Market Overview

Mid-Day Market Update: Limelight Networks Falls Following Q1 Earnings; Mesoblast Shares Surge

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Midway through trading Friday, the Dow traded down 0.14% to 23481.83 while the NASDAQ rose 0.13% to 8505.65. The S&P also rose, gaining 0.07% to 2,799.73.

The U.S. is the epicenter of the coronavirus pandemic with the highest number of cases and deaths around the world. U.S. reported a total of 869,170 coronavirus cases with around 49,960 deaths. Spain confirmed a total of over 213,020 coronavirus cases with 22,150 deaths, while Italy reported a total of at least 189,970 confirmed cases and 25,540 deaths. In total, there were at least 2,721,350 cases of COVID-19 worldwide with over 191,230 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors

Consumer staples shares climbed 0.6% on Friday. Meanwhile, top gainers in the sector included 22nd Century Group, Inc. (NYSE: XXII), up 22%, and Beyond Meat, Inc. (NASDAQ: BYND), up 9%.

In trading on Friday, utilities shares fell 0.7%.

Top Headline

Verizon Communications Inc. (NYSE: VZ) reported better-than-expected earnings for its first quarter, while sales missed expectations.

Verizo posted quarterly earnings of $1.26 per share, beating analysts’ estimates of $1.23 per share. Its sales came in at $31.60 billion, versus expectations of $32.44 billion.

Verizon lowered its 2020 adjusted EPS growth forecast to -2% to +2%, versus earlier growth forecast of +2% to +4%.

Equities Trading UP

Mesoblast Limited (NASDAQ: MESO) shares shot up 105% to $13.21 after the company reported 10 out of 12 patients with ventilator-dependent coronavirus infection survived following 2 intravenous infusions of co.'s allogeneic mesenchymal stem cell product candidate Remestemcel-L.

Shares of Tarena International, Inc. (NASDAQ: TEDU) got a boost, shooting 27% to $4.4314. Tarena announced plans to file fiscal year 2018 annual report on Form 20-F on April 24, 2020.

Calix, Inc. (NYSE: CALX) shares were also up, gaining 24% to $9.50. Jefferies upgraded Calix from Hold to Buy and raised the price target from $7 to $13.

Equities Trading DOWN

Limelight Networks, Inc. (NASDAQ: LLNW) shares tumbled 13% to $5.03 after the company reported Q1 earnings results.

Shares of Natura &Co Holding S.A. (NYSE: NTCO) were down 14% to $10.75.

eHealth, Inc. (NASDAQ: EHTH) was down, falling 12% to $110.92. eHealth reported better-than-expected Q1 results, but lowered its FY20 earnings forecast.

Commodities

In commodity news, oil traded up 1.4% to $16.73, while gold traded down 1% to $1,728.20.

Silver traded down 1.3% Friday to $15.165, while copper rose 0.2% to $2.3175.

Euro zone

European shares were lower today. The eurozone’s STOXX 600 slipped 1.05%, the Spanish Ibex Index fell 1.89%, while Italy’s FTSE MIB Index fell 0.91%. Meanwhile, the German DAX dropped 1.59%, and the French CAC 40 fell 1.11% while UK shares fell 1.09%.

Economics

U.S. durable goods orders dipped 14.4% in March, versus a revised 1.1% rise in February.

The University of Michigan's consumer sentiment index rose to 71.8 in April, versus a preliminary reading of 71.

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

 

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