Mid-Morning Market Update: Markets Mixed; Micron Shares Fall After Q4 Results

Following the market opening Friday, the Dow traded up 0.15% to 26,932.79 while the NASDAQ fell 0.27% to 8,008.84. The S&P also fell, dropping 0.01% to 2,977.47.

Leading and Lagging Sectors

Financial shares climbed 0.7% on Friday. Meanwhile, top gainers in the sector included Wells Fargo & Company WFC, up 4%, and C&F Financial Corporation CFFI, up 3%.

In trading on Friday, information technology shares fell 0.6%.

Top Headline

Micron Technology, Inc. MU reported upbeat results for its fourth quarter.

Adjusted earnings came in at 56 cents per share, beating estimates by 8 cents. Sales came in at $4.87 billion, beating estimates by $310 million. The company guided to first-quarter adjusted EPS of 39-53 cents and sales of $4.8-$5.2 billion.


Equities Trading UP

LATAM Airlines Group S.A. LTM shares shot up 29% to $11.65 after the company announced Delta Air Lines will invest $1.9 billion for a 20% stake in the company through a public tender offer at $16 per share.

Shares of Net 1 UEPS Technologies, Inc. UEPS got a boost, shooting up 7% to $3.87 after the company reported preliminary results for its fourth quarter.

GoPro, Inc. GPRO shares were also up, gaining 10% to $5.12.

Equities Trading DOWN

Gulf Island Fabrication, Inc. GIFI shares tumbled 13% to $4.91. The Pennant Group will replace Gulf Island Fabrication, which will be removed from the S&P SmallCap 600 effective Wednesday, October 2.

Shares of Progress Software Corporation. PRGS were down 11% to $37.37 after the company issued Q4 and FY19 sales guidance below analyst guidance.

Micron Technology, Inc. MU was down, falling 10% to $44.00. • Micron reported upbeat results for its fourth quarter. The company guided to first-quarter adjusted EPS of 39-53 cents and sales of $4.8-$5.2 billion.
 

Commodities


In commodity news, oil traded down 1.1% to $55.79, while gold traded down 1.2% to $1,497.20.

Silver traded down 2.6% Friday to $17.445, while copper rose 0.8% to $2.599.

Euro zone

European shares were higher today. The eurozone’s STOXX 600 rose 0.4%, the Spanish Ibex Index rose 0.5%, while Italy’s FTSE MIB Index climbed 0.1%. Meanwhile, the German DAX gained 0.7%, and the French CAC 40 gained 0.2% while UK shares rose 0.7%.

Economics

U.S. durable goods orders rose 0.2% for August.

U.S. consumer spending rose 0.1% for August, while income increased 0.4%.

The final reading of University of Michigan's consumer sentiment index rose to 93.2 in September, compared to preliminary reading of 92.0.

Philadelphia Federal Reserve Bank President Patrick Harker will speak in New York at 12:00 p.m. ET.

The Baker Hughes North American rig count report for the latest week is schedule for release at 1:00 p.m. ET.

Data on farm prices for August will be released at 3:00 p.m. ET.