Market Overview

Mid-Morning Market Update: Markets Mostly Higher; Coca-Cola Earnings Beat Views

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Following the market opening Tuesday, the Dow traded up 1.17% to 26993.39 while the NASDAQ fell 0.05% to 10,761.42. The S&P also rose, gaining 0.64% to 3,272.56.

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 3,773,260 cases with around 140,530 deaths. Brazil confirmed a total of over 2,098,380 COVID-19 cases with 79,480 deaths, while India reported a total of at least 1,118,200 confirmed cases and 27,490 deaths. In total, there were at least 14,508,890 cases of COVID-19 worldwide with over 606,200 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors

Energy shares rose 4.7% on Tuesday. Meanwhile, top gainers in the sector included QEP Resources, Inc. (NYSE: QEP), up 13%, and TETRA Technologies, Inc. (NYSE: TTI), up 15%.

In trading on Tuesday, information technology shares fell 0.2%.

Top Headline

Coca-Cola Co (NYSE: KO) reported stronger-than-expected earnings for its second quarter.

Coca-Cola posted quarterly earnings of $0.42 per share, beating analysts’ estimates of $0.40 per share. The company reported sales of $7.20 billion, also exceeding expectations of $7.18 billion.

Equities Trading UP

Immuron Limited (NASDAQ: IMRN) shares shot up 62% to $16.89 after the company said its IMM-124E — used to manufacture its flagship commercially available and over-the-counter gastrointestinal and digestive health immune supplements Travelan and Protectyn — has demonstrated neutralizing activity against the severe acute respiratory syndrome coronavirus-2, the virus that causes COVID-19.

Shares of Owens & Minor, Inc. (NYSE: OMI) got a boost, shooting 67% to $13.25 after the company announced preliminary results for the second quarter. Owens & Minor sees preliminary Q2 adjusted EPS of $0.18-$0.20.

Hibbett Sports, Inc. (NASDAQ: HIBB) shares were also up, gaining 21% to $27.20 after the company issued strong sales update for the second quarter. The company said Q2 comparable store sales are expected to increase in excess of 70%, while 1H comparable store sales are projected to increase by roughly 20%.

Equities Trading DOWN

Ashford Hospitality Trust, Inc. (NYSE: AHT) shares tumbled 18% to $4.94 after declining 13% on Monday.

Shares of ACADIA Pharmaceuticals Inc. (NASDAQ: ACAD) were down 19% to $45.03 after the company announced negative top-line results from its 298 patient Phase 3 CLARITY study, which combined two identical, double-blind, placebo-controlled studies evaluating the efficacy, safety and tolerability of pimavanserin as an adjunctive treatment for major depressive disorder. The company said the study did not meet the primary endpoint with statistical significance.

Cytosorbents Corporation (NASDAQ: CTSO) was down, falling 14% to $9.97 after the company announced a proposed $40 million common stock offering. Cytosorbents announced preliminary second-quarter revenues of $9.8 million, a 61% year-over-year increase.

Commodities

In commodity news, oil traded up 2.7% to $41.90, while gold traded up 0.5% to $1,827.10.

Silver traded up 3.5% Tuesday to $20.89, while copper rose 0.8% to $2.9375.

Euro zone

European shares were higher today. The eurozone’s STOXX 600 rose 1%, the Spanish Ibex Index rose 1.7%, while Italy’s FTSE MIB Index climbed 2.1%. Meanwhile, the German DAX 30 gained 1.8%, French CAC 40 rose 1.2% and UK shares rose 0.5%.

Economics

The Chicago Fed National Activity Index climbed to 4.11 in June versus a revised reading of 3.5 in May.

 

Related Articles (ACAD + AHT)

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Posted-In: Earnings News Penny Stocks Eurozone Commodities Global Intraday Update Markets

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