Market Overview

Mid-Afternoon Market Update: Crude Oil Down Over 9%; SuperCom Shares Surge

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Toward the end of trading Monday, the Dow traded up 2.17% to 22,106.93 while the NASDAQ rose 2.97% to 7,724.88. The S&P also rose, gaining 2.56% to 2,606.46.

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

Information technology shares rose 3.5% on Monday. Meanwhile, top gainers in the sector included Benchmark Electronics, Inc. (NYSE: BHE), up 13%, and CEVA, Inc. (NASDAQ: CEVA), up 12%.

In trading on Monday, energy shares dipped 0.5%.

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 49% to $8.19. 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 42% to $2.04 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.

SuperCom Ltd. (NASDAQ: SPCB) shares were also up, gaining 147% to $1.2101 after the company announced it has shipped Coronavirus quarantine compliance technology for an immediate pilot.

Equities Trading DOWN

TEGNA Inc. (NYSE: TGNA) shares tumbled 19% to $10.72 following media reports that Apollo is no longer pursuing acquisition of Tegna.

Shares of Western Asset Mortgage Capital Corporation (NYSE: WMC) were down 34% to $2.6350.

U.S. Gold Corp. (NYSE: USAU) was down, falling 26% to $5.17 after the company reported a $2 million registered direct offering.

Commodities

In commodity news, oil traded down 9.3% to $19.51, while gold traded down 1.1% to $1,635.50.

Silver traded down 3.2% Monday to $14.065, while copper fell 0.8% to $2.1545.

Euro zone

European shares were mostly higher today. The eurozone’s STOXX 600 rose 1.28% the Spanish Ibex Index fell 1.74%, while Italy’s FTSE MIB Index rose 0.3%. Meanwhile, the German DAX gained 1.9%, and the French CAC 40 rose 0.62% while UK shares rose 0.97%.

Economics

The pending sales index increased 9.4% year-over-year in February, versus a revised 5.8% gain in January.

The Dallas Fed manufacturing index declined to a reading of -70 in March, versus 1.2 in the earlier month.

 

 

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