Market Overview

Mid-Morning Market Update: Markets Mixed; TransDigm Earnings Top Estimates

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Following the market opening Thursday, the Dow traded down 0.30% to 29,308.49 while the NASDAQ rose 0.44% to 11,838.28. The S&P also fell, dropping 0.16% to 3,566.85.

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 10,402,270 cases with around 241,800 deaths. India confirmed a total of at least 8,683,910 confirmed cases and 128,120 deaths, while Brazil reported over 5,747,660 COVID-19 cases with 163,360 deaths. In total, there were at least 52,208,440 cases of COVID-19 worldwide with over 1,285,700 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors

Information technology shares climbed 0.3% on Thursday. Meanwhile, top gainers in the sector included Sprout Social, Inc. (NASDAQ: SPT), up 7%, and Ideanomics, Inc. (NASDAQ: IDEX), up 7%.

In trading on Thursday, financial shares fell by 1.3%.

Top Headline

TransDigm Group Incorporated (NYSE: TDG) reported better-than-expected results for its third quarter.

TransDigm posted quarterly earnings of $2.89 per share, exceeding analysts’ expectations of $1.98 per share. The company reported sales of $1.17 billion, surpassing estimates of $1.10 billion.

 

Equities Trading UP

EuroDry Ltd. (NASDAQ: EDRY) shares shot up 82% to $8.18 after the company swung to a profit in the third quarter.

Shares of IMAC Holdings, Inc. (NASDAQ: IMAC) got a boost, shooting 109% to $1.73 after the company reported the purchase of Lockwood Chiropractic in Webster Groves, Missouri and reported results for its third quarter .

Five Prime Therapeutics, Inc. (NASDAQ: FPRX) shares were also up, gaining 26% to $22.67 after the company presented at the Society for Immunotherapy of Cancer, SITC, conference preclinical data supporting evaluation of FPA157 as a novel immunomodulator with the potential to remove Treg-mediated immune suppression in solid tumors. Separately, the company said it plans to offer 5 million shares of its common stock in an underwritten public offering.

 

Equities Trading DOWN

Aemetis Inc (NASDAQ: AMTX) shares tumbled 35% to $2.26 after the company reported weak results for its third quarter.

Shares of U.S. Energy Corp. (NASDAQ: USEG) were down 18% to $3.285 after the company reported pricing of $3 million public offering at $3 per share.

InMed Pharmaceuticals Inc. (NASDAQ: INM) was down, falling 23% to $3.78 as the company reported pricing of $8 million public offering at $4.50 per share.

 

Commodities

In commodity news, oil traded up 0.2% to $41.55, while gold traded up 0.5% to $1,870.50.

Silver traded up 0.4% Thursday to $24.365 while copper rose 0.7% to $3.1560.

Euro zone

European shares were lower today. The eurozone’s STOXX 600 fell 0.3%, the Spanish Ibex Index fell 0.4%, while Italy’s FTSE MIB Index declined 0.5%. Meanwhile, the German DAX 30 declined 0.7%, French CAC 40 dropped 0.8% and London’s FTSE 100 fell 0.3%.

Britain's GDP shrank by 9.6% year-over-year in the third quarter, versus a 21.5% contraction in the prior three-month period. However, the country’s industrial production rose 0.5% in September.

Economics

Annual inflation rate dropped to 1.2% in October from 1.4% in the prior month.

U.S. initial jobless claims fell to 709,000 in the week ended November 7, versus a revised reading of 757,000 in the previous week.

The Energy Information Administration’s weekly report on petroleum inventories in the U.S. will be released at 11:00 a.m. ET.

The Treasury will auction 30-year bonds at 1:00 p.m. ET.

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

 

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Posted-In: Earnings News Penny Stocks Eurozone Commodities Small Cap Global Intraday Update