Market Overview

Mid-Afternoon Market Update: MOGU Falls After Q1 Results; Cancer Genetics Shares Jump

Share:

Toward the end of trading Monday, the Dow traded up 0.88% to 28176.76 while the NASDAQ rose 0.23% to 11,338.03. The S&P also rose, gaining 0.63% to 3,418.57.

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 5,704,440 cases with around 176,800 deaths. Brazil confirmed a total of over 3,605,780 COVID-19 cases with 114,740 deaths, while India reported a total of at least 3,106,340 confirmed cases and 57,540 deaths. In total, there were at least 23,454,460 cases of COVID-19 worldwide with over 809,330 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors

Energy shares gained 2.3% on Monday. Meanwhile, top gainers in the sector included Nabors Industries Ltd. (NYSE: NBR), up 15%, and Transocean Ltd. (NYSE: RIG), up 18%.

In trading on Monday, health care shares fell by 0.8%.

Top Headline

The U.S. Food and Drug Administration issued emergency use authorization for the use of investigational convalescent plasma for the treatment of COVID-19 in hospitalized patients.

The EUA, according to the FDA, will allow the distribution of COVID-19 convalescent plasma in the U.S. and its administration by health care providers.

Equities Trading UP

Cancer Genetics, Inc. (NASDAQ: CGIX) shares shot up 137% to $6.89 after the company signed a definitive merger agreement with StemoniX.

Shares of Sonnet BioTherapeutics Holdings, Inc. (NASDAQ: SONN) got a boost, shooting 56% to $4.11 after the U.S. FDA issued an emergency use authorization for investigational convalescent plasma for the treatment of COVID-19 in hospitalized patients.

Travelcenters of America Inc (NASDAQ: TA) shares were also up, gaining 28% to $22.14. BTIG initiated coverage on TravelCenters of America with a Buy rating and a price target of $34.

Equities Trading DOWN

Odonate Therapeutics, Inc. (NASDAQ: ODT) shares tumbled 42% to $19.49 after the company announced the results from CONTESSA, a phase 3 study of Tesetaxel.

Shares of Northern Dynasty Minerals Ltd (NYSE: NAK) were down 39% to $0.8835 following a WSJ report suggesting the company's gold and copper mine planned for Alaska faces a roadblock by the Trump administration over environmental concerns.

MOGU Inc. (NYSE: MOGU) was down, falling 20% to $2.52 after the company reported Q1 results.

Commodities

In commodity news, oil traded up 0.4% to $42.51, while gold traded down 0.6% to $1,935.90.

Silver traded down 0.8% Monday to $26.52, while copper rose 0.3% to $2.926.

Euro zone

European shares were higher today. The eurozone’s STOXX 600 climbed 1.58%, the Spanish Ibex Index rose 1.82%, while Italy’s FTSE MIB Index surged 2.12%. Meanwhile, the German DAX 30 climbed 2.36%, French CAC 40 rose 2.28% and UK shares rose 1.71%.

Economics

The Chicago Fed National Activity Index declined to 1.18 in July versus a reading of 5.33 in June.

 

Related Articles (CGIX + MOGU)

View Comments and Join the Discussion!

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