Mid-afternoon market update: Dow slides over 100 points, Echo Global Logistics shares spike higher

Toward the end of trading Friday, the Dow traded down 0.31% to 34,772.74 while the NASDAQ fell 0.27% to 15,207.42. The S&P also fell, dropping 0.28% to 4,480.86.

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 40,606,090 cases with around 654,620 deaths. India confirmed a total of at least 33,174,950 cases and 442,000 deaths, while Brazil reported over 20,958,890 COVID-19 cases with 585,170 deaths. In total, there were at least 223,266,160 cases of COVID-19 worldwide with more than 4,607,520 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors

Materials shares gained 0.5% on Friday. Meanwhile, top gainers in the sector included Ramaco Resources, Inc. METC +undefined% (Get Free Alerts for METC), up 8% and Lithium Americas Corp. LAC +undefined% (Get Free Alerts for LAC) up 10%.

In trading on Friday, utilities shares fell by 0.8%.

Top Headline

The Kroger Co. KR +7.57% reported better-than-expected results for its second quarter on Friday.

Kroger reported quarterly earnings of $0.80 per share, beating analysts’ estimates of $0.64 per share. The company’s quarterly sales came in at $31.68 billion, versus expectations of $30.68 billion.

Kroger said it sees FY21 earnings of $3.25 to $3.35 per share, versus analysts’ estimates of $3.06 per share.

Equities Trading UP

IVERIC bio, Inc. ISEE +7.57% shares shot up 57% to $13.68 after Apellis Pharmaceuticals reported results from its Phase 3 DERBY and OAKS studies in geographic atrophy. IVERIC Bio, a competitor to Apellis, is also working on a product to treat geographic atrophy, called Zimura. Stifel initiated coverage on IVERIC bio with a Buy rating and announced a price target of $22.

Shares of Echo Global Logistics, Inc. ECHO +7.57% got a boost, shooting 53% to $47.82 after the company announced Friday that it has entered into a definitive agreement to be acquired by global private equity firm The Jordan Company for an equity value of approximately $1.3 billion.

Endo International plc ENDP +7.57% shares were also up, gaining 31% to $2.76 after the company said it has settled three consolidated opioid cases pending in Suffolk County Supreme Court in the State of New York. As a result of the settlement, Endo has been severed from the trial.

Equities Trading DOWN

Apellis Pharmaceuticals, Inc. APLS +37.19% shares tumbled 38% to $34.41 after the company reported mixed top-line results from the Phase 3 DERBY and OAKS studies evaluating intravitreal pegcetacoplan in 1,258 adults with geographic atrophy secondary to age-related macular degeneration. The OAKS study met the primary endpoint for both monthly and every-other-month treatment with pegcetacoplan, demonstrating a significant reduction in GA lesion growth of 22% and 16%, respectively, compared to pooled sham at 12 months. However the DERBY study did not meet the primary endpoint of GA lesion growth, showing a reduction of 12% and 11%, with monthly and every-other-month treatment, respectively, compared to pooled sham at 12 months.

Shares of Lakeland Industries, Inc. LAKE +12.97% were down 15% to $20.33 after reporting downbeat Q2 sales.

Impel NeuroPharma, Inc. IMPL +23.76% was down, falling 22% to $16.58 after the company reported pricing of $45.0 million public offering.

Commodities

In commodity news, oil traded up 2.5% to $69.81, while gold traded down 0.4% to $1,792.00.

Silver traded down 1.2% Friday to $23.885 while copper rose 3.6% to $4.4410.

Euro zone

European shares closed mostly lower today. The eurozone’s STOXX 600 slipped 0.26%, the Spanish Ibex Index fell 1.20% and the German DAX 30 dropped 0.09%. Meanwhile, the London’s FTSE 100 rose 0.07%, French CAC 40 slipped 0.31% and Italy’s FTSE MIB slipped 0.86%.

French industrial production increased 0.3% in July, while Italy's industrial production rose 0.8% from a month ago in July. Annual consumer price inflation rate in Germany was confirmed at 3.9% in August.

The UK GDP expanded by 3.6% during the three months to July, while industrial production rose 1.2% in July. The UK trade deficit increased to GBP 3.1 billion in July from GBP 2.5 billion in the earlier month. Imports to the UK rose 1.1%, while exports slipped 0.1% from the previous month in July.

Economics

Producer prices for final demand rose 0.7% in August.

US wholesale inventories rose 0.6% month-over-month to $722 billion in July.

The total number of active U.S. oil rigs rose by 7 to 401 rigs this week, Baker Hughes Inc reported