Mid-Day Market Update: Crude Oil Up 2%; Pinterest Shares Plunge

Midway through trading Friday, the Dow traded up 0.87% to 27282.39 while the NASDAQ rose 0.62% to 8344.07. The S&P also rose, gaining 0.63% to 3,056.79.

Leading and Lagging Sectors

Energy shares climbed 2.2% on Friday. Meanwhile, top gainers in the sector included California Resources Corporation CRC, up 44%, and Extraction Oil & Gas, Inc. XOG, up 14%.

In trading on Friday, real estate shares fell 1.2%.

Top Headline

Alibaba Group Holding BABA reported better-than-expected second-quarter EPS and sales results on Friday.

Alibaba reported earnings of $1.83 per share, which beat the analyst consensus estimate of $1.50 by 22%. This is a 30.71% increase over earnings of $1.40 per share from the same period last year. The company reported sales of $16.651 billion, which beat the analyst consensus estimate of $16.46 billion.

Equities Trading UP

California Resources Corporation CRC shares shot up 44% to $8.06 after the company reported better-than-expected Q3 earnings.

Shares of El Pollo Loco Holdings, Inc. LOCO surged 29% to $15.02 after the company reported better-than-expected Q3 EPS and sales results.

BeiGene, Ltd. BGNE shares gained 34% to $185.89 after the company announced a global strategic collaboration with Amgen for the commercialization and development in China. Amgen will buy a 20.5% stake in BeiGene for $2.7 billion in cash.

Equities Trading DOWN

Casa Systems, Inc. CASA shares tumbled 35% to $4.38 after the company reported its Phase 2 study of praliciguat in diabetic nephropathy did not reach statistical significance on its primary endpoint.

Shares of Arista Networks, Inc. ANET were down 24% to $184.87 after the company issued Q4 sales guidance below analyst estimates.

Pinterest, Inc. PINS was down, falling 19% to $20.34 after the company reported worse-than-expected Q3 sales results and issued soft guidance.

Commodities


In commodity news, oil traded up 2% to $55.24, while gold traded down 0.2% to $1,512.30.

Silver traded down 0.1% Friday to $18.055, while copper rose 0.3% to $2.645.

Euro zone

European shares were higher today. The eurozone’s STOXX 600 rose 0.69%, the Spanish Ibex Index rose 0.65%, while Italy’s FTSE MIB Index gained 1.02%. Meanwhile, the German DAX gained 0.84%, and the French CAC 40 rose 0.64% while UK shares rose 0.69%

Economics

The U.S. economy added 128,000 jobs in October and the unemployment rate saw just a tiny tick upward as employers continued to hire in spite of worries about a global economic slowdown. The unemployment rate in October was 3.6% in October, up slightly from 3.5% in September, the Bureau of Labor Statistics said.

The IHS Markit manufacturing PMI fell to 51.3 in October, versus a preliminary estimate of 51.5.

The ISM manufacturing index climbed to 48.3 in October, versus a reading of 47.8 in the prior month.

U.S. construction spending rose 0.5% for September.

The Baker Hughes North American rig count report for the latest week is schedule for release at 1:00 p.m. ET.

Federal Reserve Board of Governors Vice Chairman Richard Clarida is set to speak in New York, NY at 1:00 p.m. ET.

Federal Reserve Board of Governors Vice Chairman for Supervision Randal Quarles will speak in New Haven, Connecticut at 1:00 p.m. ET.

San Francisco Federal Reserve Bank President Mary Daly is set to speak in Washington, DC at 1:00 p.m. ET.

New York Federal Reserve Bank President John Williams will speak in Newark, New Jersey at 2:30 p.m. ET.