Market Overview

Mid-Day Market Update: Groupon Jumps On Upbeat Q2 Results; Alteryx Shares Slide

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Midway through trading Friday, the Dow traded down 0.32% to 27298.50 while the NASDAQ fell 0.39% to 11065.28. The S&P also fell, dropping 0.16% to 3343.95.

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 4,883,650 cases with around 160,100 deaths. Brazil confirmed a total of over 2,912,210 COVID-19 cases with 98,490 deaths, while India reported a total of at least 2,027,070 confirmed cases and 41,580 deaths. In total, there were at least 19,111,120 cases of COVID-19 worldwide with over 715,160 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors

Utilities shares gained 1.6% on Friday. Meanwhile, top gainers in the sector included Spark Energy, Inc. (NASDAQ: SPKE), up 5%, and Clearway Energy, Inc. (NYSE: CWEN), up 4%.

In trading on Friday, energy shares fell by 1.6%.

Top Headline

The US unemployment rate declined to 10.2% in July compared to 11.1% in June and versus analysts’ estimates of 10.5%.

The US economy added 1.76 million jobs during July, versus addition of record 4.8 million jobs in the earlier month. However, analysts were expecting a gain of 1.6 million jobs.

Equities Trading UP

Conduent Incorporated (NASDAQ: CNDT) shares shot up 69% to $3.82 after the company reported stronger-than-expected Q2 results.

Shares of Huttig Building Products, Inc. (NASDAQ: HBP) got a boost, shooting 45% to $2.39 after Mill Road announced it would acquire the company at $2.75 per share.

Groupon, Inc. (NASDAQ: GRPN) shares were also up, gaining 45% to $23.86 after the company posted a lower-than-expected loss for its second quarter. The company’s sales also exceeded estimates.

Equities Trading DOWN

Everspin Technologies, Inc. (NASDAQ: MRAM) shares tumbled 27% to $6.21 after the company reported downbeat Q2 sales and issued weak Q3 guidance.

Shares of Alteryx, Inc. (NYSE: AYX) were down 28% to $122.06. Alteryx reported upbeat Q2 results, but issued weak sales forecast for Q3 and FY20.

AquaBounty Technologies, Inc. (NASDAQ: AQB) was down, falling 18% to $2.5147 after the company reported Q2 results and also announced a common stock offering.

Commodities

In commodity news, oil traded down 1.5% to $41.31, while gold traded down 1.4% to $2,040.60.

Silver traded down 1.4% Friday to $28.00, while copper fell 3.1% to $2.8215.

Euro zone

European shares were mixed today. The eurozone’s STOXX 600 rose 0.2%, the Spanish Ibex Index fell 0.18%, while Italy’s FTSE MIB Index gained 0.13%. Meanwhile, the German DAX 30 gained 0.51%, French CAC 40 fell 0.03% and UK shares fell 0.08%.

Economics

The US economy added 1.76 million jobs during July, versus addition of record 4.8 million jobs in the earlier month. The US unemployment rate declined to 10.2% in July compared to 11.1% in June.

U.S. wholesale inventories increased 8.8% for June, versus analysts’ expectations for a 4.9% rise.

The Baker Hughes North American rig count report for the latest week is scheduled for release at 1:00 p.m. ET.

Data on consumer credit for June will be released at 3:00 p.m. ET.

 

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