Market Overview

Mid-Afternoon Market Update: Dow Tumbles Over 600 Points; Bellerophon Therapeutics Shares Surge

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Toward the end of trading Friday, the Dow traded down 3.1% to 19,464.34 while the NASDAQ fell 2.01% to 7,007.15. The S&P also rose, gaining 3.07% to 2,335.31.

U.S. reported a total of 14,000 coronavirus cases with around 200 deaths. Italy reported a total of at least 41,000 confirmed cases and 3,400 deaths, while Iran confirmed a total of over 18,400 coronavirus cases. Mainland China reported no new domestic coronavirus case for the second consecutive day. In total, there are at least 245,000 cases of COVID-19 worldwide with over 10,000 deaths.

Leading and Lagging Sectors

Real estate shares slipped by just 0.1% on Friday. Meanwhile, top gainers in the sector included Retail Properties of America, Inc. (NYSE: RPAI), up 37%, and RPT Realty (NYSE: RPT), up 23%.

In trading on Friday, consumer staples shares dipped 4%.

Top Headline

Hibbett Sports, Inc. (NASDAQ: HIBB) reported weaker-than-expected earnings for its fourth quarter, while sales exceeded estimates.

Hibbett posted quarterly adjusted earnings of $0.51 per share, missing analysts' estimates of $0.62 per share. The company's sales came in at $313 million, exceeding analysts' estimates of $303.63 million.

Hibbett Sports reported a 4% year-over-year rise in Q4 same-store sales.

Equities Trading UP

Bellerophon Therapeutics, Inc. (NASDAQ: BLPH) shares shot up 447% to $18.56 after the company reported that the FDA granted emergency expanded access for INOpulse for the treatment of coronavirus infection.

Shares of Tonix Pharmaceuticals Holding Corp. (NASDAQ: TNXP) got a boost, shooting 93% to $1.09 after the company's 8-K showed it would present certain info related to the TNX-1800 for a potential coronavirus vaccine to the World Health Organization on Friday.

GenMark Diagnostics, Inc. (NASDAQ: GNMK) shares were also up, gaining 28% to $5.27 after the company received FDA emergency use authorization for its ePlex SARS-CoV-2 test. The test is available in hospitals and labs across the U.S. and in more than 30 countries.

Equities Trading DOWN

Biomerica, Inc. (NASDAQ: BMRA) shares tumbled 53% to $7.48 after surging over 55% on Thursday.

Shares of Waitr Holdings Inc. (NASDAQ: WTRH) were down 36% to $1.6550 after rising around 32% on Thursday.

Blue Apron Holdings, Inc. (NYSE: APRN) was down, falling 22% to $11.19. Blue Apron reported a sharp increase in demand.

Commodities

In commodity news, oil traded down 21.3% to $19.84, while gold traded up 0.2% to $1,482.20.

Silver traded up 2.2% Friday to $12.395, while copper fell 2% to $2.1415.

Euro zone

European shares closed higher today. The eurozone's STOXX 600 rose 1.82% the Spanish Ibex Index rose 0.74%, while Italy's FTSE MIB Index rose 1.71%. Meanwhile, the German DAX gained 3.7%, and the French CAC 40 rose 5.01% while UK shares rose 0.76%.

Economics

US existing home sales rose 6.5% to an annual rate of 5.77 million units in February.

The total number of active U.S. oil rigs declined by 19 to 664 rigs this week, Baker Hughes Inc reported.

 

Related Articles (BLPH + APRN)

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

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