Mid-Morning Market Update: Markets Open Higher; Cracker Barrel Beats Q4 Views

Following the market opening Tuesday, the Dow traded up 0.60% to 28162.26 while the NASDAQ rose 1.28% to 11,197.92. The S&P also rose, gaining 0.90% to 3,413.89.

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 6,555,240 cases with around 194,540 deaths. India confirmed a total of at least 4,930,230 confirmed cases and 80,770 deaths, while Brazil reported over 4,345,610 COVID-19 cases with 132,000 deaths. In total, there were at least 29,303,750 cases of COVID-19 worldwide with over 928,960 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors

Communication services shares climbed 1.9% on Tuesday. Meanwhile, top gainers in the sector included Gogo Inc. GOGO, up 6%, and Roku, Inc. ROKU, up 6%.

In trading on Tuesday, financial shares fell 0.7%.

Top Headline

Cracker Barrel Old Country Store, Inc. CBRL reported a narrower-than-expected loss for its fourth quarter.

Cracker Barrel posted a quarterly loss of $0.85 per share, versus analysts’ estimates for a loss of $1.05 per share. The company reported sales of $495.10 million, beating expectations of $478.63 million.

Equities Trading UP

Marinus Pharmaceuticals, Inc. MRNS shares shot up 65% to $3.4850 after the company announced positive top-line results from its registrational Phase 3 clinical trial, dubbed Marigold, evaluating the use of oral ganaxolone in children and young adults with CDKL5 deficiency disorder, a rare, genetic epilepsy with refractory seizures.

Shares of Plus Therapeutics, Inc. PSTV got a boost, shooting 25% to $3.04 after the company said the FDA has granted fast track designation for its lead investigational drug, Rhenium NanoLiposomes, for the treatment of patients with recurrent glioblastoma.

NextDecade Corporation NEXT shares were also up, gaining 23% to $3.64 after climbing 46% on Monday.


Equities Trading DOWN

Francesca's Holdings Corporation FRAN shares tumbled 23% to $3.90 after the company swung to a net loss for the second quarter and announced exploration of strategic alternatives.

Shares of Nano-X Imaging Ltd. NNOX were down 20% to $39.23 after Citron Research issued bearish commentary on the stock, including a $0 price target.

AudioEye, Inc. AEYE was down, falling 15% to $12.45 after declining 12% on Monday. AudioEye, last month, priced its 411,513 share common stock offering at $17.75 per share.

Commodities


In commodity news, oil traded up 1.7% to $37.90, while gold traded up 0.8% to $1,979.40.

Silver traded up 1.4% Tuesday to $27.75, while copper rose 0.2% to $3.0735.

Euro zone

European shares were higher today. The eurozone’s STOXX 600 rose 0.7%, the Spanish Ibex Index rose 1.4%, while Italy’s FTSE MIB Index rose 0.8%. Meanwhile, the German DAX 30 gained 0.3%, French CAC 40 rose 0.5% and London’s FTSE 100 rose 1.1%.

The UK reported an increase in unemployment rate during the three months to July, with the rate rising to 4.1% from 3.9%.

Economics

The Federal Open Market Committee will begin its two-day policy meeting today.

The New York Empire State manufacturing index rose to 17 in September versus 3.7 in August.

U.S. import prices rose 0.9% in August versus a revised 1.2% rise in July. Export prices increased 0.5% for August versus a revised 0.9% increase in July.

The Johnson Redbook Retail Sales Index fell 1.6% during the first two weeks of September versus August.

U.S. industrial production increased 0.4% for August, versus analysts’ expectations for a 1% growth.

The Treasury is set to auction 20-year bonds at 1:00 p.m. ET.