Market Overview

Mid-Morning Market Update: Markets Open Higher; Big Lots Earnings Top Expectations

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Following the market opening Friday, the Dow traded up 0.48% to 30,114.19 while the NASDAQ rose 0.33% to 12,418.55. The S&P also rose, gaining 0.55% to 3,686.75.

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 14,147,730 cases with around 276,400 deaths. India confirmed a total of at least 9,571,550 confirmed cases and 139,180 deaths, while Brazil reported over 6,487,080 COVID-19 cases with 175,270 deaths. In total, there were at least 65,315,460 cases of COVID-19 worldwide with over 1,508,900 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors

Energy shares climbed 4.2% on Friday. Meanwhile, top gainers in the sector included Callon Petroleum Company (NYSE: CPE), up 20%, and Centennial Resource Development, Inc. (NASDAQ: CDEV), up 13%.

In trading on Friday, utilities shares fell 0.5%.

Top Headline

Big Lots, Inc. (NYSE: BIG) reported better-than-expected earnings for its third quarter on Friday.

Big Lots posted quarterly earnings of $0.76 per share, surpassing analysts’ estimates of $0.66 per share. The company’s quarterly sales came in at $1.38 billion, also exceeding expectations of $1.35 billion. Its same-store sales climbed 17.8% year over year.

 

Equities Trading UP

Pioneer Power Solutions, Inc. (NASDAQ: PPSI) shares shot up 58% to $5.59 after the company announced a conclusive settlement with Myers Power Products.

Shares of Star Peak Energy Transition Corp. (NYSE: STPK) got a boost, shooting 40% to $14.05. Stem reported a deal with Star Peak Energy Transition for a business combo.

Kubient, Inc. (NASDAQ: KBNT) shares were also up, gaining 33% to $6.48 after climbing around 23% on Thursday.

 

Equities Trading DOWN

Chembio Diagnostics, Inc. (NASDAQ: CEMI) shares tumbled 19% to $6.12 after the company announced the FDA rejected its EUA application for rapid antibody test panel, stating the EUA is not a priority.

Shares of Lizhi Inc. (NASDAQ: LIZI) were down 17% to $3.965. Lizhi shares jumped over 100% on Thursday after the company entered into in-car audio collaboration with Xpeng Motors.

Ever-Glory International Group, Inc. (NASDAQ: EVK) was down, falling 17% to $4.35 after jumping 150% on Thursday. The company released quarterly results last month.

 

Commodities

In commodity news, oil traded up 1.4% to $46.27, while gold traded up 0.1% to $1,842.60.

Silver traded up 0.7% Friday to $24.31 while copper rose 1.1% to $3.5270.

Euro zone

European shares were mostly higher today. The eurozone’s STOXX 600 rose 0.2%, the Spanish Ibex Index rose 0.6%, while Italy’s FTSE MIB Index rose 0.5%. Meanwhile, the German DAX 30 declined 0.1%, French CAC 40 rose 0.4% and London’s FTSE 100 gained 0.8%.

The Eurozone construction PMI increased to 45.6 in November versus 44.9 in the earlier month. The UK construction PMI climbed to 54.7 in November versus a five-month low reading of 53.1 in the prior month, while German construction PMI rose to 45.6 from 45.2.

 

Economics

The US economy added 245,000 jobs in November, versus a revised 610,000 in the prior month. The unemployment rate declined to 6.7% in November from 6.9% in the previous month.

The US trade deficit increased to $63.1 billion in October versus a revised $62.1 billion in the prior month. Imports to the US increased by $5.0 billion to $245.1 billion in October.

US factory orders increased 1% in October versus a revised 1.1% increase in the earlier month.

Federal Reserve Bank of Minneapolis President Neel Kashkari will speak at 11:00 a.m. ET.

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

 

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