S&P 500 Down 1%; Broadcom Earnings Top Views - Applied Therapeutics (NASDAQ:APLT), Broadcom (NASDAQ:AVGO)

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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APLT Applied Therapeutics Inc $0.1208 -44.3% Overview AVGO Broadcom Inc $362.27 -10.8% CGC Canopy Growth Corp $1.55 36.9% FRMI Fermi Inc $9.99 -34.5% TNYA Tenaya Therapeutics Inc $0.8615 -36.7% YCBD cbdMD Inc $1.32 109.2% ZDGE Zedge Inc $3.53 45.3% Market News and Data brought to you by Benzinga APIs

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