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Market Overview

Mid-Afternoon Market Update: Nasdaq Rises 100 Points; Idera Pharmaceuticals Shares Slide


Toward the end of trading Friday, the Dow traded down 0.40% to 32,731.95 while the NASDAQ rose 0.78% to 13,217.90. The S&P also rose, gaining 0.23% to 3,924.40.

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 29,667,750 cases with around 539,690 deaths. Brazil reported over 11,780,820 COVID-19 cases with 287,490 deaths, while India confirmed a total of at least 11,514,330 cases and 159,370 deaths. In total, there were at least 121,882,440 cases of COVID-19 worldwide with more than 2,692,800 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors

Communication services shares rose 1.1% on Friday. Meanwhile, top gainers in the sector included comScore, Inc. (NASDAQ: SCOR), up 8%, and Grupo Televisa, S.A.B. (NYSE: TV), up 7%.

In trading on Friday, financial shares fell 1.1%.

Top Headline

FedEx Corporation (NYSE: FDX) reported better-than-expected results for its third quarter and also issued strong earnings forecast for the year.

FedEx reported quarterly earnings of $3.47 per share, missing analysts’ estimates of $3.24 per share. The company’s quarterly sales came in at $21.50 billion, versus expectations of $19.96 billion.

FedEx said it expects FY21 EPS of $17.60-$18.20, versus analysts’ estimates of $17.40.


Equities Trading UP

Clovis Oncology, Inc. (NASDAQ: CLVS) shares shot up 48% to $7.86 after the company announced its Rubraca significantly improves PFS versus chemotherapy in patients with later-line ovarian cancer associated with a BRCA mutation.

Shares of SenesTech, Inc. (NASDAQ: SNES) got a boost, shooting 37% to $2.30 after the company announced the conclusion of agricultural deployments of ContraPest with demonstrated, sustained success in reducing rat populations and improving operating economies in poultry settings.

Marker Therapeutics, Inc. (NASDAQ: MRKR) shares were also up, gaining 43% to $2.5684 after Cantor Fitzgerald initiated coverage on the stock with an Overweight rating and announced a $6 price target. The company’s CEO Peter Hoang reported purchase of 142,857 shares, while Director John Wilson also reported purchase of 1,714,285 shares in Form 4 filing.

Check out these big movers of the day

Equities Trading DOWN

Idera Pharmaceuticals, Inc. (NASDAQ: IDRA) shares tumbled 61% to $2.01 after the biopharmaceutical company said its lead drug candidate Tilsotolimod failed to meet the primary endpoint in a Phase 3 trial for anti-PD-1 refractory advanced melanoma. JP Morgan and HC Wainwright & Co. downgraded the stock to Neutral.

Shares of NuZee, Inc. (NASDAQ: NUZE) were down 21% to $4.03 after the company priced its underwritten public offering of units at $4.50 per unit.

LightInTheBox Holding Co., Ltd. (NYSE: LITB) was down, falling 12% to $3.245 after the company reported Q4 earnings results and issued Q1 guidance.


In commodity news, oil traded up 2.5% to $61.53, while gold traded up 0.6% to $1,742.20.

Silver traded down 0.3% Friday to $26.28 while copper rose 0.1% to $4.1120.

Euro zone

European shares closed lower today. The eurozone’s STOXX 600 declined 0.76%, the Spanish Ibex Index fell 1.53% and the German DAX 30 dropped 1.05%. Meanwhile, the French CAC 40 fell 1.07%, London’s FTSE 100 fell 1.05% and Italy’s FTSE MIB slipped 0.66%.

Germany's producer prices rose 1.9% year-over-year in February, while construction output in Italy slipped 1.5% year-over-year in January.



The total number of active U.S. oil rigs rose by 9 to 318 rigs this week, Baker Hughes Inc reported.

Check out the full economic calendar here


Related Articles (FDX + CLVS)

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