Market Overview

Mid-Day Market Update: Crude Oil Rises 2%; InVivo Therapeutics Shares Plummet

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Midway through trading Thursday, the Dow traded up 0.04% to 28222.99 while the NASDAQ fell 0.22% to 11,459.67. The S&P also rose, gaining 0.01% to 3,436.

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 1.9% on Thursday. Meanwhile, top gainers in the sector included North American Construction Group Ltd. (NYSE: NOA), up 11%, and Contango Oil & Gas Company (NYSE: MCF), up 12%.

In trading on Thursday, information technology shares fell 0.9%.

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 96% to $11.20 after the company's Heelys reported a new collaboration with Reebok. However, no terms were disclosed.

Shares of Bio-Path Holdings, Inc. (NASDAQ: BPTH) got a boost, shooting 32% to $5.44 after the company reported it got a notice of allowance for a strategic patent for prexigebersen in combo with front line cytidine analogues or Bcf-Abl tyrosine kinase inhibitors in a variety of cancers.

Align Technology, Inc. (NASDAQ: ALGN) shares were also up, gaining 31% to $439.80 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 34% to $2.50, selling off amid profit taking following Wednesday's 150% surge.

Shares of InVivo Therapeutics Holdings Corp. (NASDAQ: NVIV) were down 44% to $0.62 after the company announced the pricing of its 18.75 million share common stock offering at $0.80 per share.

Clarus Corporation (NASDAQ: CLAR) was down, falling 17% to $12.16. Clarus said it sees Q3 preliminary sales of $63 million to $64 million.

Commodities

In commodity news, oil traded up 2.1% to $40.88, while gold traded down 1.4% to $1,903.20.

Silver traded down 2.1% Thursday to $24.70 while copper fell 1.1% to $3.1625.

Euro zone

European shares were mostly lower today. The eurozone’s STOXX 600 fell 0.12%, the Spanish Ibex Index fell 0.15%, while Italy’s FTSE MIB Index slipped 0.08%. Meanwhile, the German DAX 30 slipped 0.16%, French CAC 40 slipped 0.06% and London’s FTSE 100 rose 0.22%.

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.

Domestic supplies of natural gas climbed 49 billion cubic feet for the week ended October 16, the U.S. Energy Information Administration reported. However, analysts expected a gain of 51 billion cubic feet.

The Kansas City Fed's manufacturing production index climbed by 5 points to a reading of 23 in October.

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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