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Market Overview

Mid-Morning Market Update: Markets Open Higher; Simply Good Foods Beats Q2 Estimates


Following the market opening Monday, the Dow traded up 5.01% to 22107.82 while the NASDAQ rose 4.67% to 7,717.16. The S&P also rose, gaining 4.79% to 2,607.79.

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 337,600 coronavirus cases with around 9,600 deaths. Spain confirmed a total of over 131,600 coronavirus cases with 12,600 deaths, while Italy reported a total of at least 128,900 confirmed cases and 15,800 deaths. In total, there were at least 1,280,000 cases of COVID-19 worldwide with over 69,700 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors

Material shares climbed 6.8% on Monday. Meanwhile, top gainers in the sector included DRDGOLD Ltd. (NYSE: DRD), up 15%, and O-I Glass Inc (NYSE: OI), up 21%.

In trading on Monday, consumer staples shares rose by just 2.5%.

Top Headline

Simply Good Foods Co (NASDAQ: SMPL) reported better-than-expected results for its second quarter.

Simply Good Foods reported quarterly earnings of $0.23 per share, beating analysts’ estimates of $0.18 per share. The company’s sales came in at $227.1 million, exceeding the consensus view of $220.9 million.

Equities Trading UP

Immunomedics, Inc. (NASDAQ: IMMU) shares shot up 101% to $18.92 after the company said it would stop its Ascent Study due to compelling evidence of efficacy.

Shares of TPG RE Finance Trust Inc (NYSE: TRTX) got a boost, shooting 51% to $3.79 after dropping 31% on Friday.

Wayfair Inc (NYSE: W) shares were also up, gaining 37% to $68.90 after the company said it expects to meet or exceed its previously announced guidance. Wayfair reported private placement of $535 million of convertible senior notes.

Equities Trading DOWN

Millendo Therapeutics Inc (NASDAQ: MLND) shares tumbled 69% to $1.51 after the company announced its phase 2b trial did not achieve statistically significant results.

Shares of Menlo Therapeutics Inc (NASDAQ: MNLO) were down 49% to $1.33 after the company announced two phase 3 trials did not achieve their primary endpoints.

Luckin Coffee Inc - ADR (NASDAQ: LK) was down, falling 17% to $4.48 after declining 16% on Friday.


In commodity news, oil traded down 4.1% to $27.19, while gold traded up 1.2% to $1,665.20.

Silver traded up 2% Monday to $14.775, while copper rose 0.7% to $2.208.

Euro zone

European shares were higher today. The eurozone’s STOXX 600 rose 2.9% the Spanish Ibex Index rose 3.3%, while Italy’s FTSE MIB Index climbed 2.9%. Meanwhile, the German DAX gained 4.3%, and the French CAC 40 rose 3.6% while UK shares rose 2%.


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

The TD Ameritrade Investor Movement Index for March is scheduled for release at 12:30 p.m. ET.


Related Articles (IMMU + DRD)

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

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