Mid-Afternoon Market Update: Illumina Drops On Guidance Warning; Milacron Holdings Shares Jump

Toward the end of trading Friday, the Dow traded up 0.67% to 27269.94 while the NASDAQ rose 0.45% to 8233.10. The S&P also rose, gaining 0.29% to 3008.48.

Leading and Lagging Sectors

Industrial shares rose 1.4% on Friday. Meanwhile, top gainers in the sector included Milacron Holdings Corp. MCRN, up 25%, and Roadrunner Transportation Systems, Inc. RRTS, up 7%.

In trading on Friday, health care shares fell 1.4%.

Top Headline

Infosys Limited INFY reported upbeat June-quarter profit and raised revenue forecast for the fiscal year.

Infosys posted a profit of 38.02 billion rupees ($554.00 million), compared to 36.12 billion rupees in the year-ago period. Revenue from operations increased around 14%. Analysts were expecting a profit of 37.05 billion rupees.

Infosys raised its full-year sales growth guidance from 7.5%-9.5% to 8.5%-10%.

Equities Trading UP

Tower International, Inc. TOWR shares shot up 70% to $30.97 after the company announced it will be acquired by Autokiniton Global for $31 per share in cash.

Shares of SG Blocks, Inc. SGBX got a boost, shooting up 56% to 1.00 after the company executed an agreement to own a 50% membership interest in CPF GP, which is expected to own a 302-unit multifamily project in Sullivan County, NY.

Milacron Holdings Corp. MCRN shares were also up, gaining 25% to $16.94 after the company agreed to be acquired by Hillenbrand Inc. HI in a cash and stock transaction valued at $2 billion including net debt of $686 million as of March 31.

Equities Trading DOWN

U.S. Xpress Enterprises, Inc. USX shares tumbled 12% to $4.27 after the company lowered its financial outlook for the second quarter 2019 as well as the full year.

Shares of SenesTech, Inc. SNES were down 13% to $1.33 after the company reported a common stock offering of 3.03 million shares at $1.35 per share.

Illumina, Inc. ILMN was down, falling 16% to $306.66 after the company reported preliminary Q2 sales below analyst estimates.

Commodities

In commodity news, oil traded up 0.1% to $60.23, while gold traded up 0.6% to $1,414.60.

Silver traded up 0.7% Friday to $15.245, while copper rose 0.3% to $2.6945.

Euro zone

European shares closed mostly higher today. The eurozone’s STOXX 600 rose 0.04%, the Spanish Ibex Index rose 0.14%, while Italy’s FTSE MIB Index gained 0.06%. Meanwhile, the German DAX dropped 0.07%, and the French CAC 40 rose 0.38% while UK shares fell 0.05%.

Economics

The Producer Price Index rose 0.1% for June, versus economists’ expectations for a 0.1% increase.

The total number of active U.S. oil rigs slipped by 4 to 784 rigs this week, Baker Hughes Inc reported.