Market Overview

Mid-Morning Market Update: Markets Down; AT&T Earnings Beat Estimates

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Following the market opening Thursday, the Dow traded down 0.26% to 26,936.51 while the NASDAQ fell 0.11% to 10,692.02. The S&P also fell, dropping 0.04% to 3,274.73.

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 3,971,340 cases with around 143,190 deaths. Brazil confirmed a total of over 2,227,510 COVID-19 cases with 82,770 deaths, while India reported a total of at least 1,238,790 confirmed cases and 29,860 deaths. In total, there were at least 15,255,090 cases of COVID-19 worldwide with over 624,130 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors

Health care shares rose 0.5% on Thursday. Meanwhile, top gainers in the sector included CymaBay Therapeutics, Inc. (NASDAQ: CBAY), up 31%, and Ampio Pharmaceuticals, Inc. (NYSE: AMPE), up 10%.

In trading on Thursday, energy shares fell 0.9%.

Top Headline

AT&T Inc. (NYSE: T) reported better-than-expected earnings for its second quarter, while sales missed views.

AT&T posted quarterly earnings of $0.83 per share, beating analysts’ estimates of $0.79 per share. The company reported sales of $40.95 billion, missing expectations of $41.02 billion.

Equities Trading UP

Milestone Pharmaceuticals Inc. (NASDAQ: MIST) shares shot up 141% to $8.06 after the company reported its NODE-301 and NODE-301B studies can be used as 2 efficacy studies that support future new drug application submissions.

Shares of Helix Energy Solutions Group, Inc. (NYSE: HLX) got a boost, shooting 32% to $5.03 after the company reported better-than-expected Q2 results. Piper Sandler also upgraded the stock from Neutral to Overweight and raised the price target from $3.50 to $6 per share.

Brightcove Inc. (NASDAQ: BCOV) shares were also up, gaining 32% to $10.68 after the company reported stronger-than-expected Q2 results.

Equities Trading DOWN

360 Finance, Inc. (NASDAQ: QFIN) shares tumbled 15% to $14.31.

Shares of Midatech Pharma plc (NASDAQ: MTP) were down 14% to $2.5388 after the company said it has terminated the formal sale process initiated in late April after it failed to receive any proposals from third parties.

LexinFintech Holdings Ltd. (NASDAQ: LX) was down, falling 13% to $9.30.

Commodities

In commodity news, oil traded down 0.6% to $41.65, while gold traded up 0.5% to $1,874.40.

Silver traded down 1.3% Thursday to $22.85, while copper rose 0.2% to $2.93.

Euro zone

European shares were mostly higher today. The eurozone’s STOXX 600 rose 0.3%, the Spanish Ibex Index fell 0.1%, while Italy’s FTSE MIB Index declined 0.5%. Meanwhile, the German DAX 30 gained 0.3%, French CAC 40 gained 0.2% and UK shares rose 0.4%.

Economics

U.S. initial jobless claims rose 1.42 million in the week ended July 18, versus analysts’ expectations of 1.30 million.

The index of leading economic indicators increased 2% for June.

The Energy Information Administration’s weekly report on natural gas stocks in underground storage will be released at 10:30 a.m. ET.

The Kansas City manufacturing index for July is scheduled for release at 11:00 a.m. ET. The index is projected to rise to 5 in July from a reading of 1 in June.

The Treasury is set to auction 20-year bonds at 1:00 p.m. ET.

Data on money supply for the latest week will be released at 4:30 p.m. ET.

 

Related Articles (AMPE + BCOV)

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Posted-In: Earnings News Penny Stocks Eurozone Commodities Global Intraday Update Markets

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