Market Overview

Mid-Afternoon Market Update: Dow Gains Over 50 Points; Nabriva Therapeutics Shares Plunge


Toward the end of trading Monday, the Dow traded up 0.22% to 25438.26 while the NASDAQ rose 0.65% to 9,551.54. The S&P also rose, gaining 0.38% to 3,055.99.

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

Real estate shares rose 2.5% on Monday. Meanwhile, top gainers in the sector included Colony Capital, Inc. (NYSE: CLNY), up 13%, and Nam Tai Property Inc. (NYSE: NNTP), up 9%.

In trading on Monday, health care shares fell 0.8%.

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 25% to $8.04 after the company reported a $12.4 million financing led by existing investors.

Shares of Coty Inc. (NASDAQ: COTY) got a boost, shooting 19% to $4.30 after it was announced KKR plans to acquire 60% of Coty's professional and retail hair business for $2.5 billion.

Myovant Sciences Ltd. (NYSE: MYOV) shares were also up, gaining 39% to $16.99 after the company submitted New Drug Application to the FDA for once-daily relugolix combination tablet for treatment of women with uterine fibroids.

Equities Trading DOWN

Iterum Therapeutics plc (NASDAQ: ITRM) shares tumbled 56% to $1.8387 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 45% to $1.4050 after the company reported a $10 million registered direct offering.

Nabriva Therapeutics plc (NASDAQ: NBRV) was down, falling 30% to $0.8013 after the company announced a common stock offering and warrant offering of 32.7 million shares.


In commodity news, oil traded down 0.8% to $35.21, while gold traded down 0.2% to $1,749.10.

Silver traded up 1.4% Monday to $18.755, while copper rose 1.9% to $2.4715.

Euro zone

European shares closed higher today. The eurozone’s STOXX 600 rose 1.1%, the Spanish Ibex Index rose 1.76%, while Italy’s FTSE MIB Index climbed 1.79%. Meanwhile, the French CAC 40 rose 1.43% while UK shares rose 1.48%.


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.


Related Articles (CLNY + CJJD)

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