Mid-Afternoon Market Update: Dow Jumps 200 Points; Align Technology Shares Climb After Q3 Results

Toward the end of trading Thursday, the Dow traded up 0.71% to 28,411.36 while the NASDAQ rose 0.29% to 11,518.30. The S&P also rose, gaining 0.61% to 3,456.52.


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 3.1% on Thursday. Meanwhile, top gainers in the sector included North American Construction Group Ltd. NOA, up 16%, and Contango Oil & Gas Company MCF, up 12%.

In trading on Thursday, information technology shares fell 0.3%.


Top Headline


Coca-Cola Co 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. SQBG shares shot up 70% to $9.71 after the company's Heelys reported a new collaboration with Reebok. However, no terms were disclosed.

Shares of Bio-Path Holdings, Inc. BPTH got a boost, shooting 21% to $4.96 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. ALGN shares were also up, gaining 33% to $446.79 after reporting strong Q3 results. Jefferies and Credit Suisse raised their price targets on the stock.

 

 

Equities Trading DOWN

Marin Software Incorporated MRIN shares tumbled 36% to $2.40, selling off amid profit taking following Wednesday's 150% surge.

Shares of InVivo Therapeutics Holdings Corp. NVIV were down 46% to $0.6050 after the company announced the pricing of its 18.75 million share common stock offering at $0.80 per share.

Clarus Corporation CLAR was down, falling 18% to $11.98. Clarus said it sees Q3 preliminary sales of $63 million to $64 million.


Commodities


In commodity news, oil traded up 1.5% to $40.61, while gold traded down 1.2% to $ 1,906.20.


Silver traded down 1.8% Thursday to $24.780 while copper fell 1.4% to $3.1540.


Euro zone


European shares closed mostly lower today. The eurozone’s STOXX 600 fell 0.14%, the Spanish Ibex Index fell 0.22%, while Italy’s FTSE MIB Index slipped 0.05%. Meanwhile, the German DAX 30 slipped 0.12%, French CAC 40 slipped 0.05% and London’s FTSE 100 rose 0.16%.

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.

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.

Posted In: Mid-Afternoon Market UpdateEarningsNewsPenny StocksEurozoneCommoditiesGlobalIntraday UpdateMarkets