Dow Jumps 150 Points; Netflix Earnings Top Views

U.S. stocks traded higher midway through trading, with the Dow Jones index gaining over 150 points on Thursday.

The Dow traded up 0.48% to 33,825.25 while the NASDAQ rose 0.65% to 13,401.03. The S&P 500 also rose, gaining, 0.56% to 4,338.69.

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Leading and Lagging Sectors

 

Communication services shares climbed by 1.6% on Thursday.

In trading on Thursday, consumer discretionary shares fell by 0.9%.

 

Top Headline

 

Netflix Inc NFLX reported better-than-expected results for its third quarter.

Netflix said third-quarter revenue increased 7.8% year-over-year to $8.54 billion, which beat the consensus estimate of $8.53 billion. The company reported quarterly earnings of $3.73 per share, which beat the consensus estimate of $3.49, up from $3.10 in the same period last year.

The company said it sees fourth-quarter revenue of $8.692 million versus estimates of $8.77 billion. Fourth-quarter earnings are expected to come in at $2.15 per share, in line with analyst expectations.

 

Equities Trading UP

 

SeaStar Medical Holding Corporation ICU shares shot up 31% to $1.0095. SeaStar medical shares jumped 70% on Wednesday after the FDA granted the company's Selective Cytopheretic Device Breakthrough Device Designation for hepatorenal syndrome.

Shares of Spectral AI, Inc. MDAI got a boost, shooting 36% to $3.5350. Spectral AI said that its DeepView SnapShot® Wound Imaging System is now UK Conformity Assessed (UKCA)-marked for use in the United Kingdom and has received Class 1 medical device classification with the United States Food and Drug Administration (FDA).

Lindsay Corporation LNN shares were also up, gaining 20% to $128.60 after the company reported better-than-expected fourth-quarter financial results and issued first-quarter guidance.

 

Equities Trading DOWN

 

Nxu, Inc. NXU shares dropped 36% to $0.0441 after the company announced a $3 million public offering of common stock of 86 million shares at $0.035 per share.

Shares of Semtech Corporation SMTC were down 21% to $15.83 after the company announced a $250 million private placement offering.

Mullen Automotive, Inc. MULN was down, falling 17% to $0.2848. Mullen Automotive filed preliminary proxy statement to the SEC to hold a stockholders meeting on Dec. 15, to effect a reverse stock split of the company's common stock at an exchange ratio between 1-for-2 to 1-for-100.

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Commodities

 

In commodity news, oil traded up 0.4% to $88.64 while gold traded up 0.1% at $1,970.00.

Silver traded down 0.6% to $22.955 on Thursday while copper rose 0.1% to $3.5915.

 

Euro zone

 

European shares were lower today. The eurozone’s STOXX 600 fell 1.19%, London’s FTSE 100 fell 1.17% while Spain’s IBEX 35 Index fell 0.72% The German DAX fell 0.33% French CAC 40 declined 0.64%, while Italy’s FTSE MIB Index declined 1.38%.

The Eurozone recorded a current account surplus of EUR 30.67 billion in August versus a year-ago deficit of EUR 26.57 billion. Spain's trade deficit narrowed to EUR 4.4 billion in August from EUR 7.9 billion in the year-ago month. The manufacturing climate indicator in France fell to 98 in October versus 99 in the prior month.

 

Asia Pacific Markets

 

Asian markets closed lower on Thursday, with Japan’s Nikkei 225 falling 1.91%, China’s Shanghai Composite Index falling 2.46% and Hong Kong’s Hang Seng Index falling 1.74%. India’s S&P BSE Sensex, meanwhile, fell 0.25%.

Japan posted a trade surplus of JPY 62.44 billion in September compared to a deficit of JPY 2,099 billion in the year-ago period. Hong Kong's unemployment rate came in unchanged at 2.8% in the three months ending September. Average new home prices in China declined by 0.1% year-over-year in September.

 

Economics

 

The Philadelphia Fed Manufacturing Index rose -9 in October from -13.5 a month ago, versus market estimates of -6.4.

U.S. jobless claims declined by 13,000 from the previous week to 198,000 in the week ending October 14, compared to market expectations of 212,000.

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