Mid-Day Market Update: Franklin Covey Slides Following Weak Results; Aeterna Zentaris Shares Surge

Midway through trading Friday, the Dow traded up 0.26 percent to 17,976.17 while the NASDAQ gained 0.59 percent to 4,871.22. The S&P also rose, gaining 0.30 percent to 2,105.16.

Leading and Lagging Sectors

On Friday, basic materials shares surged by 0.81 percent. Top gainers in the sector included LSB Industries, Inc. LXU and Teck Resources Ltd (USA) TCK.

In trading on Friday, utilities shares fell by 0.6 percent. Meanwhile, top losers in the sector included York Water Co YORW, down 2.5 percent, and SJW Corp. SJW, down 2.5 percent.

Top Headline

On Thursday, Micron Technology, Inc. MU reported a narrower-than-expected loss for the third quarter, but the company missed analysts’ sales estimates. The company also projected a surprise adjusted loss for the fourth quarter. Micron also announced number of initiatives to reduce costs, including global workforce reduction.

Equities Trading UP

AEterna Zentaris Inc. (USA) AEZS shares shot up 13 percent to $3.69 as the company reported that it has signed an exclusive license agreement with Cyntec, an affiliate of Orient EuroPharma Co, for Zoptrex.

Shares of Mesoblast limited (ADR) MESO got a boost, shooting up 6 percent to $4.21 after the company issued an update on heart failure trial and funding of clinical operations. Mesoblast projects to do interim analysis for Phase 3 endpoints in Q1 2017

Thor Industries, Inc. THO shares were also up, gaining 7 percent to $69.02 after the company disclosed the acquisition of Jayco, Corp. for about $576 million in cash.

Equities Trading DOWN

IntriCon Corporation IIN shares dropped 10 percent to $4.83 after the company issued a weak Q2 guidance.

Shares of Micron Technology, Inc. MU were down 9 percent to $12.55. Micron reported a narrower-than-expected loss for the third quarter, but the company missed analysts’ sales estimates. The company also projected a surprise adjusted loss for the fourth quarter. Micron also announced number of initiatives to reduce costs, including global workforce reduction.

Franklin Covey Co. FC was down, falling around 11 percent to $13.66 as the company posted weaker-than-expected results for its third quarter on Thursday.

Commodities

In commodity news, oil traded up 0.56 percent to $48.60 while gold traded up 1.28 percent to $1,337.50.

Silver traded up 4.55 percent Friday to $19.47, while copper rose 1.05 percent to $2.22.

Eurozone

European shares were higher today. The eurozone’s STOXX 600 gained 0.83 percent, the Spanish Ibex Index rose 1.41 percent, while Italy’s FTSE MIB Index rose 0.66 percent. Meanwhile the German DAX gained 1.02 percent, and the French CAC 40 gained 1.07 percent, while U.K. shares rose 0.98 percent.

Economics

The final reading of Markit manufacturing PMI rose to 51.3 for June, versus economists’ estimates for a reading of 51.2.

U.S. construction spending declined 0.80 percent for June, versus economists’ expectations for a 0.60 percent growth.

The ISM manufacturing PMI increased to 53.20 in June, versus a prior reading of 51.30. However, economists were expecting a reading of 51.40.