Mid-Afternoon Market Update: Dow Surges 150 Points; Team Shares Drop

Toward the end of trading Friday, the Dow traded up 0.42% to 36,071.48 while the NASDAQ rose 0.84% to 15,835.89. The S&P also rose, gaining 0.61% to 4,677.60.

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 47,693,510 cases with around 780,770 deaths. India confirmed a total of at least 34,414,180 cases and 462,690 deaths, while Brazil reported over 21,926,520 COVID-19 cases with 610,320 deaths. In total, there were at least 252,785,840 cases of COVID-19 worldwide with more than 5,098,390 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors

Communication services shares gained by 1.5% on Friday. Meanwhile, top gainers in the sector included PLAYSTUDIOS, Inc. MYPS, up 17% and Roblox Corporation RBLX up 10%.

In trading on Friday, energy shares fell 0.5%.

Top Headline

AstraZeneca PLC AZN said its COVID-19 vaccine made a small contribution to earnings in Q3. It expects the shot to move to "modest profitability" on new orders.

AstraZeneca reported quarterly core earnings of $1.08 per share, beating analysts’ estimates of $0.62 per share. Total revenue jumped 50% year-over-year to $9.87 billion, in line with the consensus. In Q3, the Company posted $1.05 billion in COVID-19 vaccine sales.

AstraZeneca reaffirmed its FY21 adjusted EPS guidance at $5.05 - $5.40.

Equities Trading UP

Everspin Technologies, Inc. MRAM shares shot up 50% to $9.90 after the company reported better-than-expected Q3 results and issued Q4 sales guidance above estimates.

Shares of Kura Sushi USA, Inc. KRUS got a boost, shooting 27% to $69.41 following narrower-than-expected quarterly loss.

Brilliant Earth Group, Inc. BRLT shares were also up, gaining 28% to $18.11 after reporting better-than-expected Q3 results.

Check out these big movers of the day

Equities Trading DOWN

Team, Inc. TISI shares tumbled 47% to $1.4199 after the company reported worse-than-expected Q3 EPS and sales results.

Shares of Acutus Medical, Inc. AFIB were down 44% to $3.75. Acutus Medical reported third-quarter revenues of $4.6 million, up from $3.2 million a year ago. The non-GAAP loss per share narrowed from 90 cents to 87 cents. The results trailed expectations. Citing COVID-19 related uncertainty, the company lowered its full-year revenues guidance to $17 million to $17.5 million, below the $22.46 million consensus estimates.

Oncorus, Inc. ONCR was down, falling 46% to $5.97. Oncorus reported initial safety, tolerability, immune activation and positive clinical response data from its ongoing Phase 1 clinical study of ONCR-177, its lead viral immunotherapy candidate, at the SITC 2021.

Commodities

In commodity news, oil traded down 0.8% to $80.91, while gold traded up 0.2% to $1,867.20.

Silver traded up 0.3% Friday to $25.38 while copper rose 1.2% to $4.4525.

Euro zone

European shares closed mostly higher today. The eurozone’s STOXX 600 gained 0.30%, the Spanish Ibex Index fell 0.13% and the German DAX 30 gained 0.07%. Meanwhile, the London’s FTSE 100 fell 0.49%, French CAC 40 rose 0.45% and Italy’s FTSE MIB rose 0.36%.

Spain's annual inflation accelerated for a fourth consecutive month to 5.4% in October, while wholesale prices in Germany surged 15.2% year-over-year in October.

Economics

The University of Michigan's consumer sentiment index dropped to 66.8 in November from 71.7 in October.

The number of job openings fell by 191,000 from a month ago to 10.4 million in September.

The total number of active U.S. oil rigs rose by 4 to 454 rigs this week, Baker Hughes Inc reported.

Check out the full economic calendar here