Market Overview

Mid-Afternoon Market Update: Dow Jumps More Than 300 Points; Crude Oil Up 2.5%

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Toward the end of trading Friday, the Dow traded up 1.2% to 26014.42 while the NASDAQ rose 0.19% to 10,567.57. The S&P also rose, gaining 0.75% to 3,175.57.

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 3,118,160 cases with around 133,290 deaths. Brazil confirmed a total of over 1,755,770 COVID-19 cases with 69,180 deaths, while India reported a total of at least 793,800 confirmed cases and 21,600 deaths. In total, there were at least 12,287,550 cases of COVID-19 worldwide with over 555,320 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors

Financial shares rose 3.3% on Friday. Meanwhile, top gainers in the sector included Capital Bancorp, Inc. (NASDAQ: CBNK), up 11%, and Benefytt Technologies, Inc. (NASDAQ: BFYT), up 11%.

In trading on Friday, health care shares fell 0.3%.

Top Headline

The Greenbrier Cos. Inc. (NASDAQ: GBX) reported better-than-expected results for its third quarter.

Greenbrier reported quarterly earnings of $1.05 per share, beating analysts’ estimates of 14 cents a share. The company reported sales of $762.6 million, exceeding expectations of $606 million.

Equities Trading UP

Everi Holdings Inc. (NYSE: EVRI) shares shot up 26% to $5.86. Roth Capital initiated coverage of Everi Holdings with a Buy rating and $17 price target.

Shares of Matson, Inc. (NYSE: MATX) got a boost, shooting 34% to $36.77 after the company announced it expects preliminary Q2 earnings results for its Ocean Transportation business to be $40.5 million to $42.5 million, versus $19.7 million last year.

Hermitage Offshore Services Ltd. (NYSE: PSV) shares were also up, gaining 492% to $2.89 after the company announced a forbearance agreement with lenders to its $132.9 million term loan facility.

Equities Trading DOWN

Centogene N.V. (NASDAQ: CNTG) shares tumbled 21% to $13.48. Centogene said it has priced its primary and secondary public offering of 3.5 million shares, comprising 2 million common shares offered by the company and 1.5 million offered by selling shareholders, at $14 per common share for total gross proceeds to the company of $28 million and total gross proceeds to the selling shareholders of $21 million.

Shares of Endologix, Inc. (NASDAQ: ELGX) were down 15% to $0.2703 after the company received a letter from Nasdaq indicating its common stock will be delisted, unless the company requests an appeal of determination.

Northern Dynasty Minerals Ltd. (NYSE: NAK) was down, falling 14% to $1.4950. Northern Dynasty Minerals raised size of bought-deal offering to 21 million shares, priced at $1.46 per share.

Commodities

In commodity news, oil traded up 2.5% to $40.61, while gold traded down 0.2% to $1,800.30.

Silver traded up 0.3% Friday to $19.025, while copper rose 2.3% to $2.903.

Euro zone

European shares closed higher today. The eurozone’s STOXX 600 rose 0.88%, the Spanish Ibex Index rose 1.16%, while Italy’s FTSE MIB Index gained 1.34%. Meanwhile, the German DAX 30 gained 1.15%, French CAC 40 gained 1.01% and UK shares rose 0.76%.

Economics

Producer prices declined 0.2% in June, after rising 0.4% in May.

The total number of active U.S. oil rigs slipped by 4 to 181 rigs this week, Baker Hughes Inc reported.

 

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