Market Overview

Mid-Morning Market Update: Markets Open Higher; Cal-Maine Foods Profit Tops Expectations

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Following the market opening Monday, the Dow traded up 0.43% to 21730.22 while the NASDAQ rose 1.52% to 7,616.56. The S&P also rose, gaining 1.07% to 2,568.78.

The U.S. is now the epicenter of the coronavirus pandemic with the highest number of cases around the world. U.S. reported a total of 143,000 coronavirus cases with around 2,500 deaths. Italy reported a total of at least 97,600 confirmed cases and 10,700 deaths, while Spain confirmed a total of over 80,100 coronavirus cases. Mainland China reported 31 new cases on Sunday. In total, there are at least 732,100 cases of COVID-19 worldwide with over 34,600 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors

Health care shares rose 2.4% on Monday. Meanwhile, top gainers in the sector included Owens & Minor, Inc. (NYSE: OMI), up 46%, and Athersys, Inc. (NASDAQ: ATHX), up 18%.

In trading on Monday, energy shares dipped 3.6%.

Top Headline

Cal-Maine Foods, Inc. (NASDAQ: CALM) reported upbeat results for its third quarter on Monday.

Cal-Maine reported quarterly earnings of $0.28 per share on Thursday, which beat the analyst consensus estimate of $0.17 per share. The company reported quarterly sales of $345.6 million, which exceeded the analyst consensus estimate of $338.1 million.

Equities Trading UP

Owens & Minor, Inc (NYSE: OMI) shares shot up 50% to $8.25. The company's CEO appeared on CNBC on Friday and indicated the company is expanding capacity to meet personal protective equipment demand.

Shares of Plus Therapeutics, Inc. (NASDAQ: PSTV) got a boost, shooting 46% to $2.10 after the company announced it has entered into an agreement to license multiple rare cancer drug product candidates from NanoTx for an upfront payment of $400,000 in cash and $300,000 in stock.

AIM ImmunoTech Inc. (NYSE: AIM) shares were also up, gaining 35% to $2.7498.

Equities Trading DOWN

AG Mortgage Investment Trust, Inc. (NYSE: MITT) shares tumbled 27% to $2.87.

Shares of Western Asset Mortgage Capital Corporation (NYSE: WMC) were down 28% to $2.91.

Eldorado Resorts, Inc. (NASDAQ: ERI) was down, falling 22% to $11.74.

Commodities

In commodity news, oil traded down 5.7% to $20.28, while gold traded up 0.2% to $1,628.00.

Silver traded down 2.3% Monday to $14.205, while copper fell 0.6% to $2.16.

Euro zone

European shares were lower today. The eurozone’s STOXX 600 fell 0.6% the Spanish Ibex Index fell 1.5%, while Italy’s FTSE MIB Index fell 1%. Meanwhile, the German DAX dropped 0.2%, and the French CAC 40 fell 0.9% while UK shares fell 0.7%.

Economics

The pending sales index increased 2.4% for February.

The Dallas Fed manufacturing index for March will be released at 10:30 a.m. ET.

The Treasury is set to auction 3-and 6-month bills at 11:30 a.m. ET.

 

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