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Nasdaq Soars as Pinterest Sales Miss Estimates Nasdaq Soars as Pinterest Sales Miss Estimates

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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.

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Market Sectors

Information technology shares rose by 1.2% on Friday.

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

Pinterest Snags Headlines

On Thursday, Pinterest, Inc. 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.

Winners and Losers of the Market

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

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

Cloudflare, Inc. 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.

The Children’s Place, Inc. 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. 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 EMKR was down, falling 32% to $0.4297 after posting weak quarterly results.

Commodities Check

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.

Economic Insights

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.

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%.

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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