Market Overview

Mid-Day Market Update: Dow Falls 150 Points; Inovio Pharmaceuticals Shares Spike Higher

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Midway through trading Thursday, the Dow traded down 0.52% to 28584 while the NASDAQ fell 0.65% to 9214.83. The S&P also fell, dropping 0.62% to 3253.02.

Leading and Lagging Sectors

Utilities shares climbed 0.4% on Thursday.

In trading on Thursday, communication services shares fell 1.8%.

Top Headline

Coca-Cola Co (NYSE: KO) reported in-line earnings for its fourth quarter, while sales exceeded views

Coca-Cola reported fourth-quarter earnings of 44 cents per share on Thursday, which met the analyst consensus estimate. The company reported quarterly sales of $9.1 billion, which beat the analyst consensus estimate of $8.85 billion.

Coca-Cola expects FY20 adjusted earnings of $2.25 per share and organic sales growth of 5% year-over-year.

Equities Trading UP

Inovio Pharmaceuticals Inc (NASDAQ: INO) shares shot up 15% to $4.7381 after the company announced it is collaborating with Beijing Advaccine Biotechnology to advance INO-4800 against the coronavirus in China.

Shares of Cleveland BioLabs, Inc. (NASDAQ: CBLI) got a boost, shooting up 23% to $2.75 after declining 20.07% on Wednesday.

Farfetch Ltd (NYSE: FTCH) shares were also up, gaining 11% to $12.60after the company announced it raised $250 million from Tencent and Dragoneer to support continued growth.

Equities Trading DOWN

Annovis Bio, Inc. (NYSE: ANVS) shares tumbled 19% to $7.76. Annovis Bio shares climbed 59.8% on Wednesday after the company priced its initial public offering of 2,000,000 shares at $6.00 per share.

Shares of Sundial Growers Inc. (NASDAQ: SNDL) were down 32% to $1.7575 after the company's 6-K showed that the CEO & COO is expected to resign.

Intelsat S.A. (NYSE: I) was down, falling 20% to $3.0510 on continued weakness after Senators introduced a bill that seeks to limit satellite incentive payments.

Commodities

In commodity news, oil traded down 2.7% to $51.90, while gold traded up 0.7% to $1,581.10.

Silver traded up 2.7% Thursday to $17.96, while copper fell 1.1% to $2.525.

Euro zone

European shares were lower today. The eurozone’s STOXX 600 declined 1.01%, the Spanish Ibex Index fell 0.72%, while Italy’s FTSE MIB Index fell 1.59% Meanwhile, the German DAX dropped 1.41%, and the French CAC 40 fell 1.4% while UK shares fell 1.36%.

Economics

The US economy expanded by an annualized 2.1% in the fourth quarter. Economists were also expecting a 2.1% growth in the quarter.

U.S. initial jobless claims fell 7,000 to 216,000 for the latest week.

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

 

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