Mid-Day Market Update: Dow Falls 100 Points; Netflix Shares Plummet

Midway through trading Friday, the Dow traded down 0.33% to 34,602.05 while the NASDAQ fell 1.27% to 13,974.28. The S&P also fell, dropping, 0.75% to 4,449.20.

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 70,544,860 cases with around 883,900 deaths. India confirmed a total of at least 38,566,020 cases and 488,420 deaths, while Brazil reported over 23,588,920 COVID-19 cases with 622,250 deaths. In total, there were at least 343,572,510 cases of COVID-19 worldwide with more than 5,595,280 deaths.

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Leading and Lagging Sectors

Consumer staples shares surged 1% on Friday. Meanwhile, top gainers in the sector included Zevia PBC ZVIA, up 6% and Compañía Cervecerías Unidas S.A. CCU up 5%.

In trading on Friday, communication services shares dipped 1.8%.

Top Headline

Schlumberger Limited SLB reported better-than-expected earnings for its fourth quarter.

Schlumberger posted quarterly earnings of $0.41 per share, beating analysts’ estimates of $0.34 per share. The company’s quarterly revenue came in at $6.22 billion, versus expectations of $5.34 billion.

 

Equities Trading UP

Limelight Networks, Inc. LLNW shares shot up 8% to $4.0250 after the company reported better-than-expected Q4 EPS and sales results and issued guidance.

Shares of BioDelivery Sciences International, Inc. BDSI got a boost, shooting 10% to $3.49. HC Wainwright & Co. maintained BioDelivery Sciences Intl with a Neutral and raised the price target from $4 to $4.5. BioDelivery Sciences International, on Thursday, raised its FY21 sales guidance and raised the lower end of its BELBUCA 2021 net sales guidance.

CymaBay Therapeutics, Inc. CBAY shares were also up, gaining 10% to $3.08. CymaBay Therapeutics Chief Medical Officer Dennis D Kim acquired a total of 20000 shares at an average price of $3.04.

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Equities Trading DOWN

Netflix, Inc. NFLX shares tumbled 25% to $383.44. Netflix reported better-than-expected earnings for its fourth quarter, but issued weak subscriber growth forecast for the first quarter. Several analysts downgraded the stock following earnings report.

Shares of OceanPal Inc. OP were down 47% to $0.62 after the company reported pricing of around $12.5 million underwritten public offering.

SunPower Corporation SPWR was down, falling 16% to $16.05. SunPower said it sees preliminary GAAP revenue within previously-guided range of $361 million-$421 million and also expects adjusted EBITDA to be at low end of $18 million-$41 million range.

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Commodities

In commodity news, oil traded down 2.8% to $84.50, while gold traded down 0.4% to $1,835.50.

Silver traded down 1% Friday to $24.46 while copper fell 0.7% to $4.5485.

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Euro zone

European shares were lower today. The eurozone’s STOXX 600 dropped 2.41%, London’s FTSE 100 fell 1.66%, while Spain’s IBEX 35 Index fell 2.05%. The German DAX dropped 2.63%, French CAC 40 fell 2.33% and Italy’s FTSE MIB Index dipped 2.59%.

Retail sales in the UK fell 3.7% from a month ago in December, while GfK consumer confidence indicator fell to its lowest level in 11 months at minus 19 during January.

Economics

The index of leading economic indicators rose 0.8% for December.

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

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