Market Overview

Mid-Afternoon Market Update: Boston Beer Jumps On Upbeat Results; Limelight Networks Shares Plummet

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Following the market opening Friday, the Dow traded down 0.21% to 28,303.91 while the NASDAQ rose 0.05% to 11,511.30. The S&P also rose, gaining 0.15% to 3,458.57.

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 8,409,310 cases with around 223,050 deaths. India confirmed a total of at least 7,761,310 confirmed cases and 117,300 deaths, while Brazil reported over 5,323,630 COVID-19 cases with 155,900 deaths. In total, there were at least 41,759,680 cases of COVID-19 worldwide with over 1,138,180 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors

Real estate shares climbed 0.7% on Friday. Meanwhile, top gainers in the sector included Cresud Sociedad Anónima Comercial, Inmobiliaria, Financiera y Agropecuaria (NASDAQ: CRESY), up 11%, and IRSA Inversiones y Representaciones Sociedad Anónima (NYSE: IRS), up 8%.

In trading on Friday, energy shares fell 0.8%.

Top Headline

American Express Company (NYSE: AXP) reported weaker-than-expected earnings for its third quarter.

American Express reported quarterly earnings of $1.30 per share, missing analysts’ estimates of $1.33 per share. The company posted sales of $8.75 billion, surpassing expectations of $8.66 billion..

Equities Trading UP

Marin Software Incorporated (NASDAQ: MRIN) shares shot up 83% to $3.87, reversing from Thursday's selloff. The stock has been highly volatile since traders on Wednesday circulated a 2019 MediaPost article titled 'Will Amazon Buy Kenshoo Or Marin Software Following Sizmek Acquisition?'

Shares of The Boston Beer Company, Inc. (NYSE: SAM) got a boost, shooting 18% to $1,085.66 after the company reported better-than-expected Q3 results.

Strattec Security Corporation (NASDAQ: STRT) shares were also up, gaining 23% to $28.65 after reporting Q1 results.

 

Equities Trading DOWN

Limelight Networks, Inc. (NASDAQ: LLNW) shares tumbled 31% to $4.2750 after the company reported downbeat Q3 earnings and lowered FY20 EPS forecast.

Shares of Iterum Therapeutics plc (NASDAQ: ITRM) were down 45% to $0.5198 after the company reported pricing of its $17.5 million upsized public offering.

BiondVax Pharmaceuticals Ltd. (NASDAQ: BVXV) was down, falling 86% to $5.18 after the company announced the results from its pivotal, phase 3 clinical trial of M-001 as a standalone universal flu vaccine candidate did not meet both the primary and secondary efficacy endpoints.

Commodities

In commodity news, oil traded down 2.1% to $39.79, while gold traded down 0.1% to $1,904.40.

Silver traded down 0.2% Friday to $24.655 while copper fell 0.4% to $3.14.

Euro zone

European shares were higher today. The eurozone’s STOXX 600 rose 0.6%, the Spanish Ibex Index rose 1.4%, while Italy’s FTSE MIB Index surged 1.1%. Meanwhile, the German DAX 30 gained 0.8%, French CAC 40 surged 1.2% and London’s FTSE 100 rose 1.3%.

Eurozone consumer confidence index for October declined to minus 15.5, missing the consensus of minus 15. Europe's October's manufacturing PMI rose to 54.4, beating the consensus of 53.1, The composite PMI declined to 49.4 in October from 50.4 in September, while the services PMI slipped to 46.2.

Economics

The IHS Markit composite PMI rose to 55.5 in October versus 54.3 in the prior month.

The total number of active U.S. oil rigs rose by 6 to 211 rigs this week, Baker Hughes Inc reported.

 

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