Market Overview

Mid-Afternoon Market Update: Crude Oil Rises Over 3%; Kaleido Biosciences Shares Plunge

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Toward the end of trading Tuesday, the Dow traded up 0.61% to 25630.00 while the NASDAQ rose 0.11% to 9562.43. The S&P also rose, gaining 0.39% to 3067.67.

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 1.9% on Tuesday. Meanwhile, top gainers in the sector included Baytex Energy Corp. (NYSE: BTE), up 23%, and Oil States International, Inc. (NYSE: OIS), up 20%.

In trading on Tuesday, communication services shares fell 0.2%.

Top Headline

Donaldson Company, Inc. (NYSE: 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. (NASDAQ: MGI) shares shot up 30% to $3.3701 as Bloomberg reported that Western Union (NYSE: WU) is looking to acquire the payments company.

Shares of Tenax Therapeutics, Inc. (NASDAQ: TENX) got a boost, shooting 22% to $1.7639 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. (NASDAQ: BHTG) shares were also up, gaining 32% to $1.48 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. (NASDAQ: KLDO) shares tumbled 14% to $6.92 after the company priced its 4.75 million share public offering of common stock at $7.50 per share.

Shares of Seadrill Limited (NYSE: SDRL) were down 23% to $0.3574 after the company reported downbeat Q1 earnings.

Digital Ally, Inc. (NASDAQ: DGLY) was down, falling 16% to $1.65 after the company priced its 3.09 million share common stock offering at $1.65 per share. Digital Ally shares jumped over 75% on Monday.

Commodities

In commodity news, oil traded up 3.2% to $36.56, while gold traded down 0.9% to $1,735.30.

Silver traded down 2.8% Tuesday to $18.305, while copper rose 0.8% to $2.49.

Euro zone

European shares closed higher today. The eurozone’s STOXX 600 rose 1.57%, the Spanish Ibex Index rose 2.59%, while Italy’s FTSE MIB Index climbed 2.42%. Meanwhile, the German DAX 30 gained 3.75%, French CAC 40 rose 2.02% and UK shares rose 0.87%.

Economics

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

 

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