Mid-Day Market Update: Remark Holdings Falls After Q1 Results; Corvus Pharmaceuticals Shares Jump

Midway through trading Tuesday, the Dow traded down 0.51% to 26153.90 while the NASDAQ rose 0.80% to 10,517.24. The S&P also rose, gaining 0.11% to 3,183.22.

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 2,938,620 cases with around 130,300 deaths. Brazil confirmed a total of over 1,623,280 COVID-19 cases with 65,480 deaths, while India reported a total of at least 719,660 confirmed cases and 20,150 deaths. In total, there were at least 11,645,100 cases of COVID-19 worldwide with over 538,780 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors

Communication services shares climbed 1% on Tuesday. Meanwhile, top gainers in the sector included Snap Inc. SNAP, up 8%, and TrueCar, Inc. TRUE, up 5%.

In trading on Tuesday, energy shares fell 1.3%.

Top Headline

Paychex, Inc. PAYX reported better-than-expected results for its fourth quarter.

Paychex reported quarterly earnings of $0.61 per share, beating analysts’ estimates of $0.60 per share. The company reported sales of $951.10 million, exceeding expectations of $910.91 million.

Paychex said it expects FY21 adjusted EPS to drop 6%-10% year-over-year and sales to drop 2%-5% year-over-year.

Equities Trading UP

Annovis Bio, Inc. ANVS shares shot up 88% to $7.21 after the company received Central Institutional Review Board approval to initiate 15 site Phase 2 study in 68 Parkinson's and Alzheimer's patients.

Shares of Corvus Pharmaceuticals, Inc. CRVS got a boost, shooting 114% to $5.87 following an announcement concerning its foray into COVID-19 treatment. The company said the FDA has reviewed and accepted its investigational new drug application for initiating a COVID-19 study. Accordingly, the company said it has initiated a Phase 1 study to investigate a novel immunotherapy approach for patients with COVID-19.

Endologix, Inc. ELGX shares were also up, gaining 50% to $0.38. Endologix shares dipped 67% on Monday after the company said it has initiated a voluntary Chapter 11 filing after undergoing a strategic review.

Equities Trading DOWN

Sino-Global Shipping America, Ltd. SINO shares tumbled 28% to $2.10 following Q3 results. Sino-Global Shipping posted a quarterly loss of $0.22 per share, versus a year-ago loss of $0.09 per share.

Shares of Evolus, Inc. EOLS were down 31% to $3.6950 after the company announced a administrative law judge will be overseeing the United States international trade commission case filed by Allergan and Medytox. The Judge released an initial determination finding a violation Section 337 Of The Tariff Act Of 1930. Evolus said its strategic partner, Daewoong Pharmaceutical Co. Ltd., will invest $40 million in a five-year, unsecured, subordinated, 3% convertible note issued by the company at a conversion price of $13, which represents a 144% premium to the July 6 closing price. The investment will be funded before July 31, the company said.

Remark Holdings, Inc. MARK was down, falling 22% to $2.01 after the company reported Q1 results.

Commodities


In commodity news, oil traded up 0.2% to $40.70, while gold traded up 0.7% to $1,806.30.

Silver traded up 0.3% Tuesday to $18.645, while copper rose 0.2% to $2.781.

Euro zone

European shares were lower today. The eurozone’s STOXX 600 fell 0.72%, the Spanish Ibex Index fell 1.4%, while Italy’s FTSE MIB Index fell 0.06%. Meanwhile, the German DAX 30 declined 1.07%, French CAC 40 slipped 0.89% and UK shares fell 1.59%.

Economics

The number of job openings climbed by 401,000 to 5.397 million in May, the Labor Department reported.

The IBD/TIPP economic optimism index dropped to 44 in July versus 47 in June.

Federal Reserve Vice Chairman for Supervision Randal Quarles will speak at 1:00 p.m. ET.

The Treasury is set to auction 3-year notes at 1:00 p.m. ET.

Richmond Fed President Thomas Barkin is set to speak at 2:00 p.m. ET.

Federal Reserve Bank of San Francisco President Mary Daly will speak at 2:00 p.m. ET.