Market Overview

Mid-Day Market Update: Nasdaq Tumbles Over 300 Points; Acadia Healthcare Shares Gain After Q3 Results

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Midway through trading Friday, the Dow traded down 1.31% to 26,310.67 while the NASDAQ fell 2.78% to 10,874.14. The S&P also fell, dropping 1.71% to 3,253.39.

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 8,947,830 cases with around 228,670 deaths. India confirmed a total of at least 8,088,850 confirmed cases and 121,090 deaths, while Brazil reported over 5,494,370 COVID-19 cases with 158,960 deaths. In total, there were at least 45,107,100 cases of COVID-19 worldwide with over 1,182,270 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors

Financial shares slipped by just 0.5% on Friday. Meanwhile, top gainers in the sector included Regional Management Corp. (NYSE: RM), up 13%, and Financial Institutions, Inc. (NASDAQ: FISI), up 7%.

In trading on Friday, consumer discretionary shares dipped 3.2%.

Top Headline

Honeywell International Inc. (NYSE: HON) reported better-than-expected results for its third quarter.

Honeywell reported quarterly earnings of $1.56 per share, beating analysts’ estimates of $1.49 per share. The company posted sales of $7.80 billion, surpassing expectations of $7.65 billion.

Honeywell said it expects Q4 adjusted EPS of $1.97 to $2.02 on sales of $8.2 billion to $8.5 billion. Analysts projected earnings of $1.88 per share on sales of $8.41 billion. Honeywell expects FY20 adjusted EPS of $7 to $7.05 on sales of $31.9 billion to $32.2 billion.

 

 

Equities Trading UP

Rogers Corporation (NYSE: ROG) shares shot up 18% to $122.02 after the company reported better-than-expected Q3 results and issued strong Q4 guidance.

Shares of MoneyGram International, Inc. (NASDAQ: MGI) got a boost, shooting 17% to $5.27 after the company reported better-than-expected Q3 results.

Acadia Healthcare Company, Inc. (NASDAQ: ACHC) shares were also up, gaining 18% to $34.22 after the company reported better-than-expected Q3 results and issued strong Q4 earnings guidance.

 

 

Equities Trading DOWN

Bellicum Pharmaceuticals, Inc. (NASDAQ: BLCM) shares tumbled 43% to $3.39 after the company priced its 4.15 million shares at $6.025 per share. Wells Fargo downgraded the stock from Overweight to Equal-Weight and announced a price target of $4.5 per share.

Shares of Axovant Gene Therapies Ltd. (NASDAQ: AXGT) were down 40% to $2.1850 after the company announced updates to be presented at its virtual Parkinson's disease R&D day, stating individual patient-level data from cohort 2 of the Phase 2 SUNRISE-PD study that is evaluating its AXO-Lenti-PD gene therapy for the treatment of Parkinson's disease showed favorable safety and tolerability profile, with no serious adverse events.
The company also said it is unlikely that its planned sham-controlled trial of AXO-Lenti-PD will begin to enroll patients by the end of calendar year 2021.

Pitney Bowes Inc. (NYSE: PBI) was down, falling 21% to $5.85 after the company reported Q3 earnings results.

 

 

Commodities

In commodity news, oil traded down 2.4% to $35.29, while gold traded up 0.5% to $1,877.70.

Silver traded up 0.9% Friday to $23.56 while copper fell 0.2% to $3.05.

Euro zone

European shares were mixed today. The eurozone’s STOXX 600 fell 0.2%, the Spanish Ibex Index rose 0.21%, while Italy’s FTSE MIB Index rose 0.11%. Meanwhile, the German DAX 30 declined 0.63%, French CAC 40 rose 0.2% and London’s FTSE 100 fell 0.18%.

German gross domestic product climbed by a record 8.2% during the three months to September, while Spain's economy grew 16.7% on quarter in the same period. The French economy grew at a pace of 18.2% in the third quarter.

Economics

US personal income rose 0.9% for September, while spending increased 1.4%.

The Chicago PMI declined to 61.1 in October versus 62.4 in September.

The University of Michigan's consumer sentiment index was revised higher to 81.8 for October versus a preliminary reading of 81.2.

The Baker Hughes North American rig count report for the latest week will be released at 1:00 p.m. ET.

Data on farm prices for September will be released at 3:00 p.m. ET.

 

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