Market Overview

Mid-Morning Market Update: Markets Mostly Flat; Walmart Earnings Beat Expectations

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Following the market opening Thursday, the Dow traded up 0.02% to 27,788.94 while the NASDAQ fell 0.06% to 8,476.81. The S&P also rose, gaining 0.05% to 3,095.73.

Leading and Lagging Sectors

Consumer discretionary shares climbed 0.4% on Thursday. Meanwhile, top gainers in the sector included Dillard's, Inc. (NYSE: DDS), up 18%, and International Game Technology PLC (NYSE: IGT), up 17%.

In trading on Thursday, information technology shares fell 0.4%.

Top Headline

Walmart Inc (NYSE: WMT) reported upbeat Q3 earnings and raised FY20 earnings guidance.

Walmart reported quarterly earnings of $1.16 per share, beating analysts’ estimates of $1.09 per share. Its sales came in at $128 billion, versus expectations of $128.63 billion. Its total same-store sales increased 2.8% during the quarter. Walmart raised its fiscal year 2020 EPS guidance and said it now expects a slight increase over its fiscal year 2019 EPS.
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Equities Trading UP

Sienna Biopharmaceuticals Inc (NASDAQ: SNNA) shares shot up 110% to $0.34 after the company announced that Nasdaq granted the company's request for continued listing on the Nasdaq Stock Market.

Shares of Exicure Inc (NASDAQ: XCUR) got a boost, shooting up 21% to $2.97. Exicure and Allergan reported a deal to discover and develop spherical nucleic acid-based treatments for hair loss disorders.

Dillard's, Inc. (NYSE: DDS) shares were also up, gaining 18% to $79.81 after the company reported Q3 EPS and sales results up from last year.

Equities Trading DOWN

Contura Energy Inc (NYSE: CTRA) shares tumbled 31% to $12.62 after the company reported downbeat Q3 results.

Shares of LiqTech International Inc (NASDAQ: LIQT) were down 28% to $5.13 after the company announced Q3 results.

Ribbon Communications Inc (NASDAQ: RBBN) was down, falling 18% to $3.33 after the company announced plans to acquire ECI Telecom Group for $324 million and announced CEO departure.

Commodities

In commodity news, oil traded up 0.9% to $57.63, while gold traded up 0.4% to $1,469.60.

Silver traded up 0.7% Thursday to $17.03, while copper rose 0.4% to $2.649.

Euro zone

European shares were mixed today. The eurozone’s STOXX 600 fell 0.1%, the Spanish Ibex Index fell 0.1%, while Italy’s FTSE MIB Index gained 0.1%. Meanwhile, the German DAX dropped 0.3%, and the French CAC 40 rose 0.1% while UK shares fell 0.4%.

Economics

Initial jobless claims increased 14,000 to 225,000 in the latest week. However, economists were expecting new claims reach 215,000 last week.

The Producer Price Index rose 0.4% for October, versus economists’ expectations for a 0.2% increase.

The Energy Information Administration’s weekly report on natural gas stocks in underground storage is schedule for release at 10:30 a.m. ET.

The Energy Information Administration weekly report on petroleum inventories will be released at 11:00 a.m. ET.

The Treasury is set to auction 4-and 8-week bills at 11:30 a.m. ET.

San Francisco Federal Reserve Bank President Mary Daly is set to speak in San Francisco, California at 11:45 a.m. ET.

New York Federal Reserve Bank President John Williams will speak in San Francisco, CA at 12:00 p.m. ET.

St. Louis Federal Reserve Bank President James Bullard is set to speak in Lousville, Kentucky at 12:20 p.m. ET.

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

Dallas Federal Reserve Bank President Robert Kaplan will speak in Stephenville, Texas at 5:00 p.m. ET.

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

 

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