Mid-Morning Market Update: Markets Edge Higher; Oracle Sales Miss Estimates

Following the market opening Wednesday, the Dow traded up 0.05% to 26,301.97 while the NASDAQ rose 0.41% to 9,936.58. The S&P also rose, gaining 0.07% to 3,126.88.

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 2,137,730 cases with around 116,960 deaths. Brazil confirmed a total of over 923,180 COVID-19 cases with 45,240 deaths, while Russia reported a total of at least 552,540 confirmed cases and 7,460 deaths. In total, there were at least 8,199,830 cases of COVID-19 worldwide with over 444,360 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors

Health care shares climbed 0.4% on Wednesday. Meanwhile, top gainers in the sector included MannKind Corporation MNKD, up 15%, and EyePoint Pharmaceuticals, Inc. EYPT, up 13%.

In trading on Wednesday, energy shares fell 1.6%.

Top Headline

Oracle Corporation ORCL reported weaker-than-expected sales for its fourth quarter, while profit surpassed estimates.

Oracle reported quarterly earnings of $1.20 per share on Tuesday, which beat the analyst consensus estimate of $1.16. The company reported quarterly sales of $10.40 billion, which missed the analyst consensus estimate of $10.67 billion.


Equities Trading UP

Energous Corporation WATT shares shot up 30% to $2.88 after the company reported a partnership with Chinese battery manufacturer, Grepow Battery.

Shares of The Alkaline Water Company Inc. WTER got a boost, shooting 15% to $1.545 after the company reported a 51% year-over-year rise Q4 sales.

InnerWorkings, Inc. INWK shares were also up, gaining 25% to $2.005 after the company reported better-than-expected Q1 earnings.


Equities Trading DOWN

Chembio Diagnostics, Inc. CEMI shares tumbled 60% to $3.98 after the company announced the FDA has revoked the emergency use authorization for its antibody test.

Shares of BioCardia, Inc. BCDA were down 26% to $2.1498. BioCardia priced its 4.762 million share common stock offering at $2.10 per share.

InflaRx N.V. IFRX was down, falling 21% to $5.69 after the company reported topline results from exploratory Phase II part of adaptive randomized phase II/III trial of IFX-1 in COVID-19.

Commodities


In commodity news, oil traded down 1.7% to $37.73, while gold traded down 0.6% to $1,725.30.

Silver traded up 0.3% Wednesday to $17.71, while copper rose 0.4% to $2.5755.

Euro zone


European shares were higher today. The eurozone’s STOXX 600 gained 0.9%, the Spanish Ibex Index rose 0.2%, while Italy’s FTSE MIB Index surged 0.4%. Meanwhile, the German DAX 30 climbed 0.6%, French CAC 40 rose 1.1% and UK shares rose 0.6%.


Economics

U.S. housing starts rose 4.3% to an annualized rate of 974,000 in May, while building permits climbed 14.4% to an annual rate of 1.220 million.

The Energy Information Administration’s weekly report on petroleum inventories in the US is scheduled for release at 10:30 a.m. ET.

Federal Reserve Chairman Jerome Powell is set to testify before the House Financial Services Committee at 12:00 p.m. ET.

Federal Reserve Bank of Atlanta President Raphael Bostic will speak at 12:00 p.m. ET.

The Treasury will auction 20-year bonds at 1:00 p.m. ET.

Federal Reserve Bank of Cleveland President Loretta Mester is set to speak at 4:00 p.m. ET.

Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Date
ticker
name
Actual EPS
EPS Surprise
Actual Rev
Rev Surprise
Posted In: EarningsNewsPenny StocksEurozoneCommoditiesGlobalIntraday UpdateMarketsMid-Morning Market Update
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!