US Stocks Higher; Schlumberger Earnings Beat Estimates

U.S. stocks traded higher this morning, with the Dow Jones index gaining more than 50 points on Friday.

Following the market opening Friday, the Dow traded up 0.18% to 37,536.76 while the NASDAQ rose 0.38% to 15,113.04. The S&P 500 also rose, gaining, 0.19% to 4,790.00.

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Leading and Lagging Sectors

 

Information technology shares rose by 0.6% on Friday.

In trading on Friday, utilities shares fell by 0.3%.

 

Top Headline

 

Schlumberger Limited SLB posted better-than-expected earnings for its fourth quarter.

SLB posted adjusted earnings of 86 cents per share, beating market estimates of 84 cents per share. The company’s quarterly sales came in at $8.99 billion versus expectations of $8.96 billion.

 

Equities Trading UP

 

Kaman Corporation KAMN shares shot up 101% to $45.10 after the company announced it will be acquired by Arcline for $1.8 billion.

Shares of Processa Pharmaceuticals, Inc. PCSA got a boost, surging 38% to $0.2800. Processa Pharmaceuticals announced plans to expand the development of next generation capecitabine (NGC-Cap) into advanced or metastatic breast cancer beginning with next Phase 2 trial in breast cancer.

Tricon Residential Inc. TCN shares were also up, gaining 28% to $11.05 Blackstone and Tricon Residential entered into an arrangement agreement under which Blackstone Real Estate Partners X together with Blackstone Real Estate Income Trust, Inc. will acquire all outstanding common shares of Tricon for $11.25 per share in cash.

 

Equities Trading DOWN

 

C3is Inc. CISS shares dropped 65% to $0.1310 as the company announced pricing of $7.0 million upsized underwritten public offering.

Shares of Accelerate Diagnostics, Inc. AXDX were down 38% to $0.9901 after the company reported pricing of approximately $15 million public offering and private placement.

iRobot Corporation IRBT was down, falling 29% to $16.74 following a report suggesting the EU plans to block Amazon's acquisition of the company.

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Commodities

 

In commodity news, oil traded up 0.4% to $74.35 while gold traded up 0.5% at $2,032.30.

Silver traded down 0.3% to $22.74 on Friday while copper rose 0.6% to $3.7670.

 

Euro zone

 

European shares were mostly lower today. The eurozone’s STOXX 600 fell 0.2%, London’s FTSE 100 rose 0.2% while Spain’s IBEX 35 Index fell 0.1% The German DAX fell 0.2% French CAC 40 fell 0.143% while Italy’s FTSE MIB Index fell 0.1%.

Producer prices in Germany declined 8.6% year-over-year in December compared to a 7.9% fall in the previous month. Retail sales in the UK fell by 3.2% in December compared to a revised 1.4% rise in the prior month.

 

Asia Pacific Markets

 

Asian markets closed mixed on Friday, with Japan’s Nikkei 225 gaining 1.40%, Hong Kong’s Hang Seng Index falling 0.54% and China’s Shanghai Composite Index declining 0.47%. India’s S&P BSE Sensex, meanwhile, rose 0.70%.

Foreign direct investment into China declined by 8% year-over-year to CNY 1.13 trillion ($157.1 billion) in 2023. The business confidence indicator in Hong Kong declined to +1 in the first quarter versus a reading of +8 in the prior three-month period. The annual inflation rate in Japan slowed to 2.6% in December from 2.8% in the earlier month, recording the lowest reading since July 2022.

 

Economics

 

Data on existing home sales will be released at 10:00 a.m. ET.

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