Market Overview

Mid-Morning Market Update: Markets Edge Higher; Bristol-Myers Squibb Earnings Top Estimates

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Following the market opening Thursday, the Dow traded up 0.20% to 27256.88 while the NASDAQ rose 0.09% to 11,008.62. The S&P also rose, gaining 0.06% to 3,329.61.

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 4,824,170 cases with around 158,260 deaths. Brazil confirmed a total of over 2,859,070 COVID-19 cases with 97,250 deaths, while India reported a total of at least 1,964,530 confirmed cases and 40,690 deaths. In total, there were at least 18,835,980 cases of COVID-19 worldwide with over 708,270 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors

Communication services shares gained 0.5% on Thursday. Meanwhile, top gainers in the sector included QuinStreet, Inc. (NASDAQ: QNST), up 12%, and Tribune Publishing Company (NASDAQ: TPCO), up 7%.

In trading on Thursday, health care shares fell by 0.6%.

Top Headline

Bristol-Myers Squibb Co (NYSE: BMY) reported stronger-than-expected results for its second quarter and raised its earnings guidance.

The company reported quarterly earnings of $1.63 per share, exceeding analysts’ estimates of $1.48 per share. The company reported quarterly sales of $10.10 billion, beating analysts’ estimates of $9.97 billion.

Bristol-Myers Squibb said it now expects FY20 adjusted EPS of $6.10-$6.25, versus earlier forecast of $6.00-$6.20.

Equities Trading UP

American Virtual Cloud Technologies, Inc. (NASDAQ: AVCT) shares shot up 106% to $9.95 after the company reported that it will buy Ribbon's Kandy Communications Business.

Shares of ADiTx Therapeutics, Inc. (NASDAQ: ADTX) got a boost, shooting 87% to $7.32 after the company reported introduction of AditxtScore for COVID-19 and announced completion of validation studies by Stanford Blood Center.

Denali Therapeutics Inc. (NASDAQ: DNLI) shares were also up, gaining 37% to $31.77 after the company announced it signed an agreement with Biogen to co-develop and co-commercialize Denali's small molecule inhibitors of LRRK2 for Parkinson's Disease.

Equities Trading DOWN

Biofrontera AG (NASDAQ: BFRA) shares tumbled 36% to $17.05 after surging 379% on Wednesday.

Shares of OraSure Technologies, Inc. (NASDAQ: OSUR) were down 33% to $13.06 after the company reported weaker-than-expected Q2 results.

Altisource Portfolio Solutions S.A. (NASDAQ: ASPS) was down, falling 27% to $10.32 after the company reported Q2 results.

Commodities

In commodity news, oil traded down 0.7% to $41.90, while gold traded up 0.8% to $2,065.30.

Silver traded up 4.7% Thursday to $28.14, while copper fell 0.8% to $2.894.

Euro zone

European shares were lower today. The eurozone’s STOXX 600 fell 0.9%, the Spanish Ibex Index fell 1.3%, while Italy’s FTSE MIB Index declined 1.5%. Meanwhile, the German DAX 30 declined 0.7%, French CAC 40 fell 1.1% and UK shares fell 1.9%.

Economics

U.S. initial jobless claims declined to 1.19 million in the latest week from 1.44 million.

The Energy Information Administration’s weekly report on natural gas stocks in underground storage is scheduled for release at 10:30 a.m. ET.

The Treasury is set to auction 4-and 8-week bills at 11:30 a.m. ET.

Data on money supply for the recent week will be released at 4:30 p.m. ET.

 

 

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