Mid-afternoon market update: Dow surges 250 points, CalAmp shares slide

Toward the end of trading Friday, the Dow traded up 0.76% to 34,455.02 while the NASDAQ rose 0.04% to 14,375.24. The S&P also rose, gaining 0.39% to 4,283.15.

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 33,577,710 cases with around 602,830 deaths. India confirmed a total of at least 30,082,770 cases and 391,980 deaths, while Brazil reported over 18,169,880 COVID-19 cases with 507,100 deaths. In total, there were at least 179,635,440 cases of COVID-19 worldwide with more than 3,892,810 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors

Financial shares jumped by 1.3% on Friday. Meanwhile, top gainers in the sector included X Financial XYF 26.41%, up 28%, and Vericity, Inc. VERY 13.93%, up 14%.

In trading on Friday, information technology shares rose by just 0.1%.

Top Headline

CarMax, Inc. KMX 6.68% reported stronger-than-expected results for its first quarter.

CarMax reported quarterly earnings of $2.63 per share, exceeding analysts’ estimates of $1.63 per share. The company’s quarterly sales came in at $7.7 billion, versus expectations of $6.24 billion.

CarMax reaffirmed long-term targets for sales of $33 billion.

Equities Trading UP

IKONICS Corporation IKNX 85.18% shares shot up 84% to $20.82 after the company reported a merger deal with TeraWulf.

Shares of Osmotica Pharmaceuticals plc OSMT 37.32% got a boost, shooting 36% to $3.8616 after the company agreed to sell its portfolio of legacy products and Georgia manufacturing facility, for up to $170 million, to Alora Pharmaceuticals LLC.

Fuwei Films (Holdings) Co., Ltd. FFHL 34.9% shares were also up, gaining 36% to $12.08 after the company reported a sharp rise in Q1 earnings and sales.

Equities Trading DOWN

Globus Maritime Limited GLBS 26.35% shares tumbled 26% to $4.0812 after the company priced its 10 million share offering at $5 per share.

Shares of Oasis Midstream Partners LP OMP 14.43% were down 14% to $23.94. Oasis Midstream Partners priced its public offering of 3.623 million common units

CalAmp Corp. CAMP 11.28% was down, falling 12% to $12.68 after reporting Q1 results.

Commodities

In commodity news, oil traded up 0.8% to $73.89, while gold traded up 0.1% to $1,778.50.

Silver traded up 0.3% Friday to $26.115 while copper fell 0.6% to $4.2875.

Euro zone

European shares closed mostly higher today. The eurozone’s STOXX 600 gained 0.13%, the Spanish Ibex Index rose 0.23% and the German DAX 30 rose 0.12%. Meanwhile, the London’s FTSE 100 rose 0.37%, French CAC 40 dropped 0.12% and Italy’s FTSE MIB gained 0.35%.

Spain's producer price inflation increased to 15.3% year-over-year in May from a revised 13% in April. German GfK consumer climate indicator rose to -0.3 heading into July. The UK’s GfK consumer confidence stood at -9 for June. The consumer confidence indicator in Italy surged 4.5 points to a reading of 115.1 in June, while manufacturing confidence index increased to 114.8 from 110.9. Loans to households in the Eurozone increased 3.9% in May.

Economics

Personal income fell 2% month-over-month, while personal spending came in unchanged for May.

The University of Michigan's consumer sentiment index revised lower to 85.5 in June versus a preliminary reading of 86.4.

The total number of active U.S. oil rigs fell by 1 to 372 rigs this week, Baker Hughes Inc reported.