US Stocks Mixed; Costco Posts Upbeat Earnings

U.S. stocks traded mixed this morning, with the Dow Jones index falling around 75 points on Friday.

The Dow traded down 0.20% to 37,173.96 while the NASDAQ rose 0.31% to 14,806.71. The S&P 500 also fell, dropping, 0.19% to 4,710.37.

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Leading and Lagging Sectors

 

Information technology shares rose by 0.3% on Friday.

In trading on Friday, utilities shares fell by 0.9%.

 

Top Headline

 

Costco Wholesale Corporation COST posted upbeat earnings for its first quarter and announced a special cash dividend of $15 per share on Thursday.

Costco said first-quarter net sales increased 6.1% year-over-year. The company reported quarterly revenue of $57.8 billion, which beat the consensus estimate of $57.72 billion. The retailer reported adjusted quarterly earnings of $3.48 per share, which beat analyst estimates of $3.42 per share.

 

Equities Trading UP

 

Getaround, Inc. GETR shares shot up 109% to $0.3580 after the company reported a year-over-year increase in third-quarter financial results.

Shares of Battalion Oil Corporation BATL got a boost, surging 83% to $9.65 after the company announced it will be acquired by Fury Resources.

Bruush Oral Care Inc. BRSH shares were also up, gaining 87% to $0.3172 after the company and Arrive Technology announced an agreement and plan of merger.

 

Equities Trading DOWN

 

Aadi Bioscience, Inc. AADI shares dropped 54% to $2.46 after the company reported interim results from the PRECISION1 trial of nab-sirolimus.

Shares of Inno Holdings Inc. INHD were down 55% to $6.25 after jumping over 246% on Thursday. The company priced its IPO at $4 per share.

Eos Energy Enterprises, Inc. EOSE was down, falling 37% to $1.0650 after the company reported pricing of $50 million public offering.

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Commodities

 

In commodity news, oil traded up 0.4% to $71.87 while gold traded up 0.6% at $2,056.30.

Silver traded up 0.6% to $24.52 on Friday while copper rose 0.5% to $3.9130.

 

Euro zone

 

European shares were mostly higher today. The eurozone’s STOXX 600 gained 0.3%, London’s FTSE 100 fell 0.4% while Spain’s IBEX 35 Index fell 0.5% The German DAX rose 0.5% French CAC 40 jumped 0.8%, while Italy’s FTSE MIB Index rose 0.6%.

Eurozone reported a trade surplus of €11.1 billion in October compared to a €28.7 billion deficit in the year-ago period. The wage growth in the Eurozone increased to 5.3% year-over-year in the third quarter versus a 4.6% rise in the prior three-month period. Hourly labor costs in the Eurozone rose by 5.3% year-over-year in the third quarter. The HCOB Eurozone composite PMI declined to 47.0 in December from 47.6 in November.

The S&P Global/CIPS UK composite PMI climbed to 51.7 in December from 50.7 in the prior month. The HCOB Germany composite PMI fell to 46.7 from 47.8 in November, while France composite PMI declined to 43.7 from 44.6. The annual inflation rate in France eased to 3.5% in November from 4% in October.

 

Asia Pacific Markets

 

Asian markets closed mixed on Friday, with Japan’s Nikkei 225 gaining 0.87%, Hong Kong’s Hang Seng Index gaining 2.38% and China’s Shanghai Composite Index falling 0.56%. India’s S&P BSE Sensex, meanwhile, rose 1.37%.

India's merchandise trade deficit shrank to $20.6 billion in November from $22.1 billion in the year-ago month. China's retail sales rose by 10.1% year-over-year in November versus a 7.6% rise in the prior month, while industrial production rose by 6.6% year-over-year in November. The au Jibun Bank Japan composite PMI rose to 50.4 in December versus a final reading of 49.6 in the previous month.

 

Economics

 

The NY Empire State Manufacturing Index fell to -14.5 in December, recording the weakest reading in four months.

Industrial production in the U.S. increased by 0.2% from the prior month in November following a revised 0.9% decline in October.

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