Mid-Afternoon Market Update: NASDAQ Down 1.7%; World Fuel Services Shares Gain Following Upbeat Q2 Results

Toward the end of trading Friday, the Dow traded down 0.55 percent to 25,386.36 while the NASDAQ declined 1.7 percent to 7,716.86. The S&P also fell, dropping 0.79 percent to 2,814.94.

Leading and Lagging Sectors

Friday afternoon, the telecommunication services shares climbed 2.3 percent. Meanwhile, top gainers in the sector included Globalstar, Inc. (NYSE: GSAT) up 7 percent, and Telecom Italia S.p.A. (NYSE: TI) up 6 percent.

In trading on Friday, information technology shares fell 1.03 percent.

Top Headline

Twitter Inc (NYSE: TWTR) shares fell around 17 percent in reaction to second-quarter results.

MAUs totaled 335 million, with 267 million accounted for by international customers and 68 million by U.S. customers. The year-over-year increase was 9 million, but the figure was down 1 million from Q1. Average daily active users climbed 11 percent, faster than the 10-percent growth in Q1, extending the streak of double-digit year-over-year growth to seven quarters.

The social networking platform reported non-GAAP earnings per share of 17 cents in Q2 compared to 8 cents per share one year ago. Twitter’s quarterly revenue rose 24 percent year-over-year to $711 million. Analysts, on average, estimated EPS of 17 cents per share on revenues of $696.23 million.

Equities Trading UP

World Fuel Services Corporation (NYSE: INT) shares shot up 22 percent to $27.25 as the company posted better-than-expected Q2 results.

Shares of Endava Ltd (NYSE: DAVA) got a boost, shooting up 23 percent to $24.5625 after pricing its IPO at $20 per share.

Essendant Inc. (NASDAQ: ESND) shares were also up, gaining 18 percent to $15.58 after reporting upbeat Q2 results.

Equities Trading DOWN

Tonix Pharmaceuticals Holding Corp. (NASDAQ: TNXP) shares dropped 64 percent to $1.44 in reaction to a disappointing update relating to a clinical trial. The company said it will stop a Phase 3 study of

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