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Shares of data-center operator Switch Inc. surged 44% in their trading debut Friday, after the company priced its initial public offering above the price range. The shares rose $7.42 to $24.42 in the first five minute of trade. The Las Vegas-based company, which owns three large data centers and is developing a fourth, sold 31.25 million shares at $17 apiece to raise $531.25 million. The company has said it will use the proceeds to buy out investors in Switch Ltd. and take control of that company though Switch Inc., which was just incorporated in 2017. A multi-class share structure will allow founder and Chief Executive Rob Roy to maintain control, as his shares will have 10 times the voting rights of common shares.

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GoPro Inc. rebounded Friday morning from a two-day downturn that began when Alphabet Inc.’s Google introduced a wearable camera seen as a potential competitor to GoPro’s core products. After falling 13% in two days, GoPro stock moved as much as 5% higher in early trading Friday after Morgan Stanley analysts wrote that the sell-off was overdone and played down the threat from Google. The Google Clips camera is “not designed as a [point-of-view] camera, not wearable, not ruggedized, lacking sound, image stabilization, high frame-rate and a host of other features,” the analysts noted. “In short, Google Clips appears to address a subset of the needs of the smart-home market and not GoPro’s traditional active-lifestyle market, so the sell-off seems a bit over-done to us.” Morgan Stanley has an overweight rating on the stock with a $15 price target, the highest tracked by FactSet. GoPro stock has fallen 39.7% in the past year, as the S&P 500 index has gained 18.1%.

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U.S. stocks opened lower on Friday, after the September payroll report came in below expectations, although the report was viewed as an imperfect snapshot of the labor market given the impact of two recent hurricanes. The Dow Jones Industrial Average fell 0.1%, or 30 points, to 22,745. The S&P 500 fell 5 points, or 0.2%, 2,547. The Nasdaq Composite Index lost 18 points, or 0.3%, to 6,567. Major indexes have been in a strong uptrend of late; the Dow and the S&P 500 are set to end seven-day rallies while the Nasdaq has gained for five straight sessions. All three have been hitting records. The U.S. workforce shrank by 33,000 jobs in September, worst than average economists estimates, as employment was undercut by hurricanes Harvey and Irma. Economists polled by MarketWatch had predicted a 75,000 increase in nonfarm jobs, but estimates were all over the map because of uncertainty about the effects of the storms. Despite the decline on the day, indexes remain on track for a week of solid gains. The Dow is up 1.7% while the S&P is up 1.3%. Both are on track for their fourth straight positive week. The Nasdaq is up 1.4% in its second straight positive week. In company news, Switch Inc priced its initial public offering at $17 a share, above a previously stated range.

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Dallas Fed President Robert Kaplan said Friday that he remains undecided over whether to support an interest rate hike in December. “I am open minded about December but I am not there yet,” Kaplan said in an interview on CNBC. Kaplan said inflation remains below the Fed’s 2% target and the central bank “can afford to be patient about removing accommodation.” Kaplan, who is a voting member of the Fed’s interest-rate committee, said many of the job losses in September will turn out to be temporary. Stepping back, he said the labor market is still tightening but some slack remains.

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U.S. stock-index futures were slightly lower on Friday, after the September payroll report showed 33,000 jobs were lost in the month, a reading heavily impacted by two major hurricanes. Dow Jones Industrial Average futures slipped 14 points, or less than 0.1%, to 22,725, while S&P 500 futures eased 2.40 points, or less than 0.1%, at 2,547.50. Nasdaq-100 futures were down 0.75 point, or less than 0.1%, to 6,065. Futures were little impacted by the payroll report, which represented the first contraction in seven years. While the mean estimate of analysts polled by MarketWatch had forecast a month of positive additions, the range of forecasts was much broader than was typical given the difficulty of estimating the impact of hurricanes Harvey and Irma.

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WASHINGTON (MarketWatch) – The U.S. workforce shrank by 33,000 jobs in September as employment was undercut by hurricanes Harvey and Irma. It was the first contraction in seven years. Economists polled by MarketWatch had predicted a 75,000 increase in nonfarm jobs, but estimates were all over the map because of uncertainty about the effects of the storms. The unemployment rate, which was not impacted by the storms, fell to 4.2% from 4.4%. That’s the lowest level since December 2000. Wages increased by 12 cents, or 0.5%, to an average of $26.55 an hour, the government said Friday. Hourly pay increased 2.9% from September 2016 to September 2017, up from 2.7%, but the gain was likely inflated by hurricane effects. The average workweek was unchanged at 34.4 hours. The government raised its estimate of new jobs created in August to 169,000 from 156,000. July’s gain was cut to 138,000 from 189,000.

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Paratek Pharmaceuticals Inc. shares surged as much as 6% in premarket trade Friday after the company said that its antibiotic had positive results in a late-stage clinical trial. The antibiotic, omadacycline, is intended for Acute Bacterial Skin and Skin Structure Infections (ABSSSI) in patients with two chronic diseases or conditions. The phase 3 trial compared omadacycline to another antibiotic, linezolid, that’s taken twice a day over the course of 7 to 10 days in subsets of patients with chronic kidney disease; high body mass index; diabetes, and a history of intravenous drug use with or without hepatitis C infection. Omadacycline was consistently safe and effective, the company said, and the results suggest no dose adjustments are needed for it in patients with two chronic conditions, called comorbidity. In contrast with linezolid, Paratek said that its omadacycline can be taken once a day; it is also offered in oral and intravenous formulations. The antibiotic has the “potential to address the significant health challenge of antibiotic resistance, even in patients where their comorbid conditions can make it more challenging to treat their infections,” Paratek President Dr. Evan Loh said. Paratek shares have surged 8.9% over the last three months, compared with a 5.9% rise in the S&P 500 .

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United Natural Foods Inc. said Friday that it has authorized a $200 million share repurchase program. United Natural Foods is a healthy food, vitamins and e-commerce company whose brands include Albert’s, Woodstock Farms, and Honest Green. The company had about 50.6 million shares of outstanding common stock as of September 14, 2017. The company will fund the program with cash on hand, cash from operations and borrowings from its credit facility. United Natural Foods shares are up 0.6% in premarket trading and down 15.1% for the year so far. The S&P 500 index is up 14% for 2017 to date and the Dow Jones Industrial Average is up 15.2% for the period.

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Shares of Apple Inc. edged lower premarket Friday, after another report of a problem with an iPhone 8 Plus. Chinese state media reported that a device delivered there had split open,9to5Mac reported, reigniting concerns about the battery. Earlier this week, a customer from Taiwan and another from Japane reportedly sent pictures to Apple showing their phones split open, which was thought to be caused by the battery swelling due to gases inside the device. “We are aware and are looking into it,” an Apple spokeswoman told MacRumors. Shares have gained 34% in 2017, while the S&P 500 has gained 14% and the Dow Jones Industrial Average has gained 15%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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