Mid-Morning Market Update: Markets Open Lower; Foot Locker Profit Beats Expectations

Following the market opening Friday, the Dow traded down 0.35% to 29,379.36 while the NASDAQ fell 0.20% to 11,881.20. The S&P also fell, dropping 0.25% to 3,572.81.

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 11,718,860 cases with around 252,560 deaths. India confirmed a total of at least 9,004,360 confirmed cases and 132,160 deaths, while Brazil reported over 5,981,760 COVID-19 cases with 168,060 deaths. In total, there were at least 57,011,970 cases of COVID-19 worldwide with over 1,362,420 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors

Utilities shares rose 0.2% on Friday. Meanwhile, top gainers in the sector included VivoPower International PLC VVPR, up 10%, and Sunnova Energy International Inc. NOVA, up 2%.

In trading on Friday, energy shares fell 0.6%.

Top Headline

Foot Locker, Inc FL reported better-than-expected results for its third quarter.

Foot Locker posted quarterly earnings of $1.21 per share, beating analysts’ estimates of $0.62 per share. The company posted quarterly sales of $2.11 billion, surpassing expectations of $1.94 billion.



Equities Trading UP

Kaixin Auto Holdings KXIN shares shot up 60% to $4.82.

Shares of FTS International Inc FTSI got a boost, shooting 38% to $12.38. FTS International shares gained 74% on Thursday after the company completed financial restructuring.

AYRO Inc AYRO shares were also up, gaining 30% to $8.04 after gaining around 46% on Thursday. AYRO, earlier during the month, reported a Q3 net loss of $3.1 million.


Equities Trading DOWN

Tantech Holdings Ltd TANH shares tumbled 56% to $1.22 after the company priced its 6.06 million shares common stock offering at $1.65 per share..

Shares of Nano Dimension Ltd - ADR NNDM were down 24% to $4.43 after the company priced a $100 million direct offering of 25 million shares at $4 per ADS.

GSX Techedu Inc GSX was down, falling 23% to $54.80 after the company reported downbeat quarterly earnings. The company also announced it cannot predict the timing, outcome, or consequence of the SEC investigation.


In commodity news, oil traded up 0.6% to $42.00, while gold traded up 0.1% to $1,864.00.

Silver traded up 0.9% Friday to $24.265 while copper rose 2% to $3.2645.

Euro zone

European shares were higher today. The eurozone’s STOXX 600 rose 0.5%, the Spanish Ibex Index rose 0.6%, while Italy’s FTSE MIB Index climbed 0.9%. Meanwhile, the German DAX 30 gained 0.4%, French CAC 40 rose 0.5% and London’s FTSE 100 rose 0.5%.

Retail sales in the UK rose 1.2% in October, while German producer prices fell 0.7% year-over-year last month.


The Baker Hughes North American rig count report for the latest week is scheduled for release at 1:00 p.m. ET.

Posted In: Mid-Morning Market UpdateEarningsNewsEurozoneCommoditiesGlobalIntraday UpdateMarkets