Mid-Afternoon Market Update: EXFO Falls On Downbeat Q3 Results; Co-Diagnostics Shares Surge


Toward the end of trading Thursday, the Dow traded up 0.51% to 26,996.63 while the NASDAQ fell 0.24% to 8,183.09. The S&P also fell, dropping 0.06% to 2,991.27.

Leading and Lagging Sectors

Information technology shares rose 0.4% on Thursday. Meanwhile, top gainers in the sector included Nutanix, Inc. NTNX 4.17%, up 6%, and StoneCo Ltd. STNE 8.97%, up 8%.

In trading on Thursday, real estate shares fell 1.5%.

Top Headline

Delta Air Lines, Inc. DAL 1.16% reported better-than-expected second-quarter results and raised its FY19 EPS forecast.

The company reported second-quarter earnings of $2.35 per share, which beat the analyst consensus estimate of $2.25. Delta Air Lines reported quarterly sales of $12.536 billion, which beat the analyst consensus estimate of $12.48 billion.

Delta Air raised its FY19 EPS to $6-$7 to $6.75-$7.25. The company said it expects Q3 EPS of $2.10-$2.40.

Equities Trading UP

Co-Diagnostics, Inc. CODX 27.59% shares shot up 42% to $1.2384 after the company announced the launch of its Vector Smart NAM test to identify the presence of multiple diseases in mosquito populations.

Shares of Immunic, Inc. IMUX 39.91% got a boost, shooting up 58% to $17.24 after Chardan Capital initiated coverage on the company's stock with a Buy rating and a $40 price target.

Revolution Lighting Technologies, Inc. RVLT 128.8% shares were also up, gaining 132% to $0.5782 after the company was granted an extension to remain listed on Nasdaq.

Equities Trading DOWN

Vislink Technologies, Inc. VISL 55.61% shares tumbled 55% to $1.8350. Vislink Technologies announced pricing offering of common stock and warrants at $2 per share for total proceeds of $12 million.

Shares of Inuvo, Inc. INUV 22.8% were down 20% to $0.2950 after the company priced a 13.75 million share common stock offering at $0.30 per share.

EXFO Inc. EXFO 8.97% was down, falling 8% to $3.60 after the company reported downbeat results for its third quarter and issued weak forecast for the fourth quarter.

Commodities

In commodity news, oil traded down 0.1% to $60.41, while gold traded down 0.3% to $1,408.20.

Silver traded down 0.5% Thursday to $15.145, while copper fell 0.2% to $2.688.

Euro zone

European shares closed mixed today. The eurozone’s STOXX 600 fell 0.12%, the Spanish Ibex Index rose 0.3%, while Italy’s FTSE MIB Index gained 0.56%. Meanwhile, the German DAX dropped 0.33%, and the French CAC 40 fell 0.28% while UK shares fell 0.28%.

Economics

The Consumer Price Index increased 0.1% for June.

Initial jobless claims fell 13,000 to 209,000 in the latest week. However, economists were expecting a reading of 220,000.

Domestic supplies of natural gas gained 81 billion cubic feet for the week ended July 5, the U.S. Energy Information Administration reported. However, analysts expected a rise of 72 billion cubic feet.

Data on money supply for the latest week will be released at 4:30 p.m. ET.

Minneapolis Federal Reserve Bank President Neel Kashkari will speak in Aberdeen, South Dakota at 5:00 p.m. ET.

Benzinga does not provide investment advice. All rights reserved.

Analysis feed

Latest Forex Analysis

Editors’ Picks

EUR/USD: risk aversion could send it sub-1.1180

EUR/USD capped by a critical Fibonacci resistance for two weeks in-a-row. The American dollar has closed the week on a high note as hopes for significant rate cuts faded.

EUR/USD News

GBP/USD: bears to retake control on a break below 1.2475

Renewed demand for the greenback has resulted in the GBP/USD pair giving back half of its Thursday’s gains at the end of the week, with the pair closing it just above the 1.2500 figure.

GBP/USD News

USD/JPY: bearish case firmer once below 107.20

The USD/JPY pair flirted with the 108.00 level by the end of the week on renewed demand for the greenback but retreated sharply from the level to settle at around 107.70.

USD/JPY News

Something has spooked the Fed

We wish we knew what it is. Wild talk of the US joining Japan and Europe with zero or negative return on the 10-year is or should be very frightening.

Read more

Gold consolidates around $ 1440, eyes US data for fresh direction

Gold (futures on Comex) extends its side-trend around the 1440 mark into the mid-European session, having stalled its retreat from 2019 highs of 1454 near 1437 region.

Gold News

Majors

Cryptocurrencies

Signatures