Mid-Morning Market Update: Markets Open Lower; PepsiCo Reports Upbeat Q3 Profit

Following the market opening Thursday, the Dow traded down 0.52% to 25,941.87 while the NASDAQ fell 0.3% to 7,761.53. The S&P also fell, dropping 0.29% to 2,879.18.

Leading and Lagging Sectors

Real estate shares rose 0.1% on Thursday. Meanwhile, top gainers in the sector included Essential Properties Realty Trust, Inc. EPRT, up 5%, and Griffin Industrial Realty, Inc. GRIF, up 2%.

In trading on Thursday, financial shares fell 1.3%.

Top Headline

PepsiCo, Inc. PEP reported upbeat earnings for its third quarter.

PepsiCo reported third-quarter earnings of $1.56 per share, which beat the analyst consensus estimate of $1.5. The company reported quarterly sales of $17.19 billion, which beat the analyst consensus estimate of $16.93 billion. Pepsi expects FY19 adjusted EPS of $5.50.


Equities Trading UP

PDS Biotechnology Corporation PDSB shares shot up 31% to $3.925 after the company reported a clinical collaboration with Merck for evaluation of combo of PDS0101, Merck's KEYTRUDA.

Shares of The Meet Group, Inc. MEET surged 12% to $3.5280 after the company raised its Q3 preliminary guidance.

Catalyst Biosciences, Inc. CBIO was up, rising 10% to $5.43 after the company issued an update on DalcA Phase 2b trial.

Equities Trading DOWN

GoPro, Inc. GPRO shares tumbled 23% to $3.9250 after the company announced Wednesday afternoon a last-minute production delay for its new flagship HERO8 Black camera. GoPro sees preliminary third-quarter sales of $123 million-$127 million versus a $308.2 million estimate.

Shares of AngioDynamics, Inc. ANGO were down 16% to $14.87 after the company reported downbeat Q1 sales and lowered its FY20 earnings forecast. AngioDynamics also reported the purchase of Eximo Medical.

Resources Connection, Inc. RECN was down, falling 16% to $13.90 after the company reported worse-than-expected Q1 sales results.

Commodities


In commodity news, oil traded down 0.3% to $52.48, while gold traded up 0.1% to $1,508.60.

Silver traded down 0.1% Thursday to $17.66, while copper fell 0.7% to $2.5525.

Euro zone

European shares were mixed today. The eurozone’s STOXX 600 fell 0.2%, the Spanish Ibex Index rose 0.1%, while Italy’s FTSE MIB Index gained 0.2%. Meanwhile, the German DAX dropped 2.8%, and the French CAC 40 rose 0.2% while UK shares fell 0.9%.

Economics

Initial jobless claims increased 4,000 to 219,000 in the latest week.

U.S. factory orders fell 0.1% for August.

The Energy Information Administration’s weekly report on natural gas stocks in underground storage is schedule for release at 10:30 a.m. ET.

The Treasury is set to auction 4-and 8-week bills at 11:30 a.m. ET.

Cleveland Federal Reserve Bank President Loretta Mester is set to speak in Washington, D.C. at 12:10 p.m. ET.

Data on money supply for the recent week will be released at 4:30 p.m. ET.

Federal Reserve Board of Governors Vice Chairman Richard Clarida will speak in New York at 6:35 p.m. ET.