Nasdaq Down 100 Points; McDonald's Profit Tops Views

U.S. stocks traded mixed midway through trading, with the Nasdaq Composite dropping around 100 points on Thursday.

The Dow traded up 1.11% to 32,192.18 while the NASDAQ fell 0.91% to 10,870.72. The S&P 500 also rose, gaining, 0.03% to 3,831.78.

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Leading and Lagging Sectors

Industrials shares climbed 1.6% on Thursday. Leading the sector was strength from View, Inc. VIEW and Altra Industrial Motion Corp. AIMC.

In trading on Thursday, communication services shares fell by 2.8%.

Top Headline

McDonald’s Corp MCD reported better-than-expected Q3 results.

McDonald’s reported a third-quarter FY22 sales decline of 5% year-on-year to $5.87 billion, beating the consensus of $5.72 billion. Adjusted EPS of $2.68 beat the analyst consensus of $2.60.

Equities Trading UP

• UserTesting, Inc. USER shares shot up 93% to $7.46 after the company announced it will be acquired by Thoma Bravo and Sunstone Partners for $1.3 billion. The company also reported better-than-expected Q3 sales results.
• Shares of AgroFresh Solutions, Inc.. AGFS got a boost, shooting 72% to $2.7002 after the company announced its board of directors agreed with Paine Schwartz Partners to pursue acquisition of the company for $3 per share.
• HeartCore Enterprises, Inc. HTCR shares were also up, gaining 111% to $2.0218 after the company announced it entered into a license agreement with Transcosmos Digital Technology for its Apromore process mining tool.

Equities Trading DOWN

• Core Scientific, Inc. CORZ shares tumbled 72% to $0.2809 after the company said, given the uncertainty regarding its financial condition, substantial doubt exists about the company's ability to continue as a going concern for a reasonable period of time.
• Shares of Babcock & Wilcox Enterprises, Inc. BW were down 31% to $5.54. Babcock & Wilcox said it sees FY23 adjusted EBITDA of $100 million to $120 million.
• Kalera Public Limited Company KAL was down, falling 66% to $0.0715. Kalera priced its 68 million unit public offering at $0.13 per unit.

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Commodities

In commodity news, oil traded up 1.8% to $89.53 while gold traded down 0.1% at $1,667.20.

Silver traded up 0.2% to $19.52 on Thursday while copper fell 0.2% to $3.5395.

Euro zone

European shares were mostly higher today. The eurozone’s STOXX 600 rose 0.13%, London’s FTSE 100 rose 0.35% while Spain’s IBEX 35 Index rose 0.82%. The German DAX gained 0.32%, French CAC 40 fell 0.21% and Italy’s FTSE MIB Index rose 0.95%.

Spain's unemployment rate climbed to 12.67% in the third quarter from 12.48% in the prior three-month period, while Italian consumer confidence declined by 4.7 points from the previous month to 90.1 in October. Manufacturing confidence in Italy dropped to 100.4 in October from a revised 101.2 in the previous month. The GfK Consumer Climate Indicator in Germany rose to -41.9 heading into November versus a revised -42.8 in the prior month. UK’s car production dropped 6% from a year ago to 63,125 units in September.

Economics

• US durable goods orders rose 0.4% from a month ago in September.
• The US economy expanded an annualized 2.6% on quarter in the third quarter, beating market estimates of a 2.4% growth.
• US initial jobless claims increased by 3,000 to 217,000 in the week ending October 20th, versus market views of 220,000.
• US natural-gas supplies rose 52 billion cubic feet last week, the Energy Information Administration said.
• The Kansas City Fed’s Manufacturing Production Index declined to -22 in October versus a reading of 2 in the prior month.
• The Treasury will auction 7-year notes at 1:00 p.m. ET.

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