Market Overview

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

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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 (NYSE: AKR), up 7%, and Agree Realty Corporation (NYSE: ADC), up 3%.

In trading on Friday, utilities shares fell 1.3%.

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 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 (NASDAQ: 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. (NYSE: 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. (NASDAQ: 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. (NASDAQ: RFIL) were down 11% to $5.21 after the company reported downbeat Q2 sales.

Neovasc Inc. (NASDAQ: 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.

 

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