Mid-day market update: Aehr Test Systems surges following Q1 results, Onconova Therapeutics shares slide


Midway through trading Friday, the Dow traded down 0.03% to 34,753.87 while the NASDAQ fell 0.45% to 14,984.38. The S&P also fell, dropping 0.10% to 4,444.74.

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 42,672,290 cases with around 684,350 deaths. India confirmed a total of at least 33,594,800 cases and 446,360 deaths, while Brazil reported over 21,308,170 COVID-19 cases with 592,960 deaths. In total, there were at least 230,637,880 cases of COVID-19 worldwide with more than 4,729,300 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors

Energy shares jumped 1.1% on Friday. Meanwhile, top gainers in the sector included Camber Energy, Inc. CEI +18.84% (Get Free Alerts for CEI), up 14% and Mammoth Energy Services, Inc. TUSK +11.95% (Get Free Alerts for TUSK) up 11%.

In trading on Friday, real estate shares fell 1%.

Top Headline

On Thursday, Nike Inc NKE +6.25% reported better-than-expected earnings for its first quarter, while sales missed expectations. The company also lowered its sales forecast for the full year.

Equities Trading UP

Aehr Test Systems AEHR +35.61% shares shot up 33% to $15.71 after the company reported better-than-expected Q1 results. The company also said it sees FY21 revenue of $50 million.

Shares of Unique Fabricating, Inc. UFAB +29.36% got a boost, shooting 35% to $3.41. Form 4 filings from late Thursday showed stock purchases from multiple company’s Directors.

Meredith Corporation MDP +25.77% shares were also up, gaining 26% to $56.42 following reports suggesting IAC/InterActiveCorp is in advanced talks to acquire the company in a deal valued at over $2.5 billion.

Equities Trading DOWN

Canaan Inc. CAN +21.42% shares tumbled 21% to $6.09 amid a decrease in the price of Bitcoin and Ethereum after China's Central Bank banned all crypto transactions and vowed to stop illegal crypto mining. The company’s board recently approved a $20 million share buyback program worth outstanding ADS, each representing 15 Class A shares over the next 12 months starting from September 20.

Shares of Helbiz, Inc. HLBZ +13.5% were down 19% to $18.61. Helbiz announced its official arrival in California.

Onconova Therapeutics, Inc. ONTX +20.16% was down, falling 18% to $4.1748. Onconova Therapeutics priced an underwritten public offering of 5 million shares at $4.20 for gross proceeds of $21 million.

Commodities

In commodity news, oil traded up 0.6% to $73.77, while gold traded down 0.1% to $1,748.20.

Silver traded down 1.5% Friday to $1,748.20 while copper rose 0.2% to $4.2405.

Euro zone

European shares were lower today. The eurozone’s STOXX 600 dropped 0.77%, the Spanish Ibex Index slipped 0.02% and the German DAX 30 dropped 0.73%. Meanwhile, the London’s FTSE 100 fell 0.22%, French CAC 40 fell 0.85% and Italy’s FTSE MIB declined 0.17%.

The United Kingdom’s GfK consumer confidence index fell to -13 for the month of September from -8 a month ago. Manufacturing confidence in Italy dropped to 113 in September from a revised level of 113.2 in August, while consumer confidence climbed to 119.6 from 116.2. The Ifo business climate indicator for Germany fell to 98.8 in September versus a revised reading of 99.6 in August.

Economics

New home sales surged 1.5% to an annual rate of 740,000 in August.

The Baker Hughes North American rig count report for the latest week is scheduled for release at 1:00 p.m. ET.

Benzinga does not provide investment advice. All rights reserved.

Feed news

Latest Forex Analysis


Latest Forex Analysis

Editors’ Picks

EUR/USD stays afloat above 1.1600 as inflation data meet expectations

EUR/USD came under modest bearish pressure in the early European session and continues to have a difficult time regaining its traction. After the data from the euro area revealed that annual CPI stayed unchanged at 3.4% in September, the pair stays relatively calm above 1.1600.

EUR/USD News

GBP/USD drops below 1.3800 as UK CPIs disappoint

GBP/USD eases below 1.3800, as an unexpected decline in the UK inflation douses the BOE rate hike expectations. Covid resurgence in the UK also undermines the pound. The pair could find support from a broadly subdued US dollar and fresh Brexit optimism. 

GBP/USD News

Gold: $1791 appears a tough nut to crack for XAU/USD bulls

Gold price is holding the higher ground, extending the previous advance amid a pullback in the US 10-year Treasury yields from five-month highs of 1.672%.

Gold News

Crypto markets prepare for final pullback before next leg up

Bitcoin price is due for a retracement as MRI flashes a sell signal on the daily chart. Ethereum price continues to consolidate under the $3,938 resistance level. Ripple price slides below the $1.09 support level as the crypto markets prepare for a minor correction.

Read more

Tesla: Why it is time to sell TSLA stock

Tesla breaks higher again on Monday as we had called. TSLA to release earnings after the close on Wednesday. Is it time to sell Tesla stock now before earnings?

Read more

Majors

Cryptocurrencies

Signatures