Dow Surges 100 Points; Ciena Posts Upbeat Earnings

U.S. stocks traded higher toward the end of trading, with the Dow Jones index gaining around 100 points on Thursday.

The Dow traded up 0.28% to 36,155 while the NASDAQ rose 1.41% to 14,346.47. The S&P 500 also rose, gaining, 0.86% to 4,588.61.

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Leading and Lagging Sectors

 

Communication services shares rose by 3.9% on Thursday.

In trading on Thursday, health care shares fell by 0.8%.

 

Top Headline

 

Ciena Corp CIEN reported better-than-expected fourth-quarter earnings.

Ciena reported a fourth-quarter FY23 revenue growth of 16% year-on-year to $1.129 billion, beating the consensus estimate of $1.095 billion. The company reported an adjusted EPS of 75cents, beating the consensus of 69 cents.

 

Equities Trading UP

 

Save Foods, Inc. SVFD shares shot up 93% to $4.1601 after the company highlighted it's targeting the US carbon credit market following the acquisition of majority ownership in the newly-formed Nitrousink Ltd.

Shares of Cyngn Inc. CYN got a boost, shooting 88% to $0.4599 after the company announced the issuance of a new patent, US-11,837,089-B2, for the autonomous vehicle (AV) and driving solutions.

Barnes & Noble Education, Inc. BNED shares were also up, gaining 26% to $1.32 following upbeat quarterly earnings.

 

Equities Trading DOWN

 

Troika Media Group, Inc. TRKA shares dropped 64% to $0.6792 after the company announced it filed for Chapter 11.

Shares of ZyVersa Therapeutics, Inc. ZVSA were down 35% to $1.4001 after the company priced its $5 million public offering.

Phio Pharmaceuticals Corp. PHIO was down, falling 41% to $0.9436 as the company announced exercise of warrants for $2.8 million gross proceeds.

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Commodities

 

In commodity news, oil traded down 0.2% to $69.26 while gold traded down 0.5% at $2,037.90.

Silver traded down 1.1% to $23.955 on Thursday while copper rose 1.3% to $3.7825.

 

Euro zone

 

European shares were mostly lower today. The eurozone’s STOXX 600 fell 0.27%, London’s FTSE 100 fell 0.02% while Spain’s IBEX 35 Index fell 1.09% The German DAX fell 0.16% French CAC 40 fell 0.10%, while Italy’s FTSE MIB Index fell 0.67%.

The Eurozone economy shrank by 0.1% in the third quarter versus a revised 0.1% expansion in the prior three-month period. The number of employed persons in the Eurozone increased by 0.2% from the earlier quarter to 168.7 million in the third quarter.

French trade deficit shrank to €8.6 billion in October versus a revised €8.87 billion in the prior month, while current account deficit increased to €2.9 billion in October from a revised €2.8 billion a month ago. Industrial production in Germany declined 0.4% month-over-month for October. The Halifax House Price Index fell by 1.0% year-over-year during November.

 

Asia Pacific Markets

 

Asian markets closed lower on Thursday, with Japan’s Nikkei 225 falling 1.76%, Hong Kong’s Hang Seng Index falling 0.71% and China’s Shanghai Composite Index falling 0.09%. India’s S&P BSE Sensex, meanwhile, fell 0.19%.

The index of coincident economic indicators in Japan rose to 115.9 in October versus a revised 115.7 in the previous month, while index of leading economic indicators fell to 108.7 in October versus a revised 109.3 a month ago. China's trade surplus widened to $68.39 billion in November from $66.49 billion in the year-ago period.

 

Economics

 

U.S. initial jobless claims rose by 1,000 to 220,000 in the week ending Dec. 2, compared to market estimates of 222,000.

U.S.-based employers announced plans to reduce 45,510 jobs during November.

The Manheim Used Vehicle Value Index for the U.S. declined 2.1% month-over-month in November versus a 2.3% decline in October.

U.S. wholesale inventories declined by 0.4% month-over-month in October versus preliminary estimate of a 0.2% decline.

U.S. natural-gas supplies fell 117 billion cubic feet last week, the EIA said.

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