

Shares of Dermira, Inc. DERM surged 26% to $7.16 after the company presented data from Phase 2b study of lebrikizumab in patients with atopic dermatitis at he 39th Annual Fall Clinical Dermatology Conference in Las Vegas.

Fluidigm Corporation FLDM shares gained 12% to $4.8150 after UBS upgraded the company's stock from Neutral to Buy.

Equities Trading DOWN

Gildan Activewear Inc. GIL shares tumbled 25% to $26.48 after the company announced its preliminary Q3 and FY19 EPS below analyst estimates. Stifel Nicolaus downgraded the stock from Buy to Hold and lowered the price target from $44 to $30 per share.

Shares of Navios Maritime Acquisition Corporation NNA were down 16% to $8.72 after the company reported 1.88 million share offering of common stock at $8 per share.

Sensient Technologies Corporation SXT was down, falling 10% to $59.98 after reporting downbeat Q3 results.

Commodities


In commodity news, oil traded down 0.3% to $53.78, while gold traded down 0.3% to $1,494.20.

Silver traded down 0.2% Friday to $17.58, while copper rose 1.5% to $2.6355.

Euro zone

European shares closed lower today. The eurozone’s STOXX 600 fell 0.32%, the Spanish Ibex Index fell 0.11%, while Italy’s FTSE MIB Index dropped 0.24%. Meanwhile, the German DAX dropped 0.17%, and the French CAC 40 slipped 0.65% while UK shares fell 0.44%

Economics

The index of leading economic indicators fell 0.1% for September.

The total number of active U.S. oil rigs increased by 1 to 713 rigs this week, Baker Hughes Inc reported.

Dallas Federal Reserve Bank President Robert Kaplan will speak in Denver, Colorado at 5:10 p.m. ET.