Market Overview

Mid-Afternoon Market Update: U.S. Stocks Turn Lower; Dow Falls Over 100 Points


Toward the end of trading Friday, the Dow traded down 0.45% to 25,962.09 while the NASDAQ fell 0.12% to 9,930.89. The S&P also fell, dropping 0.42% to 3,102.16.

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 2,191,200 cases with around 118,430 deaths. Brazil confirmed a total of over 978,140 COVID-19 cases with 47,740 deaths, while Russia reported a total of at least 568,290 confirmed cases and 7,830 deaths. In total, there were at least 8,509,390 cases of COVID-19 worldwide with over 454,380 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors

Health care shares climbed 0.7% on Friday. Meanwhile, top gainers in the sector included Celldex Therapeutics, Inc. (NASDAQ: CLDX), up 25%, and Strongbridge Biopharma plc (NASDAQ: SBBP), up 25%.

In trading on Friday, industrial shares fell 1%.

Top Headline

Jabil Inc (NYSE: JBL) reported better-than-expected results for its third quarter.

Jabil reported quarterly earnings of $0.37 per share on Friday, which beat the analyst consensus estimate of $0.32. The company reported quarterly sales of $6.30 billion, which surpassed the consensus estimate of $5.57 billion.

Jabil said it expects Q4 adjusted earnings of $0.46 to $0.86 per share on sales of $5.8 billion to $6.6 billion.

Equities Trading UP

Cohen & Company Inc. (NYSE: COHN) shares shot up 98% to $15.26 after President Daniel Cohen disclosed a 74.61% stake in the company.

Shares of Pintec Technology Holdings Limited (NASDAQ: PT) got a boost, shooting 25% to $1.3835 after the company reported that it has expanded its cooperation with China Telecom Bestpay to provide intelligent handset installment services to Bestpay’s government and enterprise customers.

Immuron Limited (NASDAQ: IMRN) shares were also up, gaining 24% to $9.58 after the company announced a partnership with CSIRO to produce new oral therapeutic for clinical evaluation by the US Department of Defense.

Equities Trading DOWN

BeyondSpring Inc. (NASDAQ: BYSI) shares tumbled 19% to $13.52 after the company priced its public offering of 1,930,000 ordinary shares at $13.00 per share.

Shares of Obalon Therapeutics, Inc. (NASDAQ: OBLN) were down 22% to $0.8357 following Q1 results. Obalon Therapeutics posted a Q1 loss of $0.68 per share on sales of $780,000.

Yatra Online, Inc. (NASDAQ: YTRA) was down, falling 20% to $0.7716 after the company priced 12.5 million share public offering of ordinary shares at $0.80 per share.


In commodity news, oil traded up 2.3% to $39.73, while gold traded up 1.3% to $1,753.50.

Silver traded up 2% Friday to $17.85, while copper rose 0.9% to $2.611.

Euro zone

European shares closed higher today. The eurozone’s STOXX 600 rose 0.56%, the Spanish Ibex Index rose 0.32%, while Italy’s FTSE MIB Index gained 0.68%. Meanwhile, the German DAX 30 climbed 0.4%, French CAC 40 climbed 0.42% and UK shares rose 1.1%.


The US current account deficit shrank by $0.1 billion to $104.2 billion in the first quarter, versus analysts’ estimates of a $103 billion deficit.

The total number of active U.S. oil rigs slipped by 10 to 189 rigs this week, Baker Hughes Inc reported.


Related Articles (CLDX + BYSI)

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