Market Overview

Mid-Afternoon Market Update: Gold Rises 1%; Myovant Sciences Shares Plunge

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Toward the end of trading Tuesday, the Dow traded down 0.23% to 27520.96 while the NASDAQ fell 0.01% to 11,116.40. The S&P also fell, dropping 0.22% to 3,344.11.

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 7,150,820 cases with around 205,100 deaths. India confirmed a total of at least 6,145,290 confirmed cases and 96,310 deaths, while Brazil reported over 4,745,460 COVID-19 cases with 142,050 deaths. In total, there were at least 33,417,380 cases of COVID-19 worldwide with over 1,002,860 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors

Utilities shares rose 0.3% on Tuesday. Meanwhile, top gainers in the sector included VivoPower International PLC (NASDAQ: VVPR), up 9%, and Azure Power Global Limited (NYSE: AZRE), up 6%.

In trading on Tuesday, energy shares dipped 2.8%.

Top Headline

McCormick & Company, Incorporated (NYSE: MKC) reported better-than-expected results for its third quarter.

McCormick reported quarterly earnings of $1.53 per share, exceeding analysts’ estimates of $1.52 per share. The company reported sales of $1.43 billion, surpassing expectations of $1.39 billion.

McCormick said it expects FY20 adjusted EPS of $5.64 to $5.72 per share, versus analysts’ estimates of $5.76 per share. The company also announced a 2-for-1 stock split.

 

Equities Trading UP

U.S. Energy Corp. (NASDAQ: USEG) shares shot up 100% to $8.62 after the company announced the acquisition of non-operated producing properties in New Mexico.

Shares of Flux Power Holdings, Inc. (NASDAQ: FLUX) got a boost, shooting 28% to $6.90 after the company reported Q4 results.

Aptorum Group Limited (NYSE: APM) shares were also up, gaining 392% to $9.78 after the company announced the launch of an infectious disease liquid biopsy diagnostics subsidiary and its newly established exclusive in-licensing arrangements with Accelerate Technologies.

 

Equities Trading DOWN

Hycroft Mining Holding Corporation (NASDAQ: HYMC) shares tumbled 12% to $9.78 after reporting a proposed underwritten public offering of 7.22 million units of common stock and warrants.

Shares of Myovant Sciences Ltd. (NASDAQ: MYOV) were down 25% to $15.90 after the company announced that its Relugolix did not achieve a statistical superiority for castration resistance-free survival compared to Leuprolide acetate in men with metastatic disease through 48 weeks.

United Natural Foods, Inc. (NYSE: UNFI) was down, falling 14% to $16.48 after the company reported Q4 earnings.

Commodities

In commodity news, oil traded down 3.7% to $39.08, while gold traded up 1.1% to $1,902.90.

Silver traded up 3.8% Tuesday to $ 24.490 while copper rose 0.3% to $2.9980.

Euro zone

European shares closed lower today. The eurozone’s STOXX 600 fell 0.52%, the Spanish Ibex Index fell 1.15%, while Italy’s FTSE MIB Index slipped 0.52%. Meanwhile, the German DAX 30 fell 0.35%, French CAC 40 fell 0.23% and London’s FTSE 100 dropped 0.51%.

Economics

The US trade deficit on goods increased to $82.94 billion in August versus a revised $80.11 billion in the earlier month.

U.S. wholesale inventories rose 0.5% in August.

The S&P Corelogic Case-Shiller home price index increased 3.9% year-over-year in July versus a 3.5% rise in the prior month.

The Conference Board’s consumer confidence index climbed to 101.80 in September versus prior reading of 84.80.

 

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Posted-In: Mid-Afternoon Market UpdateEarnings News Eurozone Futures Global Pre-Market Outlook Markets