Mid-Morning Market Update: Markets Down; Kansas City Southern Earnings Miss Views

Following the market opening Friday, the Dow traded down 0.41% to 34,844.89 while the NASDAQ fell 0.30% to 14,499.54. The S&P also fell, dropping 0.30% to 4,346.93.

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 33,977,710 cases with around 608,400 deaths. India confirmed a total of at least 31,026,820 cases and 412,530 deaths, while Brazil reported over 19,262,510 COVID-19 cases with 538,940 deaths. In total, there were at least 189,024,600 cases of COVID-19 worldwide with more than 4,068,770 deaths, according to data compiled by Johns Hopkins University.


Leading and Lagging Sectors


Utilities shares rose by 0.6% on Friday. Meanwhile, top gainers in the sector included Middlesex Water Company MSEX, up 2%, and Unitil Corporation UTL, up 2%.


In trading on Friday, energy shares fell 1.5%.


Top Headline

Kansas City Southern KSU reported weaker-than-expected earnings for its second quarter on Friday.

Kansas City Southern reported quarterly adjusted earnings of $2.06 per share, missing analysts’ estimates of $2.19 per share. The company’s revenue came in at $749.50 million, versus expectations of $750.77 million.

 

Equities Trading UP


Newegg Commerce, Inc. NEGG shares shot up 32% to $34.50.


Shares of Aehr Test Systems AEHR got a boost, shooting 28% to $3.5900 after the company reported better-than-expected Q4 results and issued strong FY22 sales guidance.


Ever-Glory International Group, Inc. EVK shares were also up, gaining 13% to $3.5427 after climbing 11% on Thursday.

Check out these big movers of the day


Equities Trading DOWN

FibroGen, Inc. FGEN shares tumbled 45% to $13.59 after an FDA Advisory Committee panel voted against approval of the company's New Drug Application roxadustat to treat anemia due to chronic kidney disease in adult patients. B of A Securities downgraded FibroGen from Buy to Neutral.

Shares of ATA Creativity Global AACG were down 28% to $2.76 after gaining over 28% on Thursday.

Liquid Media Group Ltd. YVR was down, falling 21% to $2.05. Liquid Media Group shares jumped over 65% on Thursday on above-average volume.


Commodities


In commodity news, oil traded up 0.1% to $71.69, while gold traded down 0.5% to $1,819.70.


Silver traded down 0.9% Friday to $26.165 while copper fell 0.1% to $4.3170.


Euro zone

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

Annual inflation rate in the Eurozone was confirmed at 1.9% for June. Passenger car registrations in the European Union surged 10.4% annually to 1.05 million units in June. Italy's trade surplus rose to EUR 5.64 billion in May from EUR 5.62 billion in the year-ago month.


Economics


US retail sales rose 0.6% in June, beating analysts’ expectations for a 0.4% decline.


US business inventories rose 0.5% for May.


The University of Michigan's consumer sentiment index declined to a five-month low of 80.8 in July versus 85.5 in the earlier month .


The Baker Hughes North American rig count report for the latest week will be released at 1:00 p.m. ET.


The Treasury International Capital report for May is scheduled for release at 4:00 p.m. ET.

Check out the full economic calendar here

 

Posted In: Mid-Morning Market UpdateEarningsNewsPenny StocksEurozoneCommoditiesSmall CapGlobalIntraday UpdateMarkets

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