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Mid-Morning Market Update: Markets Open Lower; Foot Locker Profit Beats Expectations

Following the market opening Friday, the Dow traded down 0.35% to 29,379.36 while the NASDAQ fell 0.20% to 11,881.20. The S&P also fell, dropping 0.25% to 3,572.81.

· 11/20/2020 10:06

Following the market opening Friday, the Dow traded down 0.35% to 29,379.36 while the NASDAQ fell 0.20% to 11,881.20. The S&P also fell, dropping 0.25% to 3,572.81.


The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 11,718,860 cases with around 252,560 deaths. India confirmed a total of at least 9,004,360 confirmed cases and 132,160 deaths, while Brazil reported over 5,981,760 COVID-19 cases with 168,060 deaths. In total, there were at least 57,011,970 cases of COVID-19 worldwide with over 1,362,420 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors


Utilities shares rose 0.2% on Friday. Meanwhile, top gainers in the sector included VivoPower International PLC (NASDAQ:VVPR), up 10%, and Sunnova Energy International Inc. (NYSE:NOVA), up 2%.


In trading on Friday, energy shares fell 0.6%.


Top Headline


Foot Locker, Inc (NYSE:FL) reported better-than-expected results for its third quarter.

Foot Locker posted quarterly earnings of $1.21 per share, beating analysts’ estimates of $0.62 per share. The company posted quarterly sales of $2.11 billion, surpassing expectations of $1.94 billion.

 

 

Equities Trading UP


Kaixin Auto Holdings (NASDAQ:KXIN) shares shot up 60% to $4.82.


Shares of FTS International Inc (NYSE:FTSI) got a boost, shooting 38% to $12.38. FTS International shares gained 74% on Thursday after the company completed financial restructuring.


AYRO Inc (NASDAQ:AYRO) shares were also up, gaining 30% to $8.04 after gaining around 46% on Thursday. AYRO, earlier during the month, reported a Q3 net loss of $3.1 million.

 


Equities Trading DOWN

Tantech Holdings Ltd (NASDAQ:TANH) shares tumbled 56% to $1.22 after the company priced its 6.06 million shares common stock offering at $1.65 per share..

Shares of Nano Dimension Ltd - ADR (NASDAQ:NNDM) were down 24% to $4.43 after the company priced a $100 million direct offering of 25 million shares at $4 per ADS.


GSX Techedu Inc (NYSE:GSX) was down, falling 23% to $54.80 after the company reported downbeat quarterly earnings. The company also announced it cannot predict the timing, outcome, or consequence of the SEC investigation.


Commodities


In commodity news, oil traded up 0.6% to $42.00, while gold traded up 0.1% to $1,864.00.


Silver traded up 0.9% Friday to $24.265 while copper rose 2% to $3.2645.


Euro zone


European shares were higher today. The eurozone’s STOXX 600 rose 0.5%, the Spanish Ibex Index rose 0.6%, while Italy’s FTSE MIB Index climbed 0.9%. Meanwhile, the German DAX 30 gained 0.4%, French CAC 40 rose 0.5% and London’s FTSE 100 rose 0.5%.

Retail sales in the UK rose 1.2% in October, while German producer prices fell 0.7% year-over-year last month.


Economics


The Baker Hughes North American rig count report for the latest week is scheduled for release at 1:00 p.m. ET.