Mid-Day Market Update: Nasdaq Jumps 280 Points; Addex Therapeutics Shares Plummet

Midway through trading Thursday, the Dow traded up 0.73% to 31,054.59 while the NASDAQ rose 2.20% to 13,021.29. The S&P also rose, gaining 1.36% to 3,798.98.

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 21,305,320 cases with around 361,290 deaths. India confirmed a total of at least 10,395,270 confirmed cases and 150,330 deaths, while Brazil reported over 7,873,830 COVID-19 cases with 198,970 deaths. In total, there were at least 87,300,340 cases of COVID-19 worldwide with over 1,885,610 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors

Information technology shares gained by 2.2% on Thursday. Meanwhile, top gainers in the sector included 3D Systems Corporation DDD, up 103%, and Xunlei Limited XNET, up 63%.

In trading on Thursday, utilities shares fell 1.3%.

Top Headline

Walgreens Boots Alliance Inc WBA reported better-than-expected results for its first quarter.

Walgreens posted quarterly earnings of $1.22 per share, exceeding analysts’ estimates of $1.03 per share. The company posted quarterly sales of $36.30 billion, versus expectations of $34.95 billion.

Walgreens Boots Alliance disclosed on Wednesday that it had signed an agreement with healthcare products distributor AmerisourceBergen Corp ABC to sell a majority stake in its Alliance Healthcare business. The deal is valued at $6.5 billion and is expected to close by the end of the fiscal year 2021.

 

Equities Trading UP

Future FinTech Group Inc. FTFT shares shot up 157% to $4.3250 as the company said China Copyright Protection Center has accepted its application for applied blockchain technology related software copyrights. On Tuesday, Future Fintech and Blocknance signed a term sheet for potential acquisition.

Shares of ZW Data Action Technologies Inc. CNET got a boost, shooting 46% to $2.0299 after the company announced a strategic partnership with Yujun Capital. ZW Data Action Technologies, last month, reported a partnership with Sanyi Internet Information Technology.

3D Systems Corporation DDD shares were also up, gaining 103% to $22.84 after the company issued strong preliminary sales figures for the fourth quarter. The company also highlighted completion of sale of Cimatron And GibbsCAM businesses. JP Morgan upgraded 3D Sys from Underweight to Neutral and raised the price target from $8 to $14.

Equities Trading DOWN

Digital Ally, Inc. DGLY shares tumbled 23% to $2.8050 after jumping over 32% on Wednesday The company announced its decision not to proceed with previously proposed underwritten public offering of common stock.

Shares of Urban One Inc. UONE were down 26% to $6.56 after jumping 102% on Wednesday. Urban One said it sees Q4 revenue of $110 million to $114 million.

Addex Therapeutics Ltd. ADR ADXN was down, falling 22% to $10.50 after the company reported pricing of $10.0 million global offering.

Commodities

In commodity news, oil traded up 0.3% to $50.76, while gold traded up 0.2% to $1,912.60.

Silver traded up 0.5% Thursday to $27.175 while copper rose 1.2% to $3.6935

Euro zone

European shares were higher today. The eurozone’s STOXX 600 gained 0.51%, the Spanish Ibex Index rose 0.43% and the German DAX 30 gained 0.55%. Meanwhile, the French CAC 40 rose 0.7%, London’s FTSE 100 gained 0.22% and Italy’s FTSE MIB gained 0.05%.

The IHS Markit Eurozone construction PMI slipped to 45.5 in December versus 45.6 in November. Germany’s December construction PMI rose to 47.1 from 45.6 in November, while France construction PMI declined to 40.5 from 42.8.

Economics

The trade deficit increased to $68.1 billion in November versus $63.1 billion in October.

US initial jobless claims dropped to 787,000 in the week ended January 2, versus a revised reading of 790,000 in the previous week.

The ISM non-manufacturing PMI rose to 57.2 in December versus 55.9 in November.

US natural-gas supplies declined 130 billion cubic feet last week, the EIA reported.

Federal Reserve Bank of San Francisco President Mary Daly will speak at 3:00 p.m. ET.

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