Market Overview

Mid-Morning Market Update: Markets Edge Higher; Zynga To Buy Mobile Game Developer Peak For $1.8B

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Following the market opening Monday, the Dow traded up 0.15% to 25421.54 while the NASDAQ rose 0.35% to 9523.29. The S&P also rose, gaining 0.13% to 3048.20.

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 1,790,190 cases with around 104,380 deaths. Brazil confirmed a total of over 514,840 COVID-19 cases with 29,310 deaths, while Russia reported a total of at least 414,870 confirmed cases and 4,850 deaths. In total, there were at least 6,185,520 cases of COVID-19 worldwide with over 372,370 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors

Financial shares rose 1% on Monday. Meanwhile, top gainers in the sector included Itau Corpbanca (NYSE: ITCB), up 17%, and Ready Capital Corporation (NYSE: RC), up 13%.

In trading on Monday, health care shares fell 1.3%.

Top Headline

Zynga Inc. (NASDAQ: ZNGA) announced plans to acquire the Turkish mobile gaming company Peak for $1.8 billion in cash and stock.

The transaction is expected to close in the third quarter of 2020.

Equities Trading UP

Wrap Technologies, Inc. (NASDAQ: WRTC) shares shot up 21% to $7.78 after the company reported a $12.4 million financing led by existing investors.

Shares of Minerva Neurosciences, Inc. (NASDAQ: NERV) got a boost, shooting 23% to $4.5587. Minerva Neurosciences shares tumbled over 72% on Friday after the company reported results from Phase 3 Trial of Roluperidone for the treatment of negative symptoms in schizophrenia.

Axon Enterprise, Inc. (NASDAQ: AAXN) shares were also up, gaining 19% to $90.21 amid protesting and unrest across several major US cities.

Equities Trading DOWN

Iterum Therapeutics plc (NASDAQ: ITRM) shares tumbled 55% to $1.88 after the company reported topline results for a Phase 3 clinical trial of oral and IV sulopenem in complicated urinary tract infection.

Shares of China Jo-Jo Drugstores, Inc. (NASDAQ: CJJD) were down 46% to $1.395 after the company reported a $10 million registered direct offering.

Evolent Health, Inc. (NYSE: EVH) was down, falling 29% to $6.31 after the company announced its partner, Passport Health Plan, was not selected for Kentucky managed Medicaid contract.

Commodities

In commodity news, oil traded down 0.8% to $35.22, while gold traded down 0.3% to $1,747.20.

Silver traded up 0.7% Monday to $18.635, while copper rose 0.5% to $2.4365.

Euro zone

European shares were higher today. The eurozone’s STOXX 600 rose 0.7%, the Spanish Ibex Index rose 1.5%, while Italy’s FTSE MIB Index climbed 0.9%. Meanwhile, the French CAC 40 rose 1.2% while UK shares rose 1.1%.

Economics

The IHS Markit manufacturing PMI increased to 39.8 in May versus 36.1 in April.

The ISM manufacturing PMI rose to 43.1 in May from 41.5 in April.

U.S. construction spending fell 2.9% for April, versus economists’ expectations for a 6.5% decline.

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

 

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