Market Overview

Mid-Day Market Update: Zumiez Surges After Q2 Results; Amyris Shares Slide

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Midway through trading Friday, the Dow traded up 0.66% to 27715.14 while the NASDAQ fell 0.19% to 10898.75. The S&P also rose, gaining 0.31% to 3349.60.

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 6,397,540 cases with around 191,800 deaths. India confirmed a total of at least 4,562,410 confirmed cases and 76,270 deaths, while Brazil reported over 4,238,440 COVID-19 cases with 129,520 deaths. In total, there were at least 28,200,030 cases of COVID-19 worldwide with over 910,130 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors

Materials shares climbed 1.5% on Friday. Meanwhile, top gainers in the sector included Teck Resources Limited (NYSE: TECK), up 12%, and Warrior Met Coal, Inc. (NYSE: HCC), up 10%.

In trading on Friday, information technology shares fell 0.2%.

Top Headline

Kroger Co (NYSE: RH) reported stronger-than-expected results for its second quarter.

Kroger reported quarterly earnings of $0.73 per share, which exceeded analyst expectations of $0.55 per share. The company reported quarterly sales of $30.49 billion, which also surpassed estimates of $29.95 billion.

The company raised its adjusted free cash flow guidance from $1.6 billion-$1.8 billion to $2.5 billion-$2.7 billion, and also announced a $1 billion buyback of its common stock. Kroger also said it expects FY20 adjusted earnings of $3.20 to $3.30 per share.

Equities Trading UP

Biofrontera AG (NASDAQ: BFRA) shares shot up 20% to $8.83 after the company reported a mutual agreement with Wilhelm KT Zours and Deutsche Balaton on key elements of mediation deal.

Shares of Zumiez Inc. (NASDAQ: ZUMZ) got a boost, shooting 12% to $28.25 after reporting upbeat results for its second quarter.

A-Mark Precious Metals, Inc. (NASDAQ: AMRK) shares were also up, gaining 22% to $31.86 after the company swung to a profit during the fourth quarter.

Equities Trading DOWN

Satsuma Pharmaceuticals, Inc. (NASDAQ: STSA) shares tumbled 12% to $4.97 after various analysts downgraded the stock. Satsuma Pharmaceuticals shares tumbled 76% on Thursday after reporting topline results from EMERGE Phase 3 trial of STS101 for acute treatment of migraine.

Shares of Evofem Biosciences, Inc. (NASDAQ: EVFM) were down 19% to $2.1950 after the company's CEO sold 122,500 shares at an average price of $3.26.

Amyris, Inc. (NASDAQ: AMRS) was down, falling 26% to $2.31 after LAVVAN filed an $881 million lawsuit against the company for patent infringement and trade secret misappropriation.

Commodities

In commodity news, oil traded up 0.3% to $37.42, while gold traded down 0.4% to $1,957.50.

Silver traded down 0.6% Friday to $27.125, while copper rose 1.5% to $3.043.

Euro zone

European shares were mostly higher today. The eurozone’s STOXX 600 gained 0.13%, the Spanish Ibex Index fell 0.7%, while Italy’s FTSE MIB Index rose 0.01%. Meanwhile, the German DAX 30 declined 0.05%, French CAC 40 rose 0.2% and London’s FTSE 100 rose 0.48%.

The U.K. economy expanded by 6.6%, while industrial production rose 5.2% in July. Spanish consumer prices declined for the fifth consecutive month, falling 0.5% year-over-year in August.

Economics

Annual inflation rate rose to 1.3% in August versus 1% in July.

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

The U.S. Treasury budget statement for August will be released at 2:00 p.m. ET.

 

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