Following the market opening Wednesday, the Dow traded up 0.39% to 27885.33 while the NASDAQ fell 0.07% to 11,202.91. The S&P also rose, gaining 0.08% to 3,392.33.
The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 5,482,820 cases with around 171,830 deaths. Brazil confirmed a total of over 3,407,350 COVID-19 cases with 109,880 deaths, while India reported a total of at least 2,767,250 confirmed cases and 52,880 deaths. In total, there were at least 22,164,230 cases of COVID-19 worldwide with over 781,520 deaths, according to data compiled by Johns Hopkins University.
Leading and Lagging Sectors
Financial shares gained 0.6% on Wednesday. Meanwhile, top gainers in the sector included Cadence Bancorporation CADE, up 4%, and Genworth Financial, Inc. GNW, up 7%.
In trading on Wednesday, real estate shares fell by 0.9%.
Top Headline
Target Corporation TGT reported better-than-expected results for its second quarter.
Target reported quarterly earnings of $3.38 per share, surpassing analysts’ estimates of $1.62 per share. The company’s sales came in at $22.70 billion, exceeding expectations of $20.09 billion.
The company’s comparable sales jumped 24.3%, while digital comparable sales climbed 195% during the quarter.
Equities Trading UP
Momenta Pharmaceuticals, Inc. MNTA shares shot up 69% to $52.13 after Johnson & Johnson announced plans to acquire Momenta Pharmaceuticals for $6.5 billion in cash.
Shares of Hudson Ltd. HUD got a boost, shooting 46% to $7.49 after the company announced its controlling shareholder, Dufry AG Group will purchase all of its remaining equity interests for $7.70 per share.
Resolute Forest Products Inc. RFP shares were also up, gaining 18% to $4.36 as RBC Capital upgraded the stock from Sector Perform to Outperform and raised the price target from $4 to $5.5.
Equities Trading DOWN
BioMarin Pharmaceutical Inc. BMRN shares tumbled 31% to $81.85 after the company received a Complete Response Letter from the FDA for valoctocogene voxaparvovec gene therapy for severe hemophilia A. Stifel downgraded Biomarin Pharmaceutical from Buy to Hold and lowered the price target from $127 to $100.
Shares of Galapagos NV GLPG were down 25% to $141.65 after after Gilead received a complete response letter from the FDA requesting data from two studies for Filgotinib before completing its review of the NDA and expressed concern about the benefit/risk profile. The two companies are collaborative partners in the global development and commercialization of Filgotinib in Rheumatoid Arthritis. Cantor Fitzgerald lowered the price target on the stock from $192 to $134.
Vipshop Holdings Limited VIPS was down, falling 22% to $18.58 after the company reported worse-than-expected Q2 results. The company also announced the CFO will be resigning for personal reasons.
Commodities
In commodity news, oil traded down 0.8% to $42.55, while gold traded down 0.9% to $1,994.10.
Silver traded down 2.3% Wednesday to $27.44, while copper rose 0.9% to $3.0015.
Euro zone
European shares were higher today. The eurozone’s STOXX 600 rose 0.3%, the Spanish Ibex Index rose 0.2%, while Italy’s FTSE MIB Index gained 0.5%. Meanwhile, the German DAX 30 gained 0.3%, French CAC 40 rose 0.2% and UK shares rose 0.2%.
Economics
The Energy Information Administration’s weekly report on petroleum inventories in the U.S. is scheduled for release at 10:30 a.m. ET.
The Treasury is set to auction 20-year bonds at 1:00 p.m. ET.
The Federal Open Market Committee will issue minutes of its latest meeting at 2:00 p.m. ET.
Federal Reserve Bank of Richmond President Thomas Barkin is set to speak at 3:00 p.m. ET.
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