Mid-Day Market Update: Kelly Services Gains Following Strong Q4 Earnings; Marchex Shares Plunge


Midway through trading Thursday, the Dow traded down 0.37% to 29,441.85 while the NASDAQ fell 0.15% to 9,711.42. The S&P also fell, dropping 0.15% to 3,374.33.

Leading and Lagging Sectors

Real estate shares climbed 0.6% on Thursday. Meanwhile, top gainers in the sector included Redfin Corporation (NASDAQ: RDFN), up 14%, and Independence Realty Trust, Inc. (NYSE: IRT), up 5%.

In trading on Thursday, energy shares fell 0.6%.

Top Headline

PepsiCo, Inc. (NASDAQ: PEP) reported stronger-than-expected results for its fourth quarter.

PepsiCo reported fourth-quarter EPS at $1.45, which beat the analyst consensus estimate of $1.44. The company reported revenue at $20.64 billion, which beat the analyst consensus estimate of $20.27 billion.

PepsiCo said it projects 2020 adjusted EPS growth of 7% and organic revenue growth of 4%. The company also announced plans to lift its dividend by 7% to $4.09 per share.

Equities Trading UP

CounterPath Corporation (NASDAQ: CPAH) shares shot up 37% to $2.94 after the company announced it has secured a 5-year deal with Vodafone Fiji to extend superior quality voice services to consumers.

Shares of Exterran Corporation (NYSE: EXTN) got a boost, shooting 23% to $5.65 after the company issued Q4 operational update. Exterran expects Q4 preliminary sales of $265 million to $275 million.

Kelly Services, Inc. (NASDAQ: KELYA) shares were also up, gaining 13% to $20.43 after the company reported upbeat Q4 earnings.

Equities Trading DOWN

Catalyst Biosciences, Inc. (NASDAQ: CBIO) shares tumbled 21% to $6.32 after the company priced 4.615 million share common stock offering at $6.50 per share.

Shares of Marchex, Inc. (NASDAQ: MCHX) were down 24% to $3.05 after the company reported Q4 results.

SunPower Corporation (NASDAQ: SPWR) was down, falling 15% to $9.28 after the company reported worse-than-expected Q4 sales. Cowen & Co also downgraded the stock from Outperform to Market Perform.

Commodities

In commodity news, oil traded up 0.5% to $51.43, while gold traded up 0.5% to $1,578.90.

Silver traded up 1% Thursday to $17.675, while copper rose 0.7% to $2.618.

Euro zone

European shares were mostly lower today. The eurozone’s STOXX 600 slipped 0.22%, the Spanish Ibex Index fell 0.58%, while Italy’s FTSE MIB Index rose 0.04% Meanwhile, the German DAX dropped 0.22%, and the French CAC 40 fell 0.5% while UK shares fell 1.24%.

Economics

The consumer price index increased 0.1% in January, versus economists’ expectations for a 0.1% increase.

Initial jobless claims increased 2,000 to 205,000 in the latest week. However, analysts were expecting a reading of 210,000.

Domestic supplies of natural gas dropped 115 billion cubic feet for the week ended February 7, the U.S. Energy Information Administration reported. However, analysts expected a fall of 108 billion cubic feet.

Dallas Fed President Robert Kaplan is set to speak at 12:45 p.m. ET.

Federal Reserve Bank of New York President John Williams will speak at 5:30 p.m. ET.

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

Benzinga does not provide investment advice. All rights reserved.

Analysis feed

FXStreet Trading Signals now available!

Access to real-time signals, community and guidance now!


Latest Forex Analysis

Editors’ Picks

GBP/USD attempts recovery amid as Johnson's condition is in focus

GBP/USD is trading above 1.23 as the focus remains on PM Johnson's condition. The 55-year old is in intensive care, receiving oxygen and Foreign Secretary Raab is in charge.

GBP/USD News

EUR/USD rises toward 1.09 amid a better market mood

EUR/USD is trading closer to 1.09, up amid falling coronavirus cases in the old continent and as German industrial output beat expectations with 0.3% for February. New US fiscal stimulus is also eyed.

EUR/USD News

Crypto starship starts the engines, pointing beyond limits

The bullish scenarios are fulfilled and bring the Top 3 to the launch pad. Ether's dominance shoots up and improves by more than 10% in a single day. The movement shows strong potential not seen since the 2017 bump.

Read more

Gold corrects from multi-week tops, slides further below $1650 level

Gold finally broke down of its Asian session consolidation phase and dropped to fresh session lows, around the $1645 region in the last hour.

Gold News

WTI probes $30.00 following latest recovery moves, eyes on API

WTI benefits from recent risk-on, upbeat comments from US President Trump. Oil traders may now wait for the private weekly inventory data from the American Petroleum Institute (API), prior 10.485M, for fresh direction.

Oil News

Forex Majors

Cryptocurrencies

Signatures