Market Overview

Mid-Afternoon Market Update: Nasdaq Rises 0.8%; Intersect ENT Shares Spike Higher

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Toward the end of trading Wednesday, the Dow traded up 0.09% to 25912.45 while the NASDAQ rose 0.80% to 10,426.66. The S&P also rose, gaining 0.21% to 3,151.79.

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 2,996,090 cases with around 131,480 deaths. Brazil confirmed a total of over 1,668,580 COVID-19 cases with 66,740 deaths, while India reported a total of at least 742,410 confirmed cases and 20,640 deaths. In total, there were at least 11,846,590 cases of COVID-19 worldwide with over 544,530 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors

Information technology shares climbed 0.9% on Wednesday. Meanwhile, top gainers in the sector included Cheetah Mobile Inc. (NYSE: CMCM), up 36%, and Ideanomics, Inc. (NASDAQ: IDEX), up 37%.

In trading on Wednesday, materials shares fell 2.4%.

Top Headline

MSC Industrial Direct Co Inc (NYSE: MSM) reported better-than-expected results for its third quarter.

MSC Industrial Direct reported quarterly earnings of $1.40 per share, beating analysts’ estimates of $1.10 per share. The company reported sales of $835.00 million, exceeding expectations of $807.94 million.

 

Equities Trading UP

National General Holdings Corp. (NASDAQ: NGHC) shares shot up 65% to $33.69 after Allstate announced plans to acquire National General Holdings for around $4 billion.

Shares of Intersect ENT, Inc. (NASDAQ: XENT) got a boost, shooting 29% to $17.94 following a buyout rumor. Medtronic PLC (NYSE: MDT) has tabled an offer to buy Intersect ENT, Bloomberg reported, quoting people with the knowledge of the matter. Intersect ENT's board is reportedly reviewing the offer with its advisers.

Clean Energy Fuels Corp. (NASDAQ: CLNE) shares were also up, gaining 31% to $2.90. Chevron reported a partnership with Clean Energy on Adopt-a-Port initiative to reduce emissions.

Equities Trading DOWN

Aeterna Zentaris Inc. (NASDAQ: AEZS) shares tumbled 14% to $0.446. Aeterna Zentaris reported closing of $12 million public offering.

Shares of VIVUS, Inc. (NASDAQ: VVUS) were down 16% to $0.6791 after the company said it has completed the solicitation of an in-court prepackaged plan of reorganization, under which its creditor IEH Biopharma will take 100% ownership of VIVUS ahead of its July 7chapter 11 filing.

Centogene N.V. (NASDAQ: CNTG) was down, falling 19% to $19.02 after the company announced a primary and secondary public offering of 3.5 million shares of the company's common stock.

Commodities

In commodity news, oil traded up 0.7% to $40.89, while gold traded up 0.5% to $1,819.00.

Silver traded up 2.3% Wednesday to $19.13, while copper rose 0.8% to $2.8185.

Euro zone

European shares closed lower today. The eurozone’s STOXX 600 fell 0.67%, the Spanish Ibex Index fell 1.62%, while Italy’s FTSE MIB Index fell 0.57%. Meanwhile, the German DAX 30 declined 0.97%, French CAC 40 slipped 1.24% and UK shares fell 0.55%.

Economics

U.S. crude inventories climbed 5.7 million barrels for the week ended July 3, the Energy Information Administration reported. However, analysts expected a drop of 3.7 million barrels. Crude stocks at the Cushing, Oklahoma, hub rose 2.2 million barrels. Gasoline supply declined 4.8 million barrels last week, while distillate stockpiles rose 3.1 million barrels.

Data on consumer credit for May will be released at 3:00 p.m. ET.

 

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