Mid-Morning Market Update: Markets Open Lower; JinkoSolar Profit Misses Estimates

Following the market opening Monday, the Dow traded down 1.62% to 25190.30 while the NASDAQ fell 0.44% to 9546.52. The S&P also fell, dropping 1.15% to 3006.20.

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 2,094,060 cases with around 115,730 deaths. Brazil confirmed a total of over 867,620 COVID-19 cases with 43,330 deaths, while Russia reported a total of at least 536,480 confirmed cases and 7,080 deaths. In total, there were at least 7,934,270 cases of COVID-19 worldwide with over 433,910 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors

Communication services shares slipped by just 0.3% on Monday. Meanwhile, top gainers in the sector included 58.com Inc. WUBA, up 10%, and Bandwidth Inc. BAND, up 5%.

In trading on Monday, energy shares fell 2.9%.

Top Headline

JinkoSolar Holding Co., Ltd JKS reported downbeat earnings for its first quarter.

JinkoSolar posted Q1 adjusted earnings of $0.71 per share, missing analysts’ estimates of $1 per share. The company reported adjusted sales of 1.03 billion, in-line with expectations.

JinkoSolar said it expects Q2 sales of $1.1 billion to $1.18 billion and total solar module shipments of 4.2GW to 4.5GW.

Equities Trading UP

Edesa Biotech, Inc. EDSA shares shot up 117% to $6.26 after the company received an approval from the Health Canada to initiate Phase 2/3 clinical study of drug EB05.

Shares of Net Element, Inc. NETE got a boost, shooting 101% to $9.26 after the company entered into letter of intent to merge with electric vehicle company Mullen Technologies.

Immuron Limited IMRN shares were also up, gaining 19% to $10.19 after jumping over 24% on Friday.

Equities Trading DOWN

China Rapid Finance Limited XRF shares tumbled 22% to $2.20 as equities declined amid investor concerns of a second wave of the coronavirus as US states reopen.

Shares of CAI International, Inc. CAI were down 16% to $16.31 after the company reported termination of strategic process and initiation of regular dividends.

Art's-Way Manufacturing Co., Inc. ARTW was down, falling 21% to $2.40 after gaining 56% on Friday.


In commodity news, oil traded down 2.5% to $35.37, while gold traded down 1.3% to $1,714.20.

Silver traded down 1.6% Monday to $17.21, while copper fell 2.3% to $2.5395.

Euro zone

European shares were lower today. The eurozone’s STOXX 600 fell 0.9%, the Spanish Ibex Index fell 1.5%, while Italy’s FTSE MIB Index declined 0.8%. Meanwhile, the German DAX 30 dropped 1.3%, French CAC 40 fell 1.2% and UK shares fell 1.1%.


The New York Empire State manufacturing index increased to -0.2 in June, versus a reading of -48.5 in the earlier month.

Federal Reserve Bank of Dallas President Robert Kaplan is set to speak at 11:00 a.m. ET.

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

The Treasury International Capital report for April is scheduled for release at 4:00 p.m. ET.

Posted In: Information TechnologyIT Consulting & Other ServicesMid-Morning Market UpdateEarningsNewsPenny StocksEurozoneCommoditiesGlobalIntraday UpdateMarkets