Mid-Morning Market Update: Markets Open Higher; Disney Sales Miss Expectations

Following the market opening Friday, the Dow traded up 0.80% to 34,292.31 while the NASDAQ rose 1.50% to 13,321.23. The S&P also rose, gaining 1.06% to 4,156.04.

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 32,853,340 cases with around 584,490 deaths. India confirmed a total of at least 24,046,800 cases and 262,310 deaths, while Brazil reported over 15,433,980 COVID-19 cases with 430,410 deaths. In total, there were at least 161,224,500 cases of COVID-19 worldwide with more than 3,345,930 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors

Energy shares climbed 2.7% on Friday. Meanwhile, top gainers in the sector included Gevo, Inc. GEVO, up 20%, and RPC, Inc. RES, up 9%.

In trading on Friday, health care shares rose by just 0.4%.

Top Headline

Walt Disney Co DIS reported upbeat earnings for its second quarter, while sales missed expectations.

Disney's revenue in the quarter was $15.6 billion, a year-over-year decline of 13%. The revenue figure came in lower than estimates of $15.9 billion. The company reported adjusted earnings per share of 79 cents in the second quarter, up from 60 cents in the prior year’s second quarter. Analysts were expecting earnings of $0.28 per share.

Disney+ ended the second quarter with 103.6 million subscribers. The company had 94.9 million subscribers at the end of the first quarter.


Equities Trading UP

MoSys, Inc. MOSY shares shot up 68% to $4.85. MoSys, last week, reported a loss for its first quarter.

Shares of SemiLEDs Corporation LEDS got a boost, shooting 38% to $8.63 after dropping over 15% on Thursday.

HyreCar Inc. HYRE shares were also up, gaining 30% to $11.59 after the company reported Q1 results.

Check out these big movers of the day

Equities Trading DOWN

Data Storage Corporation DTST shares tumbled 35% to $5.05 after the company reported pricing of upsized $10.8 million public offering and uplisting to Nasdaq.

Shares of CorMedix Inc. CRMD were down 27% to $5.53 after the company reported worse-than-expected Q1 earnings.

Solid Biosciences Inc. SLDB was down, falling 23% to $3.42 after the company reported Q1 results.


In commodity news, oil traded up 1.1% to $64.52, while gold traded up 0.6% to $1,835.70.

Silver traded up 1% Friday to $27.335 while copper fell 1% to $4.6450.

Euro zone

European shares were higher today. The eurozone’s STOXX 600 gained 0.7%, the Spanish Ibex Index rose 1% and the German DAX 30 gained 0.7%. Meanwhile, the London’s FTSE 100 rose 0.7%, French CAC 40 rose 0.8% and Italy’s FTSE MIB climbed 0.5%.

Spanish consumer prices increased 2.2% year-over-year in April.


Retail sales stalled in April following a revised 10.7% jump in March.

US import prices rose 0.7% in April, while prices for US exports rose 0.8%.

US industrial production increased 0.7% for April.

US business inventories rose 0.3% for March.

The University of Michigan's consumer sentiment index declined to 82.8 in May from 88.3 in April.

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

Federal Reserve Bank of Dallas President Robert Kaplan is set to speak at 1:00 p.m. ET.

Check out the full economic calendar here

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Posted In: EarningsNewsPenny StocksEurozoneCommoditiesSmall CapGlobalIntraday UpdateMarketsMid-Morning Market Update