Market Overview

Mid-Day Market Update: SYNNEX Surges On Upbeat Q3 Results; Lannett Shares Plummet

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Midway through trading Wednesday, the Dow traded up 0.54% to 26952.31 while the NASDAQ rose 0.16% to 8006.81. The S&P also rose, gaining 0.21% to 2,972.75.

Leading and Lagging Sectors

Consumer staples shares climbed 0.4% on Wednesday. Meanwhile, top gainers in the sector included Philip Morris International Inc. (NYSE: PM), up 6%, and PriceSmart, Inc. (NASDAQ: PSMT), up 4%.

In trading on Wednesday, utilities shares fell 0.5%.

Top Headline

Nike Inc (NYSE: NKE) reported stronger-than-expected results for its first quarter on Tuesday.

Earnings came in at 86 cents per share, beating estimates by 16 cents. Sales came in at $10.66 billion, beating estimates by $240 million.
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Equities Trading UP

PhaseBio Pharmaceuticals, Inc. (NASDAQ: PHAS) shares shot up 17% to $4.5611. PhaseBio Pharmaceuticals said the Phase 2a trial of PB2452, a recombinant, human, monoclonal antibody antigen-binding fragment designed to reverse the antiplatelet activity of AstraZeneca’s Ticagrelor, has been completed.

Shares of SYNNEX Corporation (NYSE: SNX) got a boost, shooting up 17% to $112.17 after the company reported better-than-expected Q3 EPS and sales results. The company also issued Q4 EPS and sales guidance above analyst estimates.

Comtech Telecommunications Corp. (NASDAQ: CMTL) shares were also up, gaining 13% to $33.74 after the company reported better-than-expected Q4 EPS and sales results. The company also issued FY20 sales guidance above analyst estimates.

Equities Trading DOWN

Titan Medical Inc. (NASDAQ: TMDI) shares tumbled 32% to $1.4050.

Shares of Lannett Company, Inc. (NYSE: LCI) were down 16% to $11.74 after the company priced $75 million of convertible senior notes which are due by 2026.

AIM ImmunoTech Inc. (NYSE: AIM) was down, falling 43% to $0.8390 after the company reported the pricing of its $8 million public offering..
 

Commodities

In commodity news, oil traded down 2.1% to $56.09, while gold traded down 0.8% to $1,527.40.

Silver traded down 1.1% Wednesday to $18.425, while copper fell 0.3% to $2.60.

Euro zone

European shares were lower today. The eurozone’s STOXX 600 fell 1.02%, the Spanish Ibex Index fell 0.83%, while Italy’s FTSE MIB Index tumbled 1.13%. Meanwhile, the German DAX dropped 0.93%, and the French CAC 40 dipped 1.22% while UK shares fell 0.16%.

Economics

New home sales increased 7.1% to an annual rate of 713,000 in August. However, analysts were expecting a 660,000 rate.

U.S. crude supplies gained 2.4 million barrels for the week ended September 20, the Energy Information Administration reported. However, analysts projected a decline of 190,000 barrels. Gasoline inventories climbed 500,000 barrels last week, while distillate stockpiles slipped 3 million barrels.

The Treasury is set to auction 5-year notes at 1:00 p.m. ET.

Dallas Federal Reserve Bank President Robert Kaplan is set to speak in Dallas, Texas at 7:00 p.m. ET.

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

 

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