Mid-day market update: KB Home surges following upbeat earnings, Virgin Galactic shares slide

Midway through trading Thursday, the Dow traded up 0.41% to 36,437.70 while the NASDAQ fell 0.57% to 15,102.56. The S&P also fell, dropping, 0.10% to 4,721.84.

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 64,359,400 cases with around 866,890 deaths. India confirmed a total of at least 36,317,920 cases and 485,030 deaths, while Brazil reported over 22,718,600 COVID-19 cases with 620,410 deaths. In total, there were at least 317,843,630 cases of COVID-19 worldwide with more than 5,532,990 deaths.

Leading and Lagging Sectors

Industrials shares rose 0.7% on Thursday. Meanwhile, top gainers in the sector included Hawaiian Holdings, Inc. HA +5.94%, up 5% and Concrete Pumping Holdings, Inc. BBCP +5.62% up 5%.

In trading on Thursday, health care shares fell by 0.9%.

Top Headline

Delta Air Lines, Inc. DAL +2.71% reported better-than-expected results for its fourth quarter.

Delta Air Lines posted quarterly earnings of $0.22 per share, beating analysts’ estimates of $0.13 per share. The company’s quarterly sales came in at $9.47 billion, versus expectations of $9.14 billion.

Equities Trading UP

Takung Art Co., Ltd. TKAT +8% shares shot up 14% to $3.9735. Traders are circulating earlier news that China is looking to separate NFTs from crypto via new blockchain infrastructure.

Shares of BTCS Inc. BTCS +17.39% got a boost, shooting 18% to $7.88. BTCS added Algorand to its blockchain infrastructure operations. The company announced on January 5 its dividend would be payable in Bitcoin.

KB Home KBH +14.42% shares were also up, gaining 13% to $48.03 after the company reported better-than-expected Q4 earnings results and issued FY22 housing revenue guidance.

Equities Trading DOWN

Virgin Galactic Holdings, Inc. SPCE -17.38% shares tumbled 15% to $10.52 after the company announced a proposed convertible senior notes offering. Virgin Galactic intends to offer $425 million of convertible senior notes due 2027 in a private offering to institutional investors.

Shares of E2open Parent Holdings, Inc. ETWO -11.34% were down 12% to $8.58. E2open reported an adjusted gross profit of $103.4 million for the third quarter, up from $89.6 million in the year-ago period. Its non-GAAP revenue also climbed to $147.4 million from $129.5 million. E2open raised its FY22 adjusted sales guidance to $474 million to $476 million.

GreenTree Hospitality Group Ltd. GHG -8.89% was down, falling 16% to $7.06 after the company posted results for the third quarter.


In commodity news, oil traded down 0.3% to $82.42, while gold traded down 0.5% to $1,817.90.

Silver traded down 0.4% Thursday to $23.12 while copper fell 0.9% to $4.5370.

Euro zone

European shares were mostly lower today. The eurozone’s STOXX 600 slipped 0.15%, London’s FTSE 100 fell 0.02%, while Spain’s IBEX 35 Index rose 0.15%. The German DAX declined 0.15%, French CAC 40 fell 0.69% and Italy’s FTSE MIB Index gained 0.22%.

Italy’s industrial production rose 1.9% from a month ago in November following a revised 0.5% decline in the prior month.


US initial jobless claims rose by 23 thousand from the previous week to 230 thousand in the recent week.

The Producer Price Index rose 0.2% for December following a revised 1% rise in the previous month.

US natural-gas supplies dropped 179 billion cubic feet last week, the Energy Information Administration said.

Chicago Fed President Charles Evans will speak at 1:00 p.m. ET.

The Treasury will auction 30-year bonds at 1:00 p.m. ET.

Benzinga does not provide investment advice. All rights reserved.

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