Mid-Morning Market Update: Markets Open Higher; Verizon Earnings Top Estimates

Following the market opening Wednesday, the Dow traded up 0.42% to 28429.02 while the NASDAQ rose 0.61% to 11586.72. The S&P also rose, gaining 0.51% to 3460.54.


The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 8,275,060 cases with around 221,080 deaths. India confirmed a total of at least 7,651,100 confirmed cases and 115,910 deaths, while Brazil reported over 5,273,950 COVID-19 cases with 154,830 deaths. In total, there were at least 40,846,860 cases of COVID-19 worldwide with over 1,125,750 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors


Communication services shares climbed 2.1% on Wednesday. Meanwhile, top gainers in the sector included Snap Inc. SNAP, up 28%, and 9F Inc. JFU, up 34%.

In trading on Wednesday, energy shares fell 0.6%.


Top Headline


Verizon Communications Inc. VZ reported better-than-expected earnings for its third quarter, while sales missed views.

Verizon reported quarterly earnings of $1.25 per share, beating analysts’ estimates of $1.22 per share. The company posted sales of $31.50 billion, missing expectations of $31.59 billion. Verizon reported 136,000 retail postpaid net additions during the quarter.


Equities Trading UP


Snap Inc. SNAP shares shot up 28% to $36.41 after the company reported upbeat earnings and sales for the third quarter. The company reported Q3 daily active users climbed 18% year-over-year to 249 million.

Shares of Calix, Inc. CALX got a boost, shooting 28% to $27.00 after the company announced upbeat Q3 results.

Mercurity Fintech Holding Inc. MFH shares were also up, gaining 23% to $3.4399.

 


Equities Trading DOWN

Weidai Ltd. WEI shares tumbled 48% to $2.675 on profit-taking after the stock rose roughly 160% yesterday.

Shares of GSX Techedu Inc. GSX were down 25% to $77.09 following a report suggesting the company sees a Q3 loss of RMB900 million.

Jupai Holdings Limited JP was down, falling 19% to $1.9897.


Commodities


In commodity news, oil traded down 1.7% to $40.99, while gold traded up 0.4% to $1,922.70.


Silver traded up 0.7% Wednesday to $25.145 while copper rose 1.1% to $3.1835.


Euro zone


European shares were lower today. The eurozone’s STOXX 600 fell 0.8%, the Spanish Ibex Index fell 1%, while Italy’s FTSE MIB Index declined 1%. Meanwhile, the German DAX 30 slipped 0.9%, French CAC 40 fell 1% and London’s FTSE 100 fell 1.2%.

The Consumer Price Index for Britain rose 0.4% in September, missing the consensus of 0.5% growth. UK’s PPI output for September declined 0.1% month-over-month, while Retail Price Index rose 0.3%.


Economics

The Energy Information Administration’s weekly report on petroleum inventories in the U.S. is scheduled for release at 10:30 a.m. ET.

Minneapolis Fed President Neel Kashkari is set to speak at 12:00 p.m. ET.

Federal Reserve Bank of Dallas President Robert Kaplan will speak at 12:00 p.m. ET.

Federal Reserve Bank of San Francisco President Mary Daly is set to speak at 12:00 p.m. ET.

Federal Reserve Bank of Richmond President Thomas Barkin will speak at 1:00 p.m. ET.

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

The Federal Open Market Committee will release its latest Beige Book report at 2:00 p.m. ET.

Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Date
ticker
name
Actual EPS
EPS Surprise
Actual Rev
Rev Surprise
Posted In: EarningsNewsPenny StocksEurozoneCommoditiesGlobalIntraday UpdateMarketsMid-Morning Market Update
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!