S&P 500 Down 1%; Broadcom Earnings Top Views
U.S. stocks traded lower midway through trading, with the Nasdaq Composite falling more than 350 points on Friday.
The Dow traded down 0.45% to 48,487.12 while the NASDAQ fell 1.60% to 23,216.22. The S&P 500 also fell, dropping, 1.04% to 6,829.12.
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Leading and Lagging Sectors
Consumer staples shares jumped by 0.3% on Friday.
In trading on Friday, information technology stocks fell by 2.5%.
Top Headline
Broadcom Inc. (NASDAQ:AVGO) reported better-than-expected results for the fourth quarter and issued strong first-quarter sales guidance, after the closing bell on Thursday.
Broadcom posted fourth-quarter revenue of $18.02 billion, beating analyst estimates of $17.49 billion. The company reported adjusted earnings of $1.95 per share for the fourth quarter, beating analyst estimates of $1.86 per share, according to Benzinga Pro.
Broadcom's board also approved a 10% quarterly cash dividend increase to 65 cents per share, payable on Dec. 31 to shareholders of record as of Dec. 22.
Equities Trading UP
- cbdMD Inc (NYSE:YCBD) shares shot up 126% to $1.42 after the company announced it had regained full compliance with NYSE American listing standards.
- Shares of Canopy Growth Corp (NASDAQ:CGC) got a boost, surging 38% to $1.56 driven by reports that President Donald Trump intends to relax federal marijuana regulations.
- Zedge Inc (NYSE:ZDGE) shares were also up, gaining 43% to $3.48 after the company reported better-than-expected quarterly financial results.
Equities Trading DOWN
- Applied Therapeutics Inc (NASDAQ:APLT) shares dropped 44% to $0.12 after Cycle Pharmaceuticals announced plans to acquire the company.
- Shares of Fermi Inc (NASDAQ:FRMI) were down 34% to $10.04 after First Tenant notified the company that it is terminating the AICA.
- Tenaya Therapeutics Inc (NASDAQ:TNYA) was down, falling 35% to $0.89 after the company announced the pricing of a $60 million public offering of 50 million units at $1.20 per unit.
Commodities
In commodity news, oil traded up 0.1% to $57.65 while gold traded down 0.1% at $4,310.70.
Silver traded down 4.8% to $61.475 on Friday, while copper fell 3% to $5.3380.
Euro zone
European shares were lower today. The eurozone's STOXX 600 declined 0.53%, while Spain's IBEX 35 Index fell 0.17%. London's FTSE 100 fell 0.56%, Germany's DAX 40 fell 0.45% and France's CAC 40 fell 0.21% during the session.
Asia Pacific Markets
Asian markets closed higher on Friday, with Japan's Nikkei gaining 1.37%, Hong Kong's Hang Seng surging 1.75%, China's Shanghai Composite rising 0.41% and India's BSE Sensex gaining 0.53%.
Economics
The Baker Hughes oil rig count report will be released today.
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