Market Overview

Mid-Morning Market Update: Markets Edge Lower; Coca-Cola Earnings Top Views

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Following the market opening Thursday, the Dow traded down 0.09% to 28184.34 while the NASDAQ fell 0.60% to 11,416.01. The S&P also fell, dropping 0.12% to 3,431.37.

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 8,338,380 cases with around 222,220 deaths. India confirmed a total of at least 7,706,940 confirmed cases and 116,610 deaths, while Brazil reported over 5,298,770 COVID-19 cases with 155,400 deaths. In total, there were at least 40,291,850 cases of COVID-19 worldwide with over 1,132,320 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors

Energy shares climbed 1.6% on Thursday. Meanwhile, top gainers in the sector included North American Construction Group Ltd. (NYSE: NOA), up 13%, and Helix Energy Solutions Group, Inc. (NYSE: HLX), up 9%.

In trading on Thursday, information technology shares fell 1.2%.

Top Headline

Coca-Cola Co (NYSE: KO) reported better-than-expected earnings for its third quarter.

Coca-Cola reported quarterly earnings of $0.55 per share, beating analysts’ estimates of $0.46 per share. The company posted sales of $8.70 billion, surpassing expectations of $8.35 billion. Coca-Cola sees Q4 net sales experiencing a 3% headwind.

Equities Trading UP

Sequential Brands Group, Inc. (NASDAQ: SQBG) shares shot up 146% to $14.03 after the company's Heelys reported a new collaboration with Reebok. However, no terms were disclosed.

Shares of TuanChe Limited (NYSE: TC) got a boost, shooting 97% to $5.99. TuanChe’s 1-for-4 ADS ratio change was effective as of today.

Align Technology, Inc. (NASDAQ: ALGN) shares were also up, gaining 32% to $444.48 after reporting strong Q3 results. Jefferies and Credit Suisse raised their price targets on the stock.

 

 

Equities Trading DOWN

Marin Software Incorporated (NASDAQ: MRIN) shares tumbled 30% to $2.63, selling off amid profit taking following Wednesday's 150% surge.

Shares of Puhui Wealth Investment Management Co., Ltd. (NASDAQ: PHCF) were down 26% to $3.45 as the stock appears to be selling off following Wednesday's surge.

Aptinyx Inc. (NASDAQ: APTX) was down, falling 21% to $3.0750 after declining 9% on Wednesday. Aptinyx reported a proposed public offering of 12 million shares of common stock.

Commodities

In commodity news, oil traded up 0.6% to $40.27, while gold traded down 0.5% to $1,920.30.

Silver traded down 0.9% Thursday to $25.020 while copper fell 0.9% to $3.1695.

Euro zone

European shares were mostly flat today. The eurozone’s STOXX 600 fell 0.1%, the Spanish Ibex Index rose 0.1%, while Italy’s FTSE MIB Index rose 0.2%. Meanwhile, the German DAX 30 slipped 0.1%, French CAC 40 rose 0.2% and London’s FTSE 100 rose 0.1%.

Germany's consumer confidence index for November declined to -3.1, versus a consensus of -2.8, while French October's manufacturing climate indicator declined to 93, missing the consensus of 96.

Economics

U.S. initial jobless claims dropped to 787,000 in the week ended October 17, versus a revised reading of 842,000 in the prior week.

Sales of previously owned houses rose 9.4% to 6.54 million units in September.

The index of leading economic indicators rose 0.7% for September.

Federal Reserve Bank of Richmond President Thomas Barkin is set to speak at 1:10 p.m. ET.

Federal Reserve Bank of San Francisco President Mary Daly will speak at 1:10 p.m. ET.

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

Federal Reserve Bank of Dallas President Robert Kaplan will speak at 6:00 p.m. ET.

 

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