Market Overview

Mid-Day Market Update: DryShips Jumps Following Merger News; PG&E Shares Plunge


Midway through trading Monday, the Dow traded up 1% to 26,144.29 while the NASDAQ rose 1.46% to 8,011.28. The S&P also rose, gaining 1.21% to 2,923.58.

Leading and Lagging Sectors

Energy shares climbed 2% on Monday. Meanwhile, top gainers in the sector included Pacific Drilling S.A. (NYSE: PACD), up 12%, and Chesapeake Energy Corporation (NYSE: CHK), up 11%.

In trading on Monday, real estate shares rose by just 0.6%.

Top Headline

Estee Lauder Companies Inc (NYSE: EL) reported stronger-than-expected results for its fourth quarter.

Estee Lauder Companies reported fourth-quarter earnings of 64 cents per share, which beat the analyst consensus estimate of 53 cents. The company reported fourth-quarter sales of $3.59 billion, which beat the analyst consensus estimate of $3.52 billion.

Estee Lauder is looking at fiscal year 2020 EPS of $5.90-5.98 versus the $5.81 analyst estimate.

Equities Trading UP

DPW Holdings, Inc. (NYSE: DPW) shares shot up 213% to $6.44 after the company announced that its subsidiary, Digital Power Lending has completed its beta testing of, an online fintech portal that facilitates investments that pay monthly interest.

Shares of DryShips Inc. (NASDAQ: DRYS) got a boost, shooting up 35% to $5.18 after the company announced it will be acquired by SPII Holdings for $5.25 per share in cash.

China Green Agriculture, Inc. (NYSE: CGA) shares were also up, gaining 19% to $4.2218 as the company announced stock purchase agreement at $12 per share on Friday.

Equities Trading DOWN

PG&E Corporation (NYSE: PCG) shares tumbled 27% to $10.38 potentially due to a judge lifting a freeze on lawsuits related to a 2017 fire. Citi downgraded PG&E from Buy to Sell and lowered the price target from $33 to $4.

Shares of Plus Therapeutics, Inc. (NASDAQ: PSTV) were down 27% to $10.54 after rising 272.2% on Friday.

Grupo Financiero Galicia S.A. (NASDAQ: GGAL) was down, falling 12% to $15.56.


In commodity news, oil traded up 1.3% to $55.59, while gold traded down 0.8% to $1,512.00.

Silver traded down 1% Monday to $16.95, while copper rose 0.2% to $2.601.

Euro zone

European shares were higher today. The eurozone’s STOXX 600 rose 1.14%, the Spanish Ibex Index rose 0.73%, while Italy’s FTSE MIB Index climbed 1.93%. Meanwhile, the German DAX gained 1.32%, and the French CAC 40 rose 1.34% while UK shares rose 1.02%.



Related Articles (CGA + CHK)

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Posted-In: Mid-Day Market UpdateEarnings News Eurozone Commodities Global Intraday Update Markets

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