Mid-Day Market Update: Nasdaq Turns Lower; EuroDry Shares Jump After Q3 Results

Midway through trading Thursday, the Dow traded down 0.53% to 29,241.99 while the NASDAQ fell 0.19% to 11,763.76. The S&P also fell, dropping 0.50% to 3,554.65.

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

Health care shares slipped by just 0.1% on Thursday. Meanwhile, top gainers in the sector included Five Prime Therapeutics, Inc. (NASDAQ: FPRX), up 32%, and Vaxart, Inc. (NASDAQ: VXRT), up 17%.

In trading on Thursday, financial shares tumbled by 1.4%.

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 63% to $7.32 after the company swung to a profit in the third quarter.

Shares of IMAC Holdings, Inc. (NASDAQ: IMAC) got a boost, shooting 99% to $1.6499 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 32% to $23.84 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 39% to $2.1350 after the company reported weak results for its third quarter.

Shares of U.S. Energy Corp. (NASDAQ: USEG) were down 18% to $3.28 after the company reported pricing of $3 million public offering at $3 per share.

GoHealth, Inc. (NASDAQ: GOCO) was down, falling 17% to $11.13 after the company reported worse-than-expected Q3 sales.

Commodities

In commodity news, oil traded up 0.8% to $41.78, while gold traded up 1% to $1,879.70.

Silver traded up 0.8% Thursday to $24.455 while copper rose 0.6% to $3.1530.

Euro zone

European shares were lower today. The eurozone’s STOXX 600 fell 0.78%, the Spanish Ibex Index fell 0.67%, while Italy’s FTSE MIB Index declined 0.64%. Meanwhile, the German DAX 30 declined 1.13%, French CAC 40 dropped 1.33% and London’s FTSE 100 fell 0.56%.

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.