Market Overview

Mid-Day Market Update: Dow Surges Over 200 Points; Centogene Shares Plummet

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Midway through trading Friday, the Dow traded up 0.91% to 25940.58 while the NASDAQ rose 0.03% to 10,551.33. The S&P also rose, gaining 0.49% to 3,167.39.

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 3,118,160 cases with around 133,290 deaths. Brazil confirmed a total of over 1,755,770 COVID-19 cases with 69,180 deaths, while India reported a total of at least 793,800 confirmed cases and 21,600 deaths. In total, there were at least 12,287,550 cases of COVID-19 worldwide with over 555,320 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors

Energy shares rose 2.1% on Friday. Meanwhile, top gainers in the sector included W&T Offshore, Inc. (NYSE: WTI), up 10%, and Enerplus Corporation (NYSE: ERF), up 8%.

In trading on Friday, health care shares fell 0.5%.

Top Headline

The Greenbrier Cos. Inc. (NASDAQ: GBX) reported better-than-expected results for its third quarter.

Greenbrier reported quarterly earnings of $1.05 per share, beating analysts' estimates of 14 cents a share. The company reported sales of $762.6 million, exceeding expectations of $606 million.

Equities Trading UP

The Greenbrier Companies, Inc. (NYSE: GBX) shares shot up 23% to $26.70 after reporting upbeat Q3 results.

Shares of Matson, Inc. (NYSE: MATX) got a boost, shooting 26% to $34.44 after the company announced it expects preliminary Q2 earnings results for its Ocean Transportation business to be $40.5 million to $42.5 million, versus $19.7 million last year.

Hermitage Offshore Services Ltd. (NYSE: PSV) shares were also up, gaining 123% to $1.09 after the company announced a forbearance agreement with lenders to its $132.9 million term loan facility.

Equities Trading DOWN

Centogene N.V. (NASDAQ: CNTG) shares tumbled 21% to $13.43. Centogene said it has priced its primary and secondary public offering of 3.5 million shares, comprising 2 million common shares offered by the company and 1.5 million offered by selling shareholders, at $14 per common share for total gross proceeds to the company of $28 million and total gross proceeds to the selling shareholders of $21 million.

Shares of Endologix, Inc. (NASDAQ: ELGX) were down 18% to $0.2618 after the company received a letter from Nasdaq indicating its common stock will be delisted, unless the company requests an appeal of determination.

Northern Dynasty Minerals Ltd. (NYSE: NAK) was down, falling 13% to $1.52. Northern Dynasty Minerals raised size of bought-deal offering to 21 million shares, priced at $1.46 per share.

Commodities

In commodity news, oil traded up 1% to $40.03, while gold traded up 0.1% to $1,805.90.

Silver traded up 0.5% Friday to $19.065, while copper rose 1.9% to $2.8935.

Euro zone

European shares were higher today. The eurozone's STOXX 600 rose 0.86%, the Spanish Ibex Index rose 1.08%, while Italy's FTSE MIB Index gained 1.26%. Meanwhile, the German DAX 30 gained 1.12%, French CAC 40 gained 1% and UK shares rose 0.85%.

Economics

Producer prices declined 0.2% in June, after rising 0.4% in May.

The Baker Hughes North American rig count report for the latest week will be released at 1:00 p.m. ET.

The U.S. Treasury budget report for June is scheduled for release at 2:00 p.m. ET.

 

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