Market Overview

Mid-Day Market Update: Crude Oil Rises Over 1%; Yext Shares Fall After Q3 Results

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Midway through trading Friday, the Dow traded up 1.17% to 28002.57 while the NASDAQ rose 0.97% to 8653.49. The S&P also rose, gaining 0.99% to 3148.36.

Leading and Lagging Sectors

Energy shares climbed 2.1% on Friday. Meanwhile, top gainers in the sector included Sundance Energy, Inc. (NASDAQ: SNDE), up 24%, and Covia Holdings Corporation (NYSE: CVIA), up 18%.

In trading on Friday, utilities shares rose by just 0.1%.

Top Headline

Big Lots, Inc. (NYSE: BIG) reported upbeat results for its third quarter.

Big Lots posted quarterly loss of $0.18 per share, beating analysts’ estimates for a loss of $0.20 per share. Its sales came in at $1.168 billion, versus estimates of $1.16 billion.

Big Lots said it expects FY19 adjusted EPS of $3.70-$3.85, versus analysts’ estimates of $3.80.
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Equities Trading UP

Wellesley Bancorp, Inc. (NASDAQ: WEBK) shares shot up 30% to $42.00. Cambridge Trust announced plans to acquire Wellesley Bank for $122 million.

Shares of Genesco Inc. (NYSE: GCO) got a boost, shooting up 31% to $48.49 after the company reported better-than-expected Q3 EPS results. The company also issued FY20 EPS guidance above analyst estimates and Q3 comps up 3%.

Big Lots, Inc. (NYSE: BIG) shares were also up, gaining 28% to $24.43 after the company reported better-than-expected Q3 EPS and sales results.

Equities Trading DOWN

Correvio Pharma Corp. (NASDAQ: CORV) shares tumbled 32% to $1.4750.

Shares of Yext, Inc. (NYSE: YEXT) were down 17% to $13.82 after the company reported worse-than-expected Q3 EPS results. The company also issued Q4 and FY20 EPS and sales guidance below analyst estimates.

PagerDuty, Inc. (NYSE: PD) was down, falling 12% to $21.92 after the company reported worse-than-expected Q3 EPS results. The company also issued Q4 and FY20 EPS guidance below analyst estimates.

Commodities

In commodity news, oil traded up 1.3% to $59.19, while gold traded down 1.2% to $1,464.70.

Silver traded down 2.5% Friday to $16.625, while copper rose 2.1% to $2.718.

Euro zone

European shares were higher today. The eurozone’s STOXX 600 gained 1.16%, the Spanish Ibex Index rose 1.51%, while Italy’s FTSE MIB Index rose 0.93%. Meanwhile, the German DAX gained 0.86%, and the French CAC 40 rose 1.21% while UK shares rose 1.43%.

Economics

The nonfarm payroll number came in at +266,000, above consensus economist expectations of +187,000. The unemployment rate dropped from 3.6% to just 3.5%, its lowest level in 50 years.

The University of Michigan's consumer sentiment index climbed to 99.2 in December, compared to 96.8 in November.

U.S. wholesale inventories rose 0.1% in October, versus a revised 0.7% decline in the prior month.

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

Data on consumer credit for October will be released at 3:00 p.m. ET.

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

 

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