Market Overview

Mid-Afternoon Market Update: NASDAQ Rises 0.4%; Camber Energy Shares Spike Higher

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Toward the end of trading Tuesday, the Dow traded down 0.23% to 26,744.35 while the NASDAQ rose 0.41% to 8,131.93. The S&P also rose, gaining 0.01% to 2,976.07.

Leading and Lagging Sectors

Real estate shares rose 0.3% on Tuesday. Meanwhile, top gainers in the sector included CBL & Associates Properties, Inc (NYSE: CBL), up 5%, and Innovative Industrial Properties, Inc. (NYSE: IIPR), up 4%.

In trading on Tuesday, materials shares fell 1%.

Top Headline

PepsiCo, Inc. (NASDAQ: PEP) reported better-than-expected results for its second quarter.

The company reported second-quarter earnings of $1.54 per share, which beat the analyst consensus estimate of $1.50. The company reported sales of $16.45 billion, which beat the analyst consensus estimate of $16.42 billion.

Equities Trading UP

Acacia Communications, Inc. (NASDAQ: ACIA) shares shot up 36% to $65.15 after Cisco Systems, Inc. (NASDAQ: CSCO) announced plans to acquire the company for $70 per share in cash, or for approximately $2.6 billion on a fully diluted basis, net of cash and marketable securities.

Shares of Camber Energy (NYSE: CEI) got a boost, shooting up 152% to $5.11 after falling 30.95% on Monday. Camber Energy announced the acquisition of Lineal Star Holdings.

Electrameccanica Vehicles Corp. (NASDAQ: SOLO) shares were also up, gaining 21% to $2.80 after Roth Capital initiated coverage on the company's stock with a Buy rating.

Equities Trading DOWN

FuelCell Energy, Inc. (NASDAQ: FCEL) shares tumbled 17% to $0.6250 on seemingly no news. The movement could potentially be a sell-off following a rise of over 300% last week.

Shares of AquaVenture Holdings Limited (NYSE: WAAS) were down 10% to $16.90 after the company reported a 4.1 million share common stock offering.

CannTrust Holdings Inc. (NYSE: CTST) was down, falling 6% to $3.62. Roth Capital downgraded CannTrust from Buy to Neutral.

Commodities

In commodity news, oil traded up 0.1% to $57.71, while gold traded up 0.1% to $1,400.10.

Silver traded up 0.6% Tuesday to $15.14, while copper fell 1.2% to $2.6275.

Euro zone

European shares closed lower today. The eurozone’s STOXX 600 fell 0.51%, the Spanish Ibex Index fell 0.12%, while Italy’s FTSE MIB Index dropped 0.41%. Meanwhile, the German DAX declined 0.85%, and the French CAC 40 fell 0.31% while UK shares fell 0.17%.

Economics

The NFIB small business optimism index fell to 103.3 in June, versus a reading of 105.0 in May.

The Johnson Redbook Retail Sales Index fell 2.2% during the first four weeks of June versus May.

U.S. job openings slipped to 7.32 million in May from 7.37 million, according to the Labor Department's JOLTS report.

Posted-In: Mid-Afternoon Market UpdateNews Eurozone Commodities Global Intraday Update Markets

 

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