Market Overview

Mid-Day Market Update: Recro Pharma Falls After Q1 Results; MyoKardia Shares Climb

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Midway through trading Monday, the Dow traded down 0.80% to 24135.84 while the NASDAQ rose 0.19% to 9138.42. The S&P also fell, dropping 0.42% to 2917.35.

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 0.6% on Monday. Meanwhile, top gainers in the sector included MyoKardia, Inc. (NASDAQ: MYOK), up 65%, and Quidel Corporation (NASDAQ: QDEL), up 23%.

In trading on Monday, materials shares fell 2.3%.

Top Headline

Cardinal Health, Inc. (NYSE: 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. (NASDAQ: APOP) shares shot up 89% to $4.48 after the company highlighted the publication of an article in the Bone Marrow Transplantation journal. The company noted it has initiated a study in adults undergoing stem cell transplant.

Shares of MyoKardia, Inc. (NASDAQ: MYOK) got a boost, shooting 64% to $100.37 after the company announced the primary and secondary endpoints for its Phase 3 EXPLORER clinical trials of Mavacamten were met.

Core Molding Technologies, Inc. (NYSE: CMT) shares were also up, gaining 31% to $3.5341 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. (NASDAQ: REPH) shares tumbled 40% to $5.05 after the company reported worse-than-expected Q1 results.

Shares of ArcelorMittal (NYSE: MT) were down 17% to $9.51 after the company reported a proposed common stock and mandatorily convertible subordinated notes offerings for $2 billion in total.

Scorpio Bulkers Inc. (NYSE: SALT) was down, falling 17% to $16.60 after the company reported Q1 results.

Commodities

In commodity news, oil traded down 0.7% to $24.58, while gold traded down 0.9% to $1,698.30.

Silver traded down 0.8% Monday to $15.645, while copper fell 1.3% to $2.3755.

Euro zone

European shares were lower today. The eurozone’s STOXX 600 slipped 0.64%, the Spanish Ibex Index fell 1.78%, while Italy’s FTSE MIB Index fell 0.4%. Meanwhile, the German DAX dropped 1%, and the French CAC 40 fell 1.53% while UK shares fell 0.21%.

Economics

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.

 

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