Mid-Morning Market Update: Markets Fall; Alibaba Earnings Beat Estimates

Following the market opening Friday, the Dow traded down 0.64% to 24317.72 while the NASDAQ fell 0.21% to 9265.84. The S&P also fell, dropping 0.42% to 2936.06.

The U.S. has the highest number of coronavirus cases and deaths around the world, reporting a total of 1,577,750 cases with around 94,720 deaths. Brazil confirmed a total of over 310,080 COVID-19 cases with 20,040 deaths, while Russia reported a total of at least 326,440 confirmed cases and 3,240 deaths. In total, there were at least 5,125,610 cases of COVID-19 worldwide with over 333,380 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors

Real estate shares climbed 0.6% on Friday. Meanwhile, top gainers in the sector included Altisource Portfolio Solutions S.A. ASPS, up 7%, and American Realty Investors, Inc. ARL, up 4%.

In trading on Friday, energy shares dipped 2.3%.

Top Headline

Alibaba Group Holding Ltd - ADR BABA reported better-than-expected results for its fourth quarter.

Alibaba reported quarterly earnings of $1.30 per share on Friday, which beat the analyst consensus estimate of 87 cents. The company reported quarterly sales of $16.144 billion, which beat the analyst consensus estimate of $15.200 billion. Domestic same-store sales slipped 5.7% during the quarter.


Equities Trading UP

Digirad Corporation DRAD shares shot up 23% to $2.4862 after declining around 16% on Thursday.

Shares of Celsion Corporation CLSN got a boost, shooting 19% to $2.79 after jumping over 36% on Thursday.

Navidea Biopharmaceuticals, Inc. NAVB shares were also up, gaining 100% to $2.5398 after the company announced positive preliminary results from the second interim analysis of its ongoing NAV3-31 Phase 2B study.


Equities Trading DOWN

Recon Technology, Ltd. RCON shares tumbled 44% to $2.09 after the company reported pricing of approximately $2.1 million registered direct offering.

Shares of Luckin Coffee Inc. LK were down 18% to $1.649 after dropping 30% on Thursday.

Gulf Resources, Inc. GURE was down, falling 20% to $4.33. Gulf Resources reported a Q1 loss of $0.37 on Thursday.

Commodities


In commodity news, oil traded down 5.5% to $32.07, while gold traded up 0.9% to $1,737.00.

Silver traded up 0.7% Friday to $17.49, while copper fell 2.2% to $2.379.

Euro zone

European shares were mostly lower today. The eurozone’s STOXX 600 fell 0.6%, the Spanish Ibex Index rose 0.2%, while Italy’s FTSE MIB Index rose 0.9%. Meanwhile, the German DAX dropped 0.5%, and the French CAC 40 fell 0.3% while UK shares fell 0.8%.


Economics

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

Date
ticker
name
Actual EPS
EPS Surprise
Actual Rev
Rev Surprise
Posted In: EarningsNewsPenny StocksEurozoneCommoditiesGlobalIntraday UpdateMarketsMid-Morning Market Update
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!

Loading...