Mid-Morning Market Update: Markets Mixed; Tapestry Earnings Beat Estimates

Following the market opening Thursday, the Dow traded down 0.24% to 35,992.87 while the NASDAQ rose 0.66% to 15,726.06. The S&P also rose, gaining 0.16% to 4,654.12.

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 47,647,740 cases with around 780,230 deaths. India confirmed a total of at least 34,401,670 cases and 462,180 deaths, while Brazil reported over 21,911,380 COVID-19 cases with 610,080 deaths. In total, there were at least 252,321,250 cases of COVID-19 worldwide with more than 5,092,080 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors

Energy shares gained by 0.9% on Thursday. Meanwhile, top gainers in the sector included Centrus Energy Corp. LEU, up 18% and Scorpio Tankers Inc. STNG up 11%.

In trading on Thursday, utilities shares fell 0.5%.

Top Headline

Tapestry, Inc. TPR reported upbeat earnings for its first quarter and raised FY22 guidance.

Tapestry reported quarterly earnings of $0.82 per share, beating analysts’ estimates of $0.70 per share. The company’s quarterly sales came in at $1.48 billion, versus expectations of $1.44 billion.

Tapestry said it now expects FY22 earnings of $3.45-$3.50 per share, versus prior forecast of $3.30-$3.35. The company raised its sales forecast from $6.4 billion to $6.6 billion.

Equities Trading UP

Pioneer Power Solutions, Inc. PPSI shares shot up 32% to $8.95. Pioneer Power Solutions recently announced the launch of its E-Boost portfolio of mobile Electric Vehicle charging solutions for a full range of applications.

Shares of Fossil Group, Inc. FOSL got a boost, shooting 31% to $18.12 after the company reported better-than-expected Q3 sales results and raised FY21 net sales growth guidance.

Summer Infant, Inc. SUMR shares were also up, gaining 28% to $10.52 after the company reported Q3 results.

Check out these big movers of the day

Equities Trading DOWN

Paysafe Limited PSFE shares tumbled 39% to $4.45 after the company reported worse-than-expected Q3 sales results and cut FY21 sales guidance below estimates.

Shares of Nisun International Enterprise Development Group Co., Ltd NISN were down 27% to $11.71 after the company reported Q3 results.

Quoin Pharmaceuticals, Ltd. QNRX was down, falling 22% to $5.36. Quoin Pharmaceuticals and Genpharm Services signed an exclusive license and distribution agreement for Quoin's lead asset, QRX003.

Commodities

In commodity news, oil traded down 0.7% to $80.74, while gold traded up 0.9% to $1,864.10.

Silver traded up 1% Thursday to $25.025 while copper rose 1.4% to $4.3815.

Euro zone

European shares were mostly higher today. The eurozone’s STOXX 600 gained 0.2%, the Spanish Ibex Index fell 0.6% and the German DAX 30 gained 0.1%. Meanwhile, the London’s FTSE 100 rose 0.4%, French CAC 40 rose 0.1% and Italy’s FTSE MIB fell 0.1%.

The Eurozone economy is expected to expand at a faster rate of 5% this year, up from 4.8% projected in July, the European Commission said. Business investment in the UK rose 0.4% quarter-over-quarter in the July-September period, while industrial production dropped 0.4% in September. The British economy grew 0.6% mom in September versus a revised 0.2% in August. The UK trade deficit increased to GBP 2.8 billion in September.

Economics

There were no major US economic releases Thursday.