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Mid-Afternoon Market Update: NASDAQ Falls Over 200 Points; Ducommun Shares Gain After Q4 Results

Toward the end of trading Friday, the Dow traded down 0.96% to 28,940.09 while the NASDAQ fell 2.09% to 9,547.08. The S&P also fell, dropping 1.27% to 3,330.30.

Leading and Lagging Sectors

Consumer staples shares climbed 0.4% on Friday. Meanwhile, top gainers in the sector included Sprouts Farmers Market, Inc. (NASDAQ: SFM), up 15%, and New Age Beverages Corporation (NASDAQ: NBEV), up 8%.

In trading on Friday, information technology shares fell 2.4%.

Top Headline

Deere & Company (NYSE: DE) reported stronger-than-expected results for its first quarter on Friday.

Deere posted quarterly earnings of $1.63 per share, exceeding analysts’ estimates of $1.26 per share. Its quarterly sales came in at $7.631 billion, beating expectations of $6.42 billion.

Equities Trading UP

Trans World Entertainment Corporation (NASDAQ: TWMC) shares shot up 95% to $6.81 after the company disclosed that its subsidiary etailz entered into a deal with Encina for $25 million 3-year secured revolving credit facility.

Shares of Ducommun Incorporated (NYSE: DCO) got a boost, shooting 31% to $55.85 after the company reported better-than-expected Q4 results. B. Riley upgraded Ducommun from Neutral to Buy and raised the price target from $55 to $60.

Dropbox, Inc. (NASDAQ: DBX) shares were also up, gaining 23% to $23.00 after the company reported stronger-than-expected results for its fourth quarter and disclosed a $600 million buyback program.

Equities Trading DOWN

Document Security Systems, Inc. (NYSE: DSS) shares tumbled 27% to $0.1786. Document Security Systems priced its 22.2 million share common stock offering at $0.18 per share.

Shares of Lianluo Smart Limited (NASDAQ: LLIT) were down 27% to $0.62 after the company priced a 3.5 million share common stock offering at $0.70 per share.

EyePoint Pharmaceuticals, Inc. (NASDAQ: EYPT) was down, falling 28% to $1.405 after the company priced its 15 million share common stock offering at $1.45 per share.

Commodities

In commodity news, oil traded down 1.1% to $53.27, while gold traded up 1.8% to $1,649.00.

Silver traded up 1.1% Friday to $18.525, while copper rose 0.6% to $2.603.

Euro zone

European shares closed lower today. The eurozone’s STOXX 600 dropped 0.49% the Spanish Ibex Index declined 0.45%, while Italy’s FTSE MIB Index dipped 1.22% Meanwhile, the German DAX dropped 0.62%, and the French CAC 40 fell 0.54% while UK shares fell 0.44%.

Economics

The IHS Markit US composite PMI slipped to 49.6 in February, versus a reading of 53.3 in the prior month.

U.S. existing home sales fell 1.3% to an annual rate of 5.46 million units in January.

The total number of active U.S. oil rigs increased by 1 to 679 rigs this week, Baker Hughes Inc reported.

© 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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