Market Overview

Mid-Day Market Update: Limelight Networks Jumps After Q3 Results; Bionano Genomics Shares Plummet

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Midway through trading Thursday, the Dow traded up 0.16% to 27043.99 while the NASDAQ rose 0.25% to 8144.32. The S&P also rose, gaining 0.31% to 2998.82.

Leading and Lagging Sectors

Industrial shares climbed 1% on Thursday. Meanwhile, top gainers in the sector included Dover Corporation (NYSE: DOV), up 7%, and United Rentals, Inc. (NYSE: URI), up 8%.

In trading on Thursday, information technology shares fell 0.1%.

Top Headline

Morgan Stanley (NYSE: MS) reported better-than-expected Q3 EPS and sales results.

Morgan Stanley reported third-quarter earnings of $1.27 per share, which beat the analyst consensus estimate of $1.11 per share. The company reported sales of $10.03, versus expectations of $9.6 billion.

Equities Trading UP

Hepion Pharmaceuticals, Inc. (NASDAQ: HEPA) shares shot up 102% to $5.04 after the company announced the publication of a research article, "A Pan-Cyclophilin Inhibitor, CRV431, Decreases Fibrosis and Tumor Development in Chronic Liver Disease Models," in the peer-reviewed Journal of Pharmacology and Experimental Therapeutics.

Shares of Future FinTech Group Inc. (NASDAQ: FTFT) surged 80% to $1.32 after the company announced it regained compliance with Nasdaq periodic filing requirement.

Limelight Networks, Inc. (NASDAQ: LLNW) shares gained 22% to $3.7950 after reporting Q3 results. Limelight Networks posted Q3 earnings of $0.01 per share on sales of, $51.3 million.

Equities Trading DOWN

Waitr Holdings Inc. (NASDAQ: WTRH) shares tumbled 39% to $0.68 after the company announced that Jeff Yurecko, the company's current Chief Financial Officer, will resign from the position effective November 1, 2019.

Shares of Bionano Genomics, Inc. (NASDAQ: BNGO) were down 37% to $1.79 after the company reported a 5.3 million share offering of common stock and warrants.

Syros Pharmaceuticals, Inc. (NASDAQ: SYRS) was down, falling 29% to $7.13 after the company announced plans to discontinue development of SY-1365 intravenous CDK7 inhibitor to focus on SY-5609.

Commodities

In commodity news, oil traded down 0.5% to $53.12, while gold traded up 0.1% to $1,494.90.

Silver traded up 0.6% Thursday to $17.535, while copper rose 0.7% to $2.607.

Euro zone

European shares were mostly higher today. The eurozone’s STOXX 600 rose 0.22%, the Spanish Ibex Index rose 0.04%, while Italy’s FTSE MIB Index climbed 0.22%. Meanwhile, the German DAX gained 0.31%, and the French CAC 40 slipped 0.02% while UK shares rose 0.61%

Economics

US housing starts dropped 9.4% to an annual rate of 1,256 thousand units in September. Building permits fell 2.7 percent to an annual rate of 1,387 thousand.

U.S. initial jobless claims rose by 4,000 to 214,000 in the week ended October 12. However, economists were expecting a reading of 212,000.

The Philadelphia Fed manufacturing index declined 6.4 points to a reading of 5.6 in October.

U.S. industrial production fell 0.4% for September, versus economists’ expectations for a 0.1% decline.

Domestic supplies of natural gas climbed 104 billion cubic feet for the week ended October 11, the U.S. Energy Information Administration reported. However, analysts projected a gain of 108 billion cubic feet.

Federal Reserve Member of the Board of Governors Michelle Bowman is set to speak in Chicago, Illinois at 2:00 p.m. ET.

Chicago Federal Reserve Bank President Charles Evans will speak in Chicago, Illinois at 2:00 p.m. ET.

New York Federal Reserve Bank President John Williams is set to speak in New York at 4:20 p.m. ET.

Data on money supply for the recent week will be released at 4:30 p.m. ET.

Posted-In: Mid-Day Market UpdateEarnings News Eurozone Commodities Global Intraday Update Markets

 

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