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

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. JFIN, up 10%, and Redwood Trust, Inc. RWT, up 11%.

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

Top Headline

Adobe Inc 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. 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 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. 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. 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. RFIL were down 12% to $5.17 after the company reported downbeat Q2 sales.

Neovasc Inc. 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.