Market Overview

Mid-Morning Market Update: Markets Open Higher; Cal-Maine Foods Reports Narrower-Than-Expected Loss

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Following the market opening Monday, the Dow traded up 1.28% to 27520.66 while the NASDAQ rose 1.04% to 11027.31. The S&P also rose, gaining 1.14% to 3,336.07.

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 7,116,450 cases with around 204,760 deaths. India confirmed a total of at least 6,074,700 confirmed cases and 95,540 deaths, while Brazil reported over 4,732,300 COVID-19 cases with 141,740 deaths. In total, there were at least 33,137,740 cases of COVID-19 worldwide with over 998,370 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors

Energy shares rose 2.5% on Monday. Meanwhile, top gainers in the sector included NexTier Oilfield Solutions Inc. (NYSE: NEX), up 18%, and Transocean Ltd. (NYSE: RIG), up 9%.

In trading on Monday, utilities shares rose by just 0.2%.

Top Headline

Cal-Maine Foods, Inc. (NASDAQ: CALM) reported better-than-expected results for its first quarter.

Cal-Maine Foods reported quarterly loss of $0.40 per share, exceeding analysts’ estimates for a loss of $0.53 per share. The company reported sales of $292.78 million, surpassing expectations of $284.08 million.

 

Equities Trading UP

Piedmont Lithium Limited (NYSE: PLL) shares shot up 169% to $29.56 after the company announced it signed a sales agreement with Tesla.

Shares of Ambow Education Holding Ltd. (NYSE: AMBO) got a boost, shooting 53% to $2.77 after the company announced it expanded its strategic partnership with Amazon in a digital professional education, training and certification.

Perceptron, Inc. (NASDAQ: PRCP) shares were also up, gaining 67% to $6.82 after the company announced it would be acquired for $7 per share.

 

Equities Trading DOWN

Aquestive Therapeutics, Inc (NASDAQ: AQST) shares tumbled 36% to $4.9010 after the company late Friday received a Complete Response Letter from the FDA for Libervant buccal film indicating the application cannot be approved in its current form.

Shares of Inovio Pharmaceuticals, Inc. (NASDAQ: INO) were down 30% to $11.80 following an adverse development in its coronavirus vaccine program. The company said the FDA has imposed a partial clinical hold on the planned Phase 2/3 trial of INO-4800 – its DNA vaccine against the novel coronavirus. The partial clinical hold also applied to the company's Cellectra 2000 delivery device to be used in the trial.

Eiger BioPharmaceuticals, Inc. (NASDAQ: EIGR) was down, falling 21% to $7.79 after the company reported results of investigator sponsored study in outpatients with mild and uncomplicated COVID-19.

Commodities

In commodity news, oil traded up 0.3% to $40.35, while gold traded up 0.1% to $1,868.80.

Silver traded up 0.5% Monday to $23.205 while copper rose 0.8% to $2.9960.

Euro zone

European shares were higher today. The eurozone’s STOXX 600 surged 2%, the Spanish Ibex Index rose 1.9%, while Italy’s FTSE MIB Index rose 2%. Meanwhile, the German DAX 30 climbed 2.8%, French CAC 40 rose 2.1% and London’s FTSE 100 gained 1.5%.

Economics

The Dallas Fed manufacturing index for September will be released at 10:30 a.m. ET. The Dallas Fed index is expected to rise to 8.5 in September from August's reading of 8.0.

The Treasury is set to auction 3-and 6-month bills at 11:30 a.m. ET.

 

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