Mid-Morning Market Update: Markets Edge Higher; Disney Reports Upbeat Q3 Earnings

Following the market opening Friday, the Dow traded up 0.04% to 35,512.89 while the NASDAQ rose 0.20% to 14,845.17. The S&P also rose, gaining 0.11% to 4,465.85.

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 36,306,910 cases with around 619,090 deaths. India confirmed a total of at least 32,117,820 cases and 430,250 deaths, while Brazil reported over 20,285,060 COVID-19 cases with 566,890 deaths. In total, there were at least 205,462,550 cases of COVID-19 worldwide with more than 4,335,110 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors

Information technology shares rose 0.5% on Friday. Meanwhile, top gainers in the sector included Marathon Digital Holdings, Inc. MARA, up 5% and Canaan Inc. CAN up 3%.

In trading on Friday, energy fell 1%.

Top Headline

Walt Disney Co DIS reported upbeat results for its third quarter on Thursday.

Disney reported third-quarter revenue of $17.02 billion, up 45% year-over-year. The total beat the consensus estimate of $16.8 billion. Disney reported adjusted earnings per share of 80 cents versus a street estimate of 56 cents per share.

The company said Disney+ paid subscribers increased to 116 million from 57.5 million in the year-ago period and up from the 103.6 million reported in the second quarter. Disney’s Parks, Experiences and Products segment had revenue of $4.34 billion, up over 100% year-over-year.

Equities Trading UP

Tian Ruixiang Holdings Ltd TIRX shares shot up 28% to $6.18 after the company reported a strategic cooperation agreement with Beijing Puyuan Technology Co., Ltd. to ‘develop its intelligent sales and customer service systems.’

Shares of PharmaCyte Biotech, Inc. PMCB got a boost, shooting 15% to $2.62. PharmaCyte Biotech recently reported closing of $15-million public offering.

Pilgrim's Pride Corporation PPC shares were also up, gaining 21% to $27.47. JBS Brazil issued a proposal to acquire all outstanding shares not owned by JBS Brazil for $26.50 per share in cash.

Check out these big movers of the day

Equities Trading DOWN

Duos Technologies Group, Inc. DUOT shares tumbled 30% to $5.60 after the company reported a wider Q2 loss.

Shares of The Honest Company, Inc. HNST were down 28% to $10.08 after the company reported worse-than-expected Q2 results.

SOC Telemed, Inc. TLMD was down, falling 26% to $3.0750 after the company reported Q2 revenue of $24.96 million, +84% Y/Y, but slightly lower than the consensus of $25.18 million. For FY21, SOC Telemed expects revenue of $90 million - $92 million (prior $97 million - $103 million), versus the consensus of $100 million.

 

Commodities

In commodity news, oil traded up 0.1% to $69.14, while gold traded up 1.4% to $1,776.20.

Silver traded up 2.8% Friday to $23.76 while copper rose 1.1% to $4.4090.

Euro zone

European shares were higher today. The eurozone’s STOXX 600 gained 0.2%, the Spanish Ibex Index rose 0.2% and the German DAX 30 gained 0.2%. Meanwhile, the London’s FTSE 100 rose 0.3%, French CAC 40 rose 0.2% and Italy’s FTSE MIB gained 0.3%.

The consumer price inflation rate in France was confirmed at 1.2% year-over-year in July, while unemployment rate slipped to 8.0% in the second quarter from 8.1% in the prior period. Wholesale prices in Germany surged 11.3% year-over-year in July. Spanish consumer prices increased 2.9% from a year ago during July.

Economics

Prices for US exports increased 1.3% in July, while the price index for imports rose 0.3% percent from a month ago in July.

The University of Michigan's consumer sentiment index declined to 70.2 in August from 81.2 in the prior month.

The Baker Hughes North American rig count report for the latest week will be released at 1:00 p.m. ET.

Check out the full economic calendar here