Market Overview

Mid-Afternoon Market Update: Dow Gains 150 Points; Lands' End Shares Slide

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Toward the end of trading Thursday, the Dow traded up 0.51% to 30,035.67 while the NASDAQ rose 0.36% to 12,393.98. The S&P also rose, gaining 0.07% to 3,671.53.

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 13,925,990 cases with around 273,840 deaths. India confirmed a total of at least 9,534,960 confirmed cases and 138,640 deaths, while Brazil reported over 6,436,650 COVID-19 cases with 174,510 deaths. In total, there were at least 64,648,030 cases of COVID-19 worldwide with over 1,495,910 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors

Energy shares climbed 1.5% on Thursday. Meanwhile, top gainers in the sector included Oasis Midstream Partners LP (NASDAQ: OMP), up 12%, and QEP Resources, Inc. (NYSE: QEP), up 10%.

In trading on Thursday, utilities shares fell 0.9%.

Top Headline

Dollar General Corp. (NYSE: DG) reported better-than-expected results for its third quarter on Thursday.

Dollar General posted quarterly earnings of $2.31 per share, surpassing analysts’ estimates of $2.00 per share. The company’s quarterly sales came in at $8.20 billion, also exceeding expectations of $8.15 billion.

 

Equities Trading UP

Ever-Glory International Group, Inc. (NYSE: EVK) shares shot up 270% to $7.76 after gaining 7%on Wednesday. The company released quarterly results last month.

Shares of Lizhi Inc. (NASDAQ: LIZI) got a boost, shooting 96% to $4.6144 after the company announced it has entered into a collaboration agreement with Xpeng Motors to integrate its in-car audio content product into Xpeng Motors' in-car intelligent operating system.

Nesco Holdings, Inc.. (NYSE: NSCO) shares were also up, gaining 60% to $6.98 after the company announced plans to acquire Custom Truck One Source for $1.475 billion. Platinum Equity Affiliate will also invest over $850 million into Nesco in exchange for newly-issued common stock at $5 per share.

 

Equities Trading DOWN

Splunk Inc. (NASDAQ: SPLK) shares tumbled 20% to $164.68 after the company reported a wider loss for the third quarter and issued weak sales guidance for the current quarter. Stifel downgraded Splunk from Buy to Hold and announced a $160 price target.

Shares of Lands' End, Inc. (NASDAQ: LE) were down 16% to $21.17 after the company reported Q3 results and issued a weak forecast for the fourth quarter.

Express, Inc. (NYSE: EXPR) was down, falling 20% to $1.2650 after the company reported downbeat Q3 results.

 

Commodities

In commodity news, oil traded up 1.1% to $45.78, while gold traded up 0.6% to $1,840.40.

Silver traded up 0.1% Thursday to $24.11 while copper fell 0.1% to $3.4865.

Euro zone

European shares closed mixed today. The eurozone’s STOXX 600 rose 0.01%, the Spanish Ibex Index fell 0.24%, while Italy’s FTSE MIB Index rose 0.16%. Meanwhile, the German DAX 30 declined 0.45%, French CAC 40 fell 0.15% and London’s FTSE 100 gained 0.42%.

French services PMI dropped to 38.8 in November versus 46.5 in the prior month, while Spanish services PMI declined to 39.5 from 41.4.

 

Economics

US initial jobless claims fell to 712,000 in the week ended November 28, versus a revised level of 787,000 in the prior week.

The IHS Markit services PMI increased to 58.4 in November versus a preliminary reading of 57.7.

The ISM non-manufacturing PMI declined to 55.9 in November versus 56.6 in the prior month.

US natural-gas supplies dropped 1 billion cubic feet last week, the Energy Information Administration said.

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