Market Overview

Mid-Morning Market Update: Markets Open Higher; Foot Locker Profit Tops Expectations

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Following the market opening Friday, the Dow traded up 0.28% to 27844.39 while the NASDAQ rose 0.12% to 8,516.05. The S&P also rose, gaining 0.21% to 3,110.13.

Leading and Lagging Sectors

Financial shares climbed 0.8% on Friday. Meanwhile, top gainers in the sector included Qudian Inc. (NYSE: QD), up 3%, and FinVolution Group (NYSE: PPDF), up 3%.

In trading on Friday, utilities shares fell 0.3%.

Top Headline

Foot Locker, Inc. (NYSE: FL) reported upbeat earnings for its third quarter, while sales missed views.

Foot Locker reported third-quarter earnings of $1.13 per share, beating analysts’ estimates of $1.08 per share. The company reported quarterly sales of $1.932 billion, which missed the analyst consensus estimate of $1.94 billion. Its same-store sales climbed 5.7% year-over-year.

Equities Trading UP

EyeGate Pharmaceuticals, Inc. (NASDAQ: EYEG) shares shot up 85% to $8.45. The company reported topline data for its ocular bandage gel eye drop. The data showed the company's drop was superior to the current standard-of-career.

Shares of Viveve Medical, Inc. (NASDAQ: VIVE) got a boost, shooting up 31% to $2.84.

Hibbett Sports, Inc. (NASDAQ: HIBB) shares were also up, gaining 17% to $29.19 after the company reported better-than-expected Q3 EPS and sales results. The company also raised its FY20 EPS guidance above analyst estimates and raised its FY20 comps guidance from 1-2% to 4-6%.

Equities Trading DOWN

Arcimoto, Inc. (NASDAQ: FUV) shares tumbled 25% to $1.6950. Arcimoto priced its 5 million share common stock offering at $1.80 per share.

Shares of Danaos Corporation (NYSE: DAC) were down 24% to $5.78. Danaos priced offering of 9,000,000 shares of its common stock at $6.00 per share.

Organogenesis Holdings Inc. (NASDAQ: ORGO) was down, falling 21% to $4.77. Organogenesis priced an underwritten public offering of 9,000,000 shares of its Class A common stock, at $5.00 per share.

Commodities

In commodity news, oil traded down 0.3% to $58.38, while gold traded up 0.5% to $1,471.40.

Silver traded up 0.5% Friday to $17.155, while copper rose 0.5% to $2.6375.

Euro zone

European shares were higher today. The eurozone’s STOXX 600 rose 0.5%, the Spanish Ibex Index rose 0.6%, while Italy’s FTSE MIB Index gained 0.2%. Meanwhile, the German DAX rose 0.2%, and the French CAC 40 rose 0.3% while UK shares rose 1.2%.

Economics

The IHS Markit composite PMI climbed to 51.9 in November, compared to 50.9 in the prior month. The IHS Markit services PMI surged to 51.6 in November from 50.6, while manufacturing PMI surged to 52.2 in November from 51.3.

The University of Michigan's consumer sentiment index rose to 96.8 in November, versus a reading of 95.5 in October.

The Baker Hughes North American rig count report for the recent week will be released at 1:00 p.m. ET.

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

 

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