Mid-Morning Market Update: Markets Mostly Lower; Tower Semiconductor Posts Upbeat Q1 Results

Following the market opening Wednesday, the Dow traded down 0.78% to 23579.50 while the NASDAQ rose 0.26% to 9025.62. The S&P also fell, dropping 0.46% to 2,856.91.

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 1,370,010 coronavirus cases with around 82,380 deaths. Spain confirmed a total of over 228,030 coronavirus cases with 26,920 deaths, while Russia reported a total of at least 232,240 confirmed cases and 2,210 deaths. In total, there were at least 4,278,180 cases of COVID-19 worldwide with over 292,310 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors

Consumer discretionary shares climbed by 0.3% on Wednesday. Meanwhile, top gainers in the sector included Overstock.com, Inc. OSTK, up 11%, and WW International, Inc. WW, up 12%.

In trading on Wednesday, energy shares fell 3%.

Top Headline

Tower Semiconductor Ltd. TSEM reported stronger-than-expected results for its first quarter on Wednesday.

Tower Semiconductor posted quarterly adjusted earnings of $0.20 per share, beating analysts’ estimates of $0.19 per share. The company’s sales came in at $300.00 million, exceeding the consensus view of $297.57 million.

Tower Semiconductor expects Q2 sales of $310 million.

Equities Trading UP

SIFCO Industries, Inc. SIF shares shot up 109% to $4.60 following Q2 results. Sifco Industries posted Q2 earnings of $0.57 per share, versus a year-ago loss of $0.43 per share.

Shares of Forward Pharma A/S FWP got a boost, shooting 42% to $10.97. Forward Pharma reported that the European Patent Office Technical Board of Appeal has rescheduled oral hearing of appeal against EPS2801355 to February 2, 2021.

Aviat Networks, Inc. AVNW shares were also up, gaining 33% to $12.50 after the company reported upbeat Q3 results.

Equities Trading DOWN

Varex Imaging Corporation VREX shares tumbled 29% to $17.92 after the company reported worse-than-expected Q2 results and withdrew its FY20 guidance.

Shares of Acer Therapeutics Inc. ACER were down 16% to $3.17 after the company reported a 1.84 million share common stock offering via selling shareholders.

FTS International, Inc. FTSI was down, falling 16% to $4.0695 after declining 16% on Tuesday.


In commodity news, oil traded up 0.4% to $25.87, while gold traded up 0.1% to $1,707.30.

Silver traded down 0.1% Wednesday to $15.70, while copper rose 0.1% to $2.362.

Euro zone

European shares were lower today. The eurozone’s STOXX 600 slipped 1.2%, the Spanish Ibex Index fell 0.8%, while Italy’s FTSE MIB Index fell 1.1%. Meanwhile, the German DAX dropped 1.4%, and the French CAC 40 fell 1.5% while UK shares fell 1%.


The Producer Price Index dropped 1.3% in April, versus analysts’ expectations for a 0.5% decline.

The Energy Information Administration’s weekly report on petroleum inventories in the U.S. is scheduled for release at 10:30 a.m. ET.

The Treasury is set to auction 30-year bonds at 1:00 p.m. ET.

Analyst Ratings




Posted In: EarningsNewsPenny StocksEurozoneCommoditiesGlobalIntraday UpdateMarketsHuman Resource & Employment ServicesIndustrialsMid-Morning Market Update