Mid-Afternoon Market Update: Dow Rises More Than 200 Points; Lexmark Shares Spike Higher

Toward the end of trading Friday, the Dow traded up 1.17 percent to 18,355.65 while the NASDAQ climbed 1.05 percent to 5,324.24. The S&P also rose, gaining 1.06 percent to 2,173.94.

Leading and Lagging Sectors

Friday afternoon, energy shares surged 1.30 percent. Meanwhile, top gainers in the sector included Resolute Energy Corp REN, and Cloud Peak Energy Inc. CLD.

In trading on Friday, utilities shares slipped by 0.66 percent. Meanwhile, top losers in the sector included Korea Electric Power Corporation (ADR) KEP, down 3 percent, and Companhia Paranaense de Energia (ADR) ELP, down 2 percent.

Top Headline

McCormick & Company, Incorporated MKC delivered better than expected EPS and inline revenue for the third quarter. The company boosted its full year adjusted EPS forecast and sees revenue at the upper end of earlier forecast.

The company reported net income of $127.7 million, or $1.00 per share, for the third quarter, up from $97.6 million, or $0.76 a share, in the year-ago quarter. On an adjusted basis too, net income advanced from $109.7 million to $131.1 million and EPS from $0.85 to $1.03. Street predicted an EPS of $0.94.

McCormick's net sales grew from $1.059 billion to $1.09 billion and came in line with the analysts' estimates.

Equities Trading UP

Nova Lifestyle Inc NVFY shares shot up 47 percent to $3.66 after the company reported the signing of share transfer deal to sell China-based subsidiaries to Kuka Design for $8.5 million.

Shares of Lexmark International Inc LXK got a boost, shooting up 14 percent to $39.92 after the company disclosed that it has received clearance from the Committee on Foreign Investment in the United States to proceed with proposed buyout.

Nutanix Inc NTNX shares were also up, gaining 129 percent to $36.68. Nutanix priced its IPO at $16 per share.

Equities Trading DOWN

Threshold Pharmaceuticals, Inc. THLD shares dropped 43 percent to $0.671 after the company disclosed interim results from its Tarloxotinib program. The company announced that it will discontinue investment in its Tarloxotinib program and will focus on evofosfamide program and earlier-stage opportunities.

Shares of Delcath Systems, Inc. DCTH were down 26 percent to $2.55. Delcath priced its 425,000 share offering at $3 per share.

Vectrus Inc VEC was down, falling around 45 percent to $15.17 on news of the government rejecting the company's contract proposal to provide comprehensive support services for all US Army facilities in Kuwait.

Commodities

In commodity news, oil traded up 0.56 percent to $48.10 while gold traded down 0.56 percent to $1,318.60.

Silver traded up 0.22 percent Friday to $19.23, while copper rose 1.10 percent to $2.21.

Eurozone

European shares closed mostly higher today. The eurozone’s STOXX 600 rose 0.06 percent, the Spanish Ibex Index fell 0.19 percent, while Italy’s FTSE MIB Index climbed 0.38 percent. Meanwhile the German DAX rose 1.01 percent, and the French CAC 40 gained 0.10 percent while U.K. shares fell 0.29 percent.

Economics

U.S. consumer spending was flat for August, versus economists’ expectations for a 0.1 percent growth. Personal income rose 0.20 percent in the month, versus expectations for a 0.20 percent increase.

The Chicago PMI increased to 54.20 in September, versus a prior reading of 51.50. Economists expected a reading of 52.50 for the month.