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Market Overview

Mid-Morning Market Update: Markets Open Lower; Deere Beats Q4 Expectations

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Following the market opening Friday, the Dow traded down 0.92% to 28951.46 while the NASDAQ fell 1.42% to 9,612.15. The S&P also fell, dropping 0.97% to 3,340.60.

Leading and Lagging Sectors

Real estate shares climbed 0.2% on Friday. Meanwhile, top gainers in the sector included Pennsylvania Real Estate Investment Trust (NYSE: PEI), up 5%, and SBA Communications Corporation (NASDAQ: SBAC), up 4%.

In trading on Friday, energy shares fell 1.8%.

Top Headline

Deere & Company (NYSE: DE) reported stronger-than-expected results for its first quarter on Friday.

Deere posted quarterly earnings of $1.63 per share, exceeding analysts’ estimates of $1.26 per share. Its quarterly sales came in at $7.631 billion, beating expectations of $6.42 billion.

Equities Trading UP

Trans World Entertainment Corporation (NASDAQ: TWMC) shares shot up 110% to $7.35 after the company disclosed that its subsidiary etailz entered into a deal with Encina for $25 million 3-year secured revolving credit facility.

Shares of Celldex Therapeutics, Inc. (NASDAQ: CLDX) got a boost, shooting 41% to $3.19. Cantor Fitzgerald initiated coverage on Celldex Therapeutics with an Overweight rating and a $8 price target.

Avadel Pharmaceuticals plc (NASDAQ: AVDL) shares were also up, gaining 27% to $9.02 after the company reported a $65 million private placement with investors led by Vivo Capital, Avoro Capital Advisors, RTW Investments, Venrock Healthcare Capital Partners, Acuta Capital, and KVP Capital.

Equities Trading DOWN

Appian Corporation (NASDAQ: APPN) shares tumbled 24% to $47.46 after the company issued downbeat FY20 earnings and sales guidance.

Shares of BlueLinx Holdings Inc. (NYSE: BXC) were down 18% to $15.91 after the company said it was “not aware’ of any tender offer from Bluefin Acquisitions. According to yesterday’s press release, Bluefin Acquisitions announced a tender offer to buy BlueLinx at $24.50 per share.

Conduent Incorporated (NASDAQ: CNDT) was down, falling 20% to $3.9752 after the company reported worse-than-expected Q4 earnings. The company also issued FY20 sales guidance down 6-8%.

Commodities

In commodity news, oil traded up 1.8% to $52.89, while gold traded up 1% to $1,636.80.

Silver traded up 0.9% Friday to $18.49, while copper fell 0.2% to $2.582.

Euro zone

European shares were lower today. The eurozone’s STOXX 600 dropped 0.1% the Spanish Ibex Index declined 0.2%, while Italy’s FTSE MIB Index dipped 0.3% Meanwhile, the German DAX dropped 0.1%, and the French CAC 40 fell 0.1% while UK shares fell 0.2%.

Economics

The IHS Markit US composite PMI slipped to 49.6 in February, versus a reading of 53.3 in the prior month.

U.S. existing home sales fell 1.3% to an annual rate of 5.46 million units in January.

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

Federal Reserve Vice Chairman Richard Clarida will speak at 1:30 p.m. ET.

Federal Reserve Bank of Cleveland President Loretta Mester is set to speak at 1:30 p.m. ET.

 

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

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