Mid-Morning Market Update: Markets Mostly Lower; Cardinal Health Beats Q3 Estimates

Following the market opening Monday, the Dow traded down 0.83% to 24128.74 while the NASDAQ rose 0.19% to 9,138.91. The S&P also fell, dropping 0.52% to 2,914.59.

The U.S. is the new epicenter of the coronavirus pandemic with the highest number of cases and deaths around the world. U.S. reported a total of 1,329,790 coronavirus cases with around 79,520 deaths. Spain confirmed a total of over 224,350 coronavirus cases with 26,621 deaths, while Russia reported a total of at least 221,340 confirmed cases and 2,009 deaths. In total, there were at least 4,122,170 cases of COVID-19 worldwide with over 283,000 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors

Health care shares climbed by 0.8% on Monday. Meanwhile, top gainers in the sector included MyoKardia, Inc. MYOK, up 61%, and Amneal Pharmaceuticals, Inc. AMRX, up 26%.

In trading on Monday, materials shares fell 2.3%.

Top Headline

Cardinal Health, Inc. CAH reported stronger-than-expected results for its third quarter on Monday.

Cardinal Health posted Q3 adjusted earnings of $1.62 per share, beating analysts’ estimates of $1.43 per share. The company’s sales came in at $39.20 billion, exceeding the consensus view of $36.95 billion.

Equities Trading UP

Cellect Biotechnology Ltd. APOP shares shot up 92% to $4.54 after the company reported that positive data demonstrating robust engraftment using ApoGraft was featured in Bone Marrow Transplantation, a peer-reviewed medical journal.

Shares of MyoKardia, Inc. MYOK got a boost, shooting 63% to $99.63 after the company announced the primary and secondary endpoints for its Phase 3 EXPLORER clinical trials of Mavacamten were met.

Core Molding Technologies, Inc. CMT shares were also up, gaining 50% to $4.04 following Q1 results. Core Molding Technologies posted Q1 earnings of $0.97 per share, versus a year-ago loss of $0.49 per share.

Equities Trading DOWN

Recro Pharma, Inc. REPH shares tumbled 42% to $4.92 after the company reported worse-than-expected Q1 results.

Shares of SunCoke Energy, Inc. SXC were down 18% to $2.93. • SunCoke Energy gained 25% on Friday after the company reported better-than-expected Q1 sales.

Scorpio Bulkers Inc. SALT was down, falling 15% to $17.16 after the company reported Q1 results.

Commodities


In commodity news, oil traded down 2.2% to $24.19, while gold traded down 0.8% to $1,701.10.

Silver traded down 1.1% Monday to $15.61, while copper fell 1.1% to $2.38.

Euro zone

European shares were mostly lower today. The eurozone’s STOXX 600 slipped 0.6%, the Spanish Ibex Index fell 0.9%, while Italy’s FTSE MIB Index rose 0.1%. Meanwhile, the German DAX dropped 0.6%, and the French CAC 40 fell 1.4% while UK shares fell 0.2%.

Economics

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

Chicago Federal Reserve chief Charles Evans is set to speak at 12:30 p.m. ET.

The Treasury will auction 3-year notes at 1:00 p.m. ET.