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News

Nasdaq Jumps Over 100 Points; Pinterest Sales Miss Expectations

Author: Avi Kapoor | February 09, 2024 01:08pm

U.S. stocks traded mixed midway through trading, with the Nasdaq Composite gaining over 100 points on Friday.

The Dow traded down 0.24% to 38,633.08 while the NASDAQ rose 0.81% to 15,921.72. The S&P 500 also rose, gaining, 0.28% to 5,012.01.

Check This Out: How To Earn $500 A Month From Principal Financial Group Stock Ahead Of Q4 Print

 

Leading and Lagging Sectors

 

Information technology shares rose by 1.2% on Friday.

In trading on Friday, consumer staples shares fell by 0.8%.

 

Top Headline

 

On Thursday, Pinterest, Inc. (NYSE:PINS) reported upbeat earnings for its fourth quarter, while sales missed estimates.

The company said it sees first-quarter revenue in the range of $690 million to $705 million versus estimates of $702.36 million.

 

Equities Trading UP

 

Intelligent Bio Solutions Inc. (NASDAQ:INBS) shares shot up 145% to $7.05 following second-quarter results.

Shares of Masonite International Corporation (NYSE:DOOR) got a boost, surging 35% to $129.98 after Owens Corning announced it will acquire the company for $3.9 billion.

Cloudflare, Inc. (NYSE:NET) shares were also up, gaining 22% to $110.19 after the company reported better-than-expected fourth-quarter financial results and issued first-quarter guidance.

 

Equities Trading DOWN

 

The Children's Place, Inc. (NASDAQ:PLCE) shares dropped 53% to $9.31 after the company said it expects fourth-quarter net sales to be roughly $454 million to $456 million, versus its prior guidance of $460 million to $465 million, and below the estimate of $462.88 million.

Shares of Synlogic, Inc. (NASDAQ:SYBX) were down 52% to $1.65 after the company announced it will discontinue Synpheny-3, cease operations and reduce its workforce by more than 90%.

EMCORE Corporation (NASDAQ:EMKR) was down, falling 32% to $0.4297 after posting weak quarterly results.

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Commodities

 

In commodity news, oil traded up 0.7% to $76.73 while gold traded down 0.4% at $2,038.90.

Silver traded down 0.4% to $22.555 on Friday while copper fell 0.7% to $3.6775.

 

Euro zone

 

European shares were mostly lower today. The eurozone’s STOXX 600 fell 0.32%, London’s FTSE 100 fell 0.50% while Spain’s IBEX 35 Index fell 0.39% The German DAX fell 0.42% French CAC 40 fell 0.42% while Italy’s FTSE MIB Index gained 0.02%.

Industrial production in Italy increased by 1.1% month-over-month in December, while German consumer price inflation came in at 2.9% year-over-year in January.

 

Asia Pacific Markets

 

Asian markets closed mixed on Friday, with Japan’s Nikkei 225 gaining 0.09%, Hong Kong’s Hang Seng Index falling 0.83% and India’s S&P BSE Sensex gaining 0.20%.

 

Economics

 

The CPI in the U.S. rose 0.2% month-over-month in December, compared to a 0.3% rise initially reported, according to revised figures from the BLS.

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Posted In: DOOR EMKR INBS NET PINS PLCE SYBX

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