Mid-Morning Market Update: Markets Edge Lower; Coca-Cola Posts Upbeat Q4 Revenue

Following the market opening Thursday, the Dow traded down 0.08% to 28711.54 while the NASDAQ fell 0.09% to 9267.02. The S&P also fell, dropping 0.26% to 3,265.00.

Benzinga · 01/30/2020 15:12

Following the market opening Thursday, the Dow traded down 0.08% to 28711.54 while the NASDAQ fell 0.09% to 9267.02. The S&P also fell, dropping 0.26% to 3,265.00.

Leading and Lagging Sectors

Information technology shares climbed 0.2% on Thursday. Meanwhile, top gainers in the sector included Calix Inc (NYSE: CALX), up 4%, and Canaan Inc. (NASDAQ: CAN), up 3%.

In trading on Thursday, communication services shares fell 1.5%.

Top Headline

Coca-Cola Co (NYSE: KO) reported in-line earnings for its fourth quarter, while sales exceeded views

Coca-Cola reported fourth-quarter earnings of 44 cents per share on Thursday, which met the analyst consensus estimate. The company reported quarterly sales of $9.1 billion, which beat the analyst consensus estimate of $8.85 billion.

Coca-Cola expects FY20 adjusted earnings of $2.25 per share and organic sales growth of 5% year-over-year.

Equities Trading UP

Inovio Pharmaceuticals Inc (NASDAQ: INO) shares shot up 12% to $4.60 after the company announced it is collaborating with Beijing Advaccine Biotechnology to advance INO-4800 against the coronavirus in China.

Shares of Cleveland BioLabs, Inc. (NASDAQ: CBLI) got a boost, shooting up 24% to $2.78 after declining 20.07% on Wednesday.

Farfetch Ltd (NYSE: FTCH) shares were also up, gaining 15% to $12.98 after the company announced it raised $250 million from Tencent and Dragoneer to support continued growth.

Equities Trading DOWN

Annovis Bio, Inc. (NYSE: ANVS) shares tumbled 23% to $7.40. Annovis Bio shares climbed 59.8% on Wednesday after the company priced its initial public offering of 2,000,000 shares at $6.00 per share.

Shares of Sundial Growers Inc. (NASDAQ: SNDL) were down 26% to $1.91 after the company's 6-K showed that the CEO & COO is expected to resign.

Intelsat S.A. (NYSE: I) was down, falling 21% to $2.9880 on continued weakness after Senators introduced a bill that seeks to limit satellite incentive payments.

Commodities

In commodity news, oil traded down 2.3% to $52.09, while gold traded u 0.6% to $1,579.90.

Silver traded up 1.5% Thursday to $17.74, while copper fell 0.2% to $2.548.

Euro zone

European shares were lower today. The eurozone’s STOXX 600 declined 0.9%, the Spanish Ibex Index fell 0.7%, while Italy’s FTSE MIB Index fell 1.3% Meanwhile, the German DAX dropped 1.2%, and the French CAC 40 fell 1.4% while UK shares fell 1.3%.

Economics

The US economy expanded by an annualized 2.1% in the fourth quarter. Economists were also expecting a 2.1% growth in the quarter.

U.S. initial jobless claims fell 7,000 to 216,000 for the latest week.

The Energy Information Administration’s weekly report on natural gas stocks in underground storage is scheduled 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.

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