Mid-Morning Market Update: Markets Mixed; Adobe Earnings Beat Estimates
|Following the market opening Friday, the Dow traded down 0.04% to 28,121.32 while the NASDAQ rose 0.16% to 8,731.03. The S&P also fell, dropping 0.05% to 3,167.12.
Leading and Lagging Sectors
Information technology shares climbed 0.3% on Friday. Meanwhile, top gainers in the sector included EACO Corporation EACO 9.89%, up 10%, and Synaptics Incorporated SYNA 9.12%, up 9%.
In trading on Friday, financial shares fell 0.6%.
Top Headline
Adobe Inc ADBE 5.01% reported better-than-expected Q4 EPS and sales results on Thursday.
Adobe posted quarterly earnings of $2.29 per share, missing analysts’ estimates of $2.26 per share. Its sales came in at $2.99 billion, versus expectations of $2.97 billion.
Equities Trading UP
LMP Automotive Holdings, Inc. LMPX 50.61% shares shot up 51% to $33.60 on continued momentum after the company's President and CEO, Samer Tawfik, purchased $1.73 million worth of the company's shares.
Shares of Sarepta Therapeutics, Inc. SRPT 36.16% got a boost, shooting up 33% to $134.07 after the company announced it has received FDA approval for VYONDYS 53.
Salarius Pharmaceuticals, Inc. SLRX 24.79% shares were also up, gaining 24% to $4.54.
Equities Trading DOWN
Aquestive Therapeutics, Inc. AQST 18.66% shares tumbled 20% to $5.37 after the company announced it has priced its public offering of 7 million shares at $5 per share.
Shares of Vince Holding Corp. VNCE 15.03% were down 17% to $20.74 after the company reported downbeat Q3 sales.
Avalon GloboCare Corp. AVCO 10.34% was down, falling 14% to $1.99.
Commodities
In commodity news, oil traded up 0.5% to $59.46, while gold traded up 0.2% to $1,475.00.
Silver traded up 0.1% Friday to $16.965, while copper fell 0.1% to $2.7925.
Euro zone
European shares were higher today. The eurozone’s STOXX 600 gained 1.5%, the Spanish Ibex Index rose 1.5%, while Italy’s FTSE MIB Index rose 0.2%. Meanwhile, the German DAX gained 0.9%, and the French CAC 40 rose 1% while UK shares rose 1.6%.
Economics
US retail trade increased 0.2% in November, compared to a revised 0.4% rise in October.
U.S. import prices rose 0.2% in November, versus a 0.5% decline in the previous month. Export prices rose 0.2% month-over-month.
U.S. business inventories rose 0.2% for October.
New York Federal Reserve President John Williams is set to speak at 11:00 a.m. ET.
The Baker Hughes North American rig count report for the latest week is schedule for release at 1:00 p.m. ET.
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