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Market Overview

Mid-Morning Market Update: Markets Edge Higher; Verizon Tops Q4 Views

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Following the market opening Tuesday, the Dow traded up 0.23% to 31,031.63 while the NASDAQ rose 0.13% to 13,653.73. The S&P also rose, gaining 0.11% to 3,859.60.

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 25,298,400 cases with around 421,230 deaths. India confirmed a total of at least 10,676,830 confirmed cases and 153,580 deaths, while Brazil reported over 8,871,390 COVID-19 cases with 217,660 deaths. In total, there were at least 99,801,410 cases of COVID-19 worldwide with over 2,142,520 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors

Real estate shares gained by 0.8% on Tuesday. Meanwhile, top gainers in the sector included Pennsylvania Real Estate Invt Trust (NYSE: PEI), up 10%, and Seritage Growth Properties (NYSE: SRG), up 12%.

In trading on Tuesday, utilities shares fell 0.5%.

Top Headline

Verizon Communications Inc. (NYSE: VZ) reported better-than-expected results for its fourth quarter.

Verizon reported quarterly earnings of $1.21 per share, beating analysts’ expectations of $1.17 per share. The company posted revenue of $34.70 billion, versus estimates of $34.43 billion.

Verizon said it expects FY21 adjusted earnings of $5.00 to $5.15 per share, versus analysts’ estimates of $4.98 per share.

 

Equities Trading UP

Koss Corporation (NASDAQ: KOSS) shares shot up 88% to $11.25. Koss gained around 80%on Monday as the stock gained retail investor attention on social media.

Shares of Oxbridge Re Holdings Limited (NASDAQ: OXBR) got a boost, shooting 108% to $4.99.

Edesa Biotech, Inc. (NASDAQ: EDSA) shares were also up, gaining 46% to $8.08 after the company received FDA and Health Canada approval to add sub-study to its Phase 2/Phase 3 of EB05.

Check out these big movers of the day

Equities Trading DOWN

Express, Inc. (NYSE: EXPR) shares tumbled 25% to $3.13. Express shares surged around 132% on Monday amid increased interest from retail investor groups.

Shares of Lipocine Inc. (NASDAQ: LPCN) were down 17% to $1.8292 after the company priced 14.3 million common shares at $1.75 per share.

Repro Med Systems, Inc. (NASDAQ: KRMD) was down, falling 15% to $4.34 after the company announced FY20 preliminary sales below analyst estimates and announced the resignation of CEO and President Don Pettigrew. Multiple firms also downgraded their ratings on the stock, respectively.

Commodities

In commodity news, oil traded up 0.5% to $53.05, while gold traded down 0.1% to $1,854.30.

Silver traded up 0.1% Tuesday to $25.50 while copper fell 0.5% to $3.6125.

Euro zone

European shares were higher today. The eurozone’s STOXX 600 gained 1%, the Spanish Ibex Index rose 1.2% and the German DAX 30 gained 1.8%. Meanwhile, the French CAC 40 climbed 1.3%, London’s FTSE 100 rose 0.8% and Italy’s FTSE MIB climbed 1.2%.

Spain’s producer prices dropped 1.4% year-over-year in December versus a 2.8% decline in the earlier month, while the unemployment rate in the UK increased to 5% in the three months to November versus 4.9% in the prior period.

Economics

The Federal Open Market Committee will begin its two-day policy meeting today.

The Johnson Redbook Retail Sales Index dropped 2% during the first three weeks of January versus December.

The S&P Corelogic Case-Shiller home price index increased 9.1% year-over-year in November versus a revised 8% growth in the earlier month.

The FHFA house price index rose 1% in November versus a 1.5% increase in October.

The Conference Board’s consumer confidence index rose to 89.30 in January versus prior reading of 88.60.

The Richmond Fed's manufacturing index declined to 14 in January versus previous reading of 19.

The Treasury is set to auction 52-week bills at 11:30 a.m. ET.

The Treasury will auction 5-year notes at 1:00 p.m. ET.

Check out the full economic calendar here

 

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