Market Overview

Mid-Day Market Update: RF Industries Falls After Q2 Results; eMagin Shares Surge

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Midway through trading Friday, the Dow traded up 1.58% to 25524.72 while the NASDAQ rose 1.10% to 9597.21. The S&P also rose, gaining 1.27% to 3040.14.

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 2,023,340 cases with around 113,820 deaths. Brazil confirmed a total of over 802,820 COVID-19 cases with 40,910 deaths, while Russia reported a total of at least 510,760 confirmed cases and 6,700 deaths. In total, there were at least 7,534,320 cases of COVID-19 worldwide with over 421,850 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors

Financial shares climbed 2% on Friday. Meanwhile, top gainers in the sector included G. Jiayin Group Inc. (NASDAQ: JFIN), up 10%, and Redwood Trust, Inc. (NYSE: RWT), up 11%.

In trading on Friday, consumer discretionary shares fell 0.1%.

Top Headline

Adobe Inc (NASDAQ: ADBE) reported upbeat earnings for its second quarter, while sales fell short of expectations. The company also issued downbeat guidance for the third quarter.

Adobe posted Q2 adjusted earnings of $2.45 per share, beating analysts’ estimates of $2.33 per share. The company reported quarterly sales of $3.13 billion, missing expectations of $3.16 billion.

Adobe said it expects Q3 adjusted EPS of $2.40 on sales of $3.15 billion. Analysts were projecting EPS of $2.46 on sales of $3.28 billion.

Equities Trading UP

Yunhong CTI Ltd. (NASDAQ: CTIB) shares shot up 78% to $4.05 following an amended 13D filing from LF International which disclosed a 56.9% stake in the company.

Shares of eMagin Corporation (NASDAQ: EMAN) got a boost, shooting 69% to $1.02 after the company announced a $5.5 million Department of Defense award.

Hertz Global Holdings, Inc. (NYSE: HTZ) shares were also up, gaining 40% to $2.8814. Hertz Global wants to take advantage of a spike in its stock price registered early this week, selling up to $1 billion in shares.

Equities Trading DOWN

Selecta Biosciences, Inc. (NASDAQ: SELB) shares tumbled 23% to $2.83. Sobi and Selecta reported an agreemen for SEL-212, a Phase 3-ready novel treatment for chronic refractory gout.

Shares of RF Industries, Ltd. (NASDAQ: RFIL) were down 12% to $5.17 after the company reported downbeat Q2 sales.

Neovasc Inc. (NASDAQ: NVCN) was down, falling 14% to $2.4830 as the company reported an $11.5 million registered direct offering priced at-the-market.

Commodities

In commodity news, oil traded down 1.7% to $35.72, while gold traded up 0.1% to $1,740.40.

Silver traded down 1.9% Friday to $17.545, while copper fell 0.1% to $2.5835.

Euro zone

European shares were mostly higher today. The eurozone’s STOXX 600 rose 0.1%, the Spanish Ibex Index fell 0.2%, while Italy’s FTSE MIB Index gained 0.2%. Meanwhile, the German DAX 30 dropped 0.5%, French CAC 40 rose 0.2% and UK shares rose 0.1%.

Economics

US import prices rose 1% in May after a 2.6% decline in the prior month. However, export prices gained 0.5% in May following a 3.3% drop in April.

The University of Michigan's consumer sentiment index climbed to 78.9 in June versus a reading of 72.3 in May.

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

 

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