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Market Overview

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, Inc. (NASDAQ: OSTK), up 11%, and WW International, Inc. (NASDAQ: WW), up 12%.

In trading on Wednesday, energy shares fell 3%.

Top Headline

Tower Semiconductor Ltd. (NASDAQ: 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. (NYSE: 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 (NASDAQ: 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. (NASDAQ: AVNW) shares were also up, gaining 33% to $12.50 after the company reported upbeat Q3 results.

Equities Trading DOWN

Varex Imaging Corporation (NASDAQ: 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. (NASDAQ: 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. (NASDAQ: 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.


Related Articles (AVNW + ACER)

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Posted-In: Earnings News Penny Stocks Eurozone Commodities Global Intraday Update Markets

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