Mid-Morning Market Update: Markets Open Higher; Delta Air Lines Posts Wider-Than-Expected Loss

Following the market opening Thursday, the Dow traded up 0.43% to 31,195.15 while the NASDAQ rose 0.53% to 13,199.16. The S&P also rose, gaining 0.32% to 3,821.96.

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 23,078,350 cases with around 384,780 deaths. India confirmed a total of at least 10,512,090 confirmed cases and 151,720 deaths, while Brazil reported over 8,256,530 COVID-19 cases with 205,960 deaths. In total, there were at least 92,462,190 cases of COVID-19 worldwide with over 1,981,090 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors

Energy shares gained by 2.3% on Thursday. Meanwhile, top gainers in the sector included Centrus Energy Corp. LEU, up 26%, and ENGlobal Corporation ENG, up 10%.

In trading on Thursday, utilities shares fell 0.7%.

Top Headline

Delta Air Lines, Inc. DAL reported a wider-than-expected loss for its fourth quarter.

Delta Air reported quarterly loss of $2.53 per share, versus analysts’ expectations for a loss of $2.51 per share. The company posted operating revenue of $3.53 billion, versus estimates of $3.6 billion.

Delta Air Lines said it expects Q1 sales to decrease by 60%-65% year over year.

 

Equities Trading UP

Datasea Inc. DTSS shares shot up 72% to $4.10 after the company reported establishment of a new company to 'focus on the 5G opportunities and related value-added services.'

Shares of Lexicon Pharmaceuticals, Inc. LXRX got a boost, shooting 33% to $5.22 after the company announced it received FDA regulatory feedback that the results of its SOLOIST and SCORED Phase 3 clinical studies can support a new drug application submission.

DPW Holdings, Inc. DPW shares were also up, gaining 35% to $5.65 after the company announced that its power electronics business, Coolisys Technologies Corp. began accepting pre-orders on Amazon.com for its ACECoolTM residential level 2 7kW single electric vehicle charger.

Check out these big movers of the day

Equities Trading DOWN

Viveve Medical, Inc. VIVE shares tumbled 23% to $3.08 after the company priced its $24 million common stock offering.

Shares of Live Ventures Incorporated LIVE were down 18% to $19.60. Live Ventures shares jumped over 90% on Wednesday after the company swung to a profit in the fourth quarter.

Foresight Autonomous Holdings Ltd. FRSX was down, falling 16% to $5.70. Foresight Autonomous shares jumped over 65% on Wednesday after the company's Eye-Net Mobile subsidiary initiated a pilot project with a global Japanese vehicle manufacturer.

Commodities

In commodity news, oil traded down 0.5% to $52.67, while gold traded down 0.7% to $1,842.30.

Silver traded down 0.9% Thursday to $25.345 while copper rose 0.5% to $3.6365.

Euro zone

European shares were mostly higher today. The eurozone’s STOXX 600 rose 0.3%, the Spanish Ibex Index fell 0.2% and the German DAX 30 gained 0.2%. Meanwhile, the French CAC 40 rose 0.1%, London’s FTSE 100 gained 0.5% and Italy’s FTSE MIB slipped 0.1%.

Eurozone industrial production increased 2.5% MoM, while the German economy contracted by 5% year-over-year in 2020.

Economics

U.S. initial jobless claims increased to 965,000 in the week ended January 9, versus a revised level of 784,000 in the previous week.

U.S. import prices rose 0.9% in December, while export increased 1.1% last month.

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

Federal Reserve Bank of Atlanta President Raphael Bostic will speak at 11:00 a.m. ET.

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

Federal Reserve Chairman Jerome Powell is set to speak at 12:30 p.m. ET.

Federal Reserve Bank of Dallas President Robert Kaplan will speak at 1:00 p.m. ET.

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

Check out the full economic calendar here