Market Outlook for Wednesday, April 21, 2021

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News - "Mid-Afternoon Market Update: Dow Jumps 250 Points; Netflix Shares Slide"

Toward the end of trading Wednesday, the Dow traded up 0.75% to 34,073.66 while the NASDAQ rose 0.70% to 13,882.45. The S&P also rose, gaining 0.64% to 4,161.25.

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 31,793,500 cases with around 568,470 deaths. India confirmed a total of at least 15,616,130 cases and 182,550 deaths, while Brazil reported over 14,043,070 COVID-19 cases with 378,000 deaths. In total, there were at least 143,022,870 cases of COVID-19 worldwide with more than 3,046,430 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors

Materials shares rose 1.6% on Wednesday. Meanwhile, top gainers in the sector included Sierra Metals Inc. (NYSE: SMTS), up 12%, and GoldMining Inc. (NYSE: GLDG), up 12%.

In trading on Wednesday, utilities shares fell 0.9%.

Top Headline

Verizon Communications Inc. (NYSE: VZ) reported stronger-than-expected results for its first quarter.

Verizon reported quarterly earnings of $1.31 per share, beating analysts’ estimates of $1.29 per share. The company’s quarterly sales came in at $32.90 billion, versus expectations of $32.46 billion.

Verizon said it sees FY21 adjusted EPS of $5.00-$5.15, versus analysts’ estimates of $5.08.

Equities Trading UP

Welbilt, Inc. (NYSE: WBT) shares shot up 41% to $22.09 after The Middleby Corp announced plans to acquire the company.

Shares of Acme United Corporation (NYSE: ACU) got a boost, shooting 14% to $43.34. Acme United recently reported better-than-expected Q1 sales.

Cassava Sciences, Inc. (NASDAQ: SAVA) shares were also up, gaining 8% to $34.61 following Q1 earnings.

Check out these big movers of the day

Equities Trading DOWN

Digital Ally, Inc. (NASDAQ: DGLY) shares tumbled 13% to $1.68. Former Minneapolis police officer Derek Chauvin was convicted Tuesday of second-degree murder, third-degree murder and second-degree manslaughter in the death of George Floyd, an unarmed Black man whose neck Chauvin kneeled on for more than nine minutes during an arrest last May despite Floyd’s cries of “I can’t breathe!”

Shares of Unique Fabricating, Inc. (NASDAQ: UFAB) were down 22% to $3.9299 after the company swung to a loss in the fourth quarter.

Netflix, Inc. (NASDAQ: NFLX) was down, falling 7% to $511.80. Netflix reported better-than-expected earnings and sales results for its first quarter. However, the company said it finished the quarter with 208 million paid memberships, up 14% year over year but below the company forecast of 210 million.


In commodity news, oil traded down 1.8% to $61.33, while gold traded up 0.8% to $1,793.30.

Silver traded up 2.8% Wednesday to $26.575 while copper rose 1.6% to $4.2795.

Euro zone

European shares closed higher today. The eurozone’s STOXX 600 rose 0.65%, the Spanish Ibex Index rose 0.71% and the German DAX 30 gained 0.44%. Meanwhile, the French CAC 40 rose 0.74% London’s FTSE 100 rose 0.52% and Italy’s FTSE MIB gained 0.30%.

Annual inflation rate in the UK rose to 0.7% in March from 0.4% in February, while producer prices rose 1.9% year-over-year in March.


US crude oil inventories increased 0.594 million barrels in the April 16th week, compared to a 5.889 million drop in the earlier period, the Energy Information Administration said.

The Treasury is set to auction 20-year bonds at 1:00 p.m. ET.

Check out the full economic calendar here

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Movers & Shakers - "5 Things You Might Not Know About Jeff Bezos"

In early 2021, Jeff Bezos announced he would be stepping down as CEO of (NASDAQ: AMZN). He will transition to Executive Chairman of Amazon and stay engaged with the company.

The move is seen as giving Bezos time to commit to other projects like Day 1 Fund, Bezo’s Earth Fund, Blue Origin and The Washington Post.

Here are five fun facts you might not know about Jeff Bezos, the founder of

1. Studied Computer Science/Electrical Engineering: Bezos attended Princeton University where he studied both computer science and electrical engineering. He graduated Summa Cum Laude in 1986.

The studies came years after Bezos turned his parent’s garage into a laboratory and rigged electrical contraptions around the house as a child. One of Bezos' early science projects was creating an electric alarm for his room to keep his half-siblings out.

2. Bezos is a Trekkie: Bezos is a Star Trek fan and received an eight-second cameo in the “Star Trek Beyond” movie. Bezos portrays an alien Starfleet official in the movie and said in an interview, “Do not blink. You will miss me.”

Bezos has credited his love of Star Trek as the inspiration of several ideas. Amazon's Alexa is inspired by the know-it-all computer on the Starship Enterprise.

Related Link: 5 Things You Might Not Know About Elon Musk

3. Amazon Almost Had Another Name: Bezos initially planned to call Amazon Cadabra after the phrase Abracadabra. Bezos’ lawyer misheard him and called the business Cadaver. The business was renamed Amazon.

The company’s logo connecting the A to the Z is symbolic to represent that the company offers everything and anything to order from A to Z.

4. Amazon Early Days: Bezos quit his job at an investment firm to open an online book store called He moved to Seattle to create and drafted the initial business plan during his cross-country trip from New York to Seattle. In 1995, around 300 of Bezos' friends performed beta testing for

The first item sold on Amazon was a science textbook called “Fluid Concepts & Creative Analogies: Computer Models of the Fundamental Mechanisms of Thought.” The company beat estimates from the start, doing over $20,000 in weekly sales two months after launching.

5. Quietly Running Blue Origin: In 2000, Bezos founded Blue Origin, a company he hoped could someday lower the cost of space travel. The company was operated quietly until 2016 when the press was invited to the company’s headquarters. In 2017, Bezos committed to selling $1 billion of his shares annually to help fund Blue Origin.

Photo courtesy: Seattle City Council on Flickr