Mid-Afternoon Market Update: Dow Falls Over 500 Points; Fuwei Films Shares Spike Higher

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Toward the end of trading Friday, the Dow traded down 2.09% to 25704.20 while the NASDAQ fell 2.68% to 7777.58. The S&P also fell, dropping 2.23% to 2857.66.

Leading and Lagging Sectors

Utilities shares slipped by just 0.4% on Friday. Meanwhile, top gainers in the sector included WEC Energy Group, Inc. (NYSE: WEC), up 1%, and NextEra Energy, Inc. (NYSE: NEE), up 0.5%.

In trading on Friday, information technology shares fell 3%.

Top Headline

Foot Locker, Inc. (NYSE: FL) reported worse-than-expected second-quarter results.

The company reported second-quarter earnings of 66 cents per share, which missed the analyst consensus estimate of 67 cents. Foot Locker reported quarterly sales of $1.774 billion, which missed the analyst consensus estimate of $1.82 billion.

Equities Trading UP

Fuwei Films (Holdings) Co., Ltd. (NASDAQ: FFHL) shares shot up 223% to $6.37 after the company reported Q2 EPS and sales results up from last year.

Shares of Ocean Power Technologies, Inc. (NASDAQ: OPTT) got a boost, shooting up 13% to $1.82 after the company announced the successful North Sea deployment of the PB3 PowerBuoy for its customer, Premier Oil.

Pivotal Software, Inc. (NYSE: PVTL) shares were also up, gaining 9% to $14.91 after it was announced VMware plans to acquire the company for a blended price of $11.71 per share.

Equities Trading DOWN

Craft Brew Alliance, Inc. (NASDAQ: BREW) shares tumbled 19% to $10.52 after the company confirmed it will receive $20 million incentive payment from Anheuser-Busch in lieu of qualifying offer.

Shares of Hibbett Sports, Inc. (NASDAQ: HIBB) were down 14% to $14.60. Hibbett posted a narrower-than-expected Q2 loss and raised FY20 EPS guidance. However, sales missed estimates.

Foot Locker, Inc. (NYSE: FL) was down, falling 17% to $53.70 after the company reported worse-than-expected second-quarter results.

Commodities

In commodity news, oil traded down 3% to $53.70, while gold traded up 2% to $1,538.30.

Silver traded up 2.4% Friday to $17.45, while copper fell 1.1% to $2.5305.

Euro zone

European shares closed lower today. The eurozone’s STOXX 600 fell 0.78%, the Spanish Ibex Index fell 0.77%, while Italy’s FTSE MIB Index dipped 1.65%. Meanwhile, the German DAX fell 1.15% and the French CAC 40 dropped 1.14% while UK shares fell 0.47%.

Economics

U.S. new home sales declined 12.8% to an annual rate of 635,000 in July.

The total number of active U.S. oil rigs slipped by 16 to 754 rigs this week, Baker Hughes Inc reported.

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