US Stocks Open Lower; Global Payments Posts Upbeat Earnings

Author: Lisa Levin | February 10, 2023 10:47am

U.S. stocks traded lower this morning, with the Nasdaq Composite dropping around 100 points on Friday.

Following the market opening Friday, the Dow traded down 0.21% to 33,630.01 while the NASDAQ fell 0.84% to 11,690.24. The S&P 500 also fell, dropping, 0.39% to 4 4,065.46.

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Leading and Lagging Sectors

• Energy shares rose by 2.4% on Friday. Meanwhile, top gainers in the sector included NGL Energy Partners LP (NYSE:NGL), up 15%, and Cameco Corporation (NYSE:CCJ), up 3%.
• In trading on Friday, consumer discretionary shares dipped by 1.3%.

 

Top Headline

Global Payments Inc (NYSE:GPN) reported better-than-expected Q4 results.

• The company reported fourth-quarter FY22 adjusted net revenue growth of 2% year-on-year (4% Y/Y in constant currency) to $2.02 billion, beating the consensus of $2.01 billion. Adjusted EPS of $2.42 beat the consensus of $2.41.

Global Payments expects FY23 adjusted net revenue of $8.575 billion - $8.675 billion, above the consensus of $8.570 billion.

 

Equities Trading UP

• Lions Gate Entertainment Corp. (NYSE: LGF-A) shares shot up 15% to $9.52 following Q3 results.
• Shares of Edible Garden AG Incorporated (NASDAQ:EDBL) got a boost, shooting 13% to $4.78. Edible Garden, on Thursday, announced research partnership with the New Jersey Institute of Technology, the USDA, and the Environmental Protection Agency to study nanobubble technology.
• Alteryx, Inc. (NYSE:AYX) shares were also up, gaining 12% to $67.59 after the company reported better-than-expected Q4 EPS and sales results.

 

Equities Trading DOWN

• Hempacco Co., Inc. (NASDAQ:HPCO) shares tumbled 55% to $1.98 after the company announced pricing of an upsized $6.3 million public offering.
• Shares of Lyft, Inc. (NASDAQ:LYFT) were down 35% to $10.56 after the company issued Q1 revenue guidance below analyst estiamtes.
• Phathom Pharmaceuticals, Inc. (NASDAQ:PHAT) was down, falling 29% to $8.20 after the company announced it received complete response letters from the FDA relating to its erosive esopgagitis New Drug Application and H. pylori post approval supplement.

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Commodities

In commodity news, oil traded up 1.1% to $78.92 while gold traded down 0.1% at $1,878.30.

Silver traded up 0.1% to $22.175 on Friday while copper fell 1.2% to $4.0465.

Euro zone

European shares were lower today. The eurozone’s STOXX 600 fell 1.1%, London’s FTSE 100 fell 0.6% while Spain’s IBEX 35 Index fell 1.4%. The German DAX fell 1.3% French CAC 40 fell 1.1% and Italy’s FTSE MIB Index fell 0.9%.

Industrial production in the UK increased by 0.3% month-over-month in December, while the country’s economy shrank 0.5% month-over-month in December. The UK trade deficit widened to £7.2 billion in December 2022 versus a revised £2.3 billion in the previous month. Italy's industrial production increased 1.6% from a month ago in December.

Asia Pacific Markets

Asian markets closed mostly lower on Friday, with Japan’s Nikkei 225 gaining 0.31%, Hong Kong’s Hang Seng Index dropping 2% and China’s Shanghai Composite Index falling 0.3%. India’s S&P BSE Sensex slipped 0.2%.

Auto sales in China dipped by 35% from a year ago to 1.65 million units in January, while annual inflation rate increased to 2.1% in January from 1.8% in the prior month. China's producer prices fell 0.8% year-over-year in January following a 0.7% decline a month ago. Producer prices in Japan increased 9.5% year-over-year in January.

Economics

The Baker Hughes rig count report for the latest week will be released at 1:00 pm ET.

Now Read This: Check Out 3 High-Yielding Dividend Stocks In Materials Sector From Benzinga's Most Accurate Analysts

 

COVID-19 Update

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 104,731,500 cases with around 1,139,670 deaths. India confirmed a total of at least 44,683,860 cases and 530,750 deaths, while France reported over 39,555,760 COVID-19 cases with 164,510 deaths. In total, there were at least 677,154,880 cases of COVID-19 worldwide with more than 6,779,410 deaths.

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