Mid-Afternoon Market Update: NASDAQ Turns Negative; Yunhong CTI Shares Spike Higher

Toward the end of trading Friday, the Dow traded up 0.13% to 25161.33 while the NASDAQ fell 0.34% to 9,460.21. The S&P also fell, dropping 0.20% to 2,996.22.

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

Real estate shares climbed 1.1% on Friday. Meanwhile, top gainers in the sector included Acadia Realty Trust AKR, up 7%, and Agree Realty Corporation ADC, up 3%.

In trading on Friday, utilities shares fell 1.3%.

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 65% to $3.75 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 47% to $0.88 after the company announced a $5.5 million Department of Defense award.

Hertz Global Holdings, Inc. HTZ shares were also up, gaining 39% to $2.87. 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 32% to $2.52. Sobi and Selecta reported an agreement for SEL-212, a Phase 3-ready novel treatment for chronic refractory gout.

Shares of RF Industries, Ltd. RFIL were down 11% to $5.21 after the company reported downbeat Q2 sales.

Neovasc Inc. NVCN was down, falling 14% to $2.48 as the company reported an $11.5 million registered direct offering priced at-the-market.

Commodities


In commodity news, oil traded down 1% to $35.98, while gold traded down 0.1% to $1,737.60.

Silver traded down 2.1% Friday to $17.51, while copper rose 0.3% to $2.593.

Euro zone

European shares closed mostly higher today. The eurozone’s STOXX 600 rose 0.28%, the Spanish Ibex Index rose 0.2%, while Italy’s FTSE MIB Index gained 0.43%. Meanwhile, the German DAX 30 dropped 0.18%, French CAC 40 rose 0.49% and UK shares rose 0.47%.

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 total number of active U.S. oil rigs slipped by 7 to 199 rigs this week, Baker Hughes Inc reported.