Mid-Morning Market Update: Markets Open Higher; Donaldson Reports Mixed Q3 Results

Following the market opening Tuesday, the Dow traded up 0.67% to 25645.59 while the NASDAQ rose 0.07% to 9558.84. The S&P also rose, gaining 0.32% to 3065.47.

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 1,811,270 cases with around 105,140 deaths. Brazil confirmed a total of over 526,440 COVID-19 cases with 29,930 deaths, while Russia reported a total of at least 423,180 confirmed cases and 5,030 deaths. In total, there were at least 6,288,160 cases of COVID-19 worldwide with over 375,980 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors

Energy shares rose 2% on Tuesday. Meanwhile, top gainers in the sector included EnLink Midstream, LLC ENLC, up 9%, and Ultrapar Participacoes S.A. UGP, up 8%.

In trading on Tuesday, consumer staples shares fell 0.4%.

Top Headline

Donaldson Company, Inc. DCI reported upbeat earnings for its third quarter, while sales missed views.

Donaldson posted quarterly earnings of $0.50 per share, exceeding analysts’ estimates of $0.46 per share. The company reported sales of $629.70 million, missing the consensus views of $644.02 million.

Equities Trading UP

MoneyGram International, Inc. MGI shares shot up 34% to $3.47 as Bloomberg reported that Western Union WU is looking to acquire the payments company.

Shares of Tenax Therapeutics, Inc. TENX got a boost, shooting 58% to $2.295 after the company reported results from its Phase 2 trial of Levosimendan. The trial demonstrated a significant reduction in right atrial and pulmonary capillary wedge pressures.

BioHiTech Global, Inc. BHTG shares were also up, gaining 47% to $1.65 after the company reported that it entered into an agreement to distribute Altapure high-level disinfectant technology that can effectively kill the coronavirus.

Equities Trading DOWN

Kaleido Biosciences, Inc. KLDO shares tumbled 13% to $6.94 after the company priced its 4.75 million share public offering of common stock at $7.50 per share.

Shares of Aduro Biotech, Inc. ADRO were down 15% to $2.86. Aduro Biotech and Chinook Therapeutics reported definitive merger agreement.

Lands' End, Inc. LE was down, falling 13% to $6.30 after the company announced downbeat Q1 results.

Commodities


In commodity news, oil traded up 2.9% to $36.45, while gold traded down 0.1% to $1,749.60.

Silver traded down 0.2% Tuesday to $18.79, while copper rose 0.4% to $2.4805.

Euro zone

European shares were higher today. The eurozone’s STOXX 600 rose 1.7%, the Spanish Ibex Index rose 2.6%, while Italy’s FTSE MIB Index climbed 2.3%. Meanwhile, the German DAX 30 gained 4%, French CAC 40 rose 2.2% and UK shares rose 1.1%.

Economics

The Johnson Redbook Retail Sales Index declined 1.4% during the first four weeks of May versus April.