Mid-Afternoon Market Update: Dow Jumps 350 Points; Acorn International Shares Climb

Toward the end of trading Monday, the Dow traded up 1.25% to 28943.24 while the NASDAQ rose 2.88% to 11913.49. The S&P also rose, gaining 1.95% to 3545.02.

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 7,763,370 cases with around 214,770 deaths. India confirmed a total of at least 7,120,530 confirmed cases and 109,150 deaths, while Brazil reported over 5,094,970 COVID-19 cases with 150,480 deaths. In total, there were at least 37,563,220 cases of COVID-19 worldwide with over 1,077,320 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors

Information technology shares jumped 3% on Monday. Meanwhile, top gainers in the sector included Plantronics, Inc. PLT, up 21%, and Cloudflare, Inc. NET, up 18%.

In trading on Monday, energy shares fell 0.1%.

Top Headline

Huya Inc HUYA and DouYu International DOYU announced a merger agreement Monday.

The deal comes after pressure from Tencent Holdings for the companies to merge. Huya will acquire all outstanding Douyu shares, including ADS. Each Douyu ADS will receive .730 ADS of Huya, representing one Huya Class A share.

Equities Trading UP

Medley Management Inc. MDLY shares shot up 290% to $2.32 after the company announced the sale of a loan portfolio.

Shares of Acorn International, Inc. ATV got a boost, shooting 36% to $20.49 after the company agreed to be acquired for $21 per share.

Dillard's, Inc. . DDS shares were also up, gaining 39% to $58.60 after Berkshire Hathaway investment manager Ted Weschler showed a 5.89% stake in the company.


Equities Trading DOWN

Avenue Therapeutics, Inc. ATXI shares tumbled 58% to $4.66 after the company received a Complete Response Letter from the FDA for IV Tramadol.

Shares of ReneSola Ltd SOL were down 18% to $3.39 after climbing over 37% on Friday. ReneSola reported a $5 million registered direct offering.

Zynex, Inc. ZYXI was down, falling 28% to $14.23 after the company cut its Q3 sales guidance.


In commodity news, oil traded down 3.3% to $39.26, while gold traded up 0.2% to $1,929.00.

Silver traded up 0.7% Monday to $25.280 while copper fell 0.6% to $3.0630.

Euro zone

European shares closed mostly higher today. The eurozone’s STOXX 600 gained 0.72%, the Spanish Ibex Index rose 0.01%, while Italy’s FTSE MIB Index gained 0.63%. Meanwhile, the German DAX 30 gained 0.67%, French CAC 40 climbed 0.66% and London’s FTSE 100 slipped 0.25%.

Wholesale prices in Germany fell 1.8% year-over-year in September after declining 2.2% in the prior month.


On the economics calendar Monday, there is no important data due out.

Posted In: Mid-Afternoon Market UpdateNewsPenny StocksEurozoneCommoditiesGlobalIntraday UpdateMarkets

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