Mid-Afternoon Market Update: Envirostar Drops After Fiscal 2017 Results; Zogenix Shares Spike Higher

Toward the end of trading Friday, the Dow traded down 0.06 percent to 22,368.44 while the NASDAQ climbed 0.61 percent to 6,493.05. The S&P also rose, gaining 0.29 percent to 2,517.33.

Leading and Lagging Sectors

Friday afternoon, the technology shares surged 0.62 percent. Meanwhile, top gainers in the sector included Comtech Telecomm. Corp. CMTL, up 17 percent, and BlackBerry Ltd BBRY, up 6 percent.

In trading on Friday, utilities shares fell 0.01 percent. Meanwhile, top losers in the sector included SCANA Corporation SCG, down 4 percent, and RGC Resources Inc. RGCO down 4 percent.

Top Headline

KB Home KBH reported stronger-than-expected earnings for its third quarter on Thursday.

KB Home reported Q3 earnings of $0.51 per share on sales of $1.14 billion. However, analysts were expecting earnings of $0.46 per share on sales of $1.12 billion.

Equities Trading UP

Zogenix, Inc. ZGNX shares shot up 174 percent to $35.30 after the company announced top-line results from a phase 3 clinical trial exploring its drug called ZX008 for the treatment of Dravet syndrome. Zogenix said that its trial met its primary objective of demonstrating that ZX008, when given to patients at a dose of 0.8 mg/kg/day, is superior to a placebo as adjunctive therapy in the treatment of Dravet syndrome in children and young adults based on change in the frequency of convulsive seizures between the six-week baseline observation period and the 14-week treatment period.

Shares of Veritone Inc VERI got a boost, shooting up 20 percent to $44.30. Roth Capital raised price target on Veritone from $13.00 to $62.00.

A10 Networks Inc ATEN shares were also up, gaining 14 percent to $7.61 as the company raised its guidance for the third quarter.

Equities Trading DOWN

IAMGOLD Corp (USA) IAG shares dropped 8 percent to $6.13. Canaccord Genuity downgraded IAMGOLD from Buy to Hold.

Shares of Envirostar Inc EVI were down 9 percent to $28.10. EnviroStar reported earnings of $0.31 per share on sales of $94 million for the fiscal year ended June 30, 2017.

Nightstar Therapeutics PLC NITE was down, falling around 13 percent to $20.91. Nightstar Therapeutics priced IPO at $14 per ADS.

Commodities

In commodity news, oil traded down 0.12 percent to $51.50 while gold traded down 0.23 percent to $1,285.70.

Silver traded down 0.69 percent Friday to $16.73, while copper fell 0.96 percent to $2.9525.

Eurozone

European shares closed higher today. The eurozone’s STOXX 600 rose 0.47 percent, the Spanish Ibex Index rose 0.51 percent, while Italy’s FTSE MIB Index rose 0.48 percent. Meanwhile the German DAX gained 0.98 percent, and the French CAC 40 gained 0.68 percent while U.K. shares rose 0.68 percent.

Economics

U.S. personal income rose 0.2 percent for August, while consumer spending gained 0.1 percent in August.

The Chicago PMI rose to 65.20 in September, versus prior reading of 58.90. Economists expected a reading of 58.50.

The University of Michigan's consumer sentiment index declined to 95.1 in September, compared to 96.8 in August..

The total number of active U.S. oil rigs gained by 6 to 750 rigs this week, Baker Hughes Inc reported.