Mid-Morning Market Update: Markets Open Higher; Walgreens Beats Q1 Expectations

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Following the market opening Thursday, the Dow traded up 1.11% to 31,171.90 while the NASDAQ rose 2.24% to 13,025.91. The S&P also rose, gaining 1.57% to 3,807.07.

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 21,305,320 cases with around 361,290 deaths. India confirmed a total of at least 10,395,270 confirmed cases and 150,330 deaths, while Brazil reported over 7,873,830 COVID-19 cases with 198,970 deaths. In total, there were at least 87,300,340 cases of COVID-19 worldwide with over 1,885,610 deaths, according to data compiled by Johns Hopkins University.

Top Headline

Walgreens Boots Alliance Inc (NASDAQ: WBA) reported better-than-expected results for its first quarter.

Walgreens posted quarterly earnings of $1.22 per share, exceeding analysts’ estimates of $1.03 per share. The company posted quarterly sales of $36.30 billion, versus expectations of $34.95 billion.

Walgreens Boots Alliance disclosed on Wednesday that it had signed an agreement with healthcare products distributor AmerisourceBergen Corp (NYSE: ABC) to sell a majority stake in its Alliance Healthcare business. The deal is valued at $6.5 billion and is expected to close by the end of the fiscal year 2021.

 

Equities Trading UP

The9 Limited (NASDAQ: NCTY) shares shot up 62% to $24.10 after gaining 74% on Wednesday. The9, on Monday, signed a legally binding cooperation and investment term sheet with cryptocurrencies mining investors led by Jianping Kong to start the cryptocurrencies business.

Shares of Xunlei Limited (NASDAQ: XNET) got a boost, shooting 47% to $4.94 after gaining 7% on Wednesday.

3D Systems Corporation (NYSE: DDD) shares were also up, gaining 56% to $17.59 after the company issued preliminary Q4 sales figures above estimates.

Equities Trading DOWN

Digital Ally, Inc. (NASDAQ: DGLY) shares tumbled 26% to $2.6898 after jumping over 32% on Wednesday The company announced its decision not to proceed with previously proposed underwritten public offering of common stock.

Shares of Urban One Inc. (NASDAQ: UONE) were down 25% to $6.69 after jumping 102% on Wednesday.

Addex Therapeutics Ltd. ADR (NASDAQ: ADXN) was down, falling 22% to $10.49 after the company reported pricing of $10.0 million global offering.

Commodities

In commodity news, oil traded up 0.2% to $50.74, while gold traded up 0.5% to $1,917.70.

Silver traded up 0.4% Thursday to $27.155 while copper fell 0.1% to $3.6495.

Euro zone

European shares were mixed today. The eurozone’s STOXX 600 gained 0.1%, the Spanish Ibex Index fell 0.7% and the German DAX 30 gained 0.2%. Meanwhile, the French CAC 40 rose 0.1%, London’s FTSE 100 fell 0.7% and Italy’s FTSE MIB slipped 0.4%.

The IHS Markit Eurozone construction PMI slipped to 45.5 in December versus 45.6 in November. Germany’s December construction PMI rose to 47.1 from 45.6 in November, while France construction PMI declined to 40.5 from 42.8.

Economics

The trade deficit increased to $68.1 billion in November versus $63.1 billion in October.

US initial jobless claims dropped to 787,000 in the week ended January 2, versus a revised reading of 790,000 in the previous week.

The ISM non-manufacturing PMI rose to 57.2 in December versus 55.9 in November.

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.

Federal Reserve Bank of St. Louis President James Bullard will speak at 12:00 p.m. ET.

Federal Reserve Bank of Chicago President Charles Evans is set to speak at 1:00 p.m. ET.

Federal Reserve Bank of San Francisco President Mary Daly will speak at 3:00 p.m. ET.

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

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