Mid-Morning Market Update: Markets Open Higher; NVIDIA Earnings Beat Estimates
Following the market opening Friday, the Dow traded up 0.65 percent to 24,015.69 while the NASDAQ climbed 0.97 percent to 6,842.82. The S&P also rose, gaining 0.86 percent to 2,603.17.
Leading and Lagging Sectors
NVIDIA Corporation (NASDAQ: NVDA) reported better-than-expected earnings for its fourth quarter on Thursday.
Nvidia reported fourth quarter-adjusted earnings of $1.72 per share, beating estimates by 56 cents. Sales came in at $2.91 billion, beating estimates by $230 million. The company also issued strong first quarter sales guidance. Nvidia sees Q1 sales of $2.9 billion, plus or minus 2 percent, against estimates of $2.47 billion.
Equities Trading UP
Inpixon (NASDAQ: INPX) shares shot up 47 percent to $4.47 after falling 19.74 percent on Thursday.
Shares of Alliance One International, Inc. (NYSE: AOI) got a boost, shooting up 26 percent to $16.35. Alliance One International reported Q3 earnings of $9.80 per share on revenue of $477 million.
Wesco Aircraft Holdings Inc (NYSE: WAIR) shares were also up, gaining 23 percent to $8.05 following better-than-expected quarterly profit.
Equities Trading DOWN
Aytu Bioscience Inc (NASDAQ: AYTU) shares dropped 19 percent to $2.22 after the company reported Q2 results.
Shares of Miragen Therapeutics, Inc. (NASDAQ: MGEN) were down 17 percent to $5.40. Miragen Therapeutics priced its 7 million share public offering of common stock at $5.50 per share.
Web.com Group Inc (NASDAQ: WEB) was down, falling around 18 percent to $17.77 after reporting results for the fourth quarter.
In commodity news, oil traded down 1.47 percent to $60.25 while gold traded down 0.08 percent to $1,317.90.
Silver traded down 0.34 percent Friday to $16.285, while copper fell 0.89 percent to $3.0545.
European shares were lower today. The eurozone’s STOXX 600 slipped 1.45 percent, the Spanish Ibex Index fell 1.42 percent, while Italy’s FTSE MIB Index dropped 1.32 percent. Meanwhile the German DAX dropped 1.52 percent, and the French CAC 40 fell 1.44 percent while U.K. shares fell 0.89 percent.
U.S. wholesale inventories rose 0.40 percent for December, versus economists’ expectations for a 0.20 percent growth.
The Baker Hughes North American rig count report for the latest week is schedule for release at 1:00 p.m. ET.
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