Market Overview

Mid-Afternoon Market Update: Nasdaq Turns Lower; Endurance International Shares Spike Higher


Toward the end of trading Monday, the Dow traded up 1.33% to 26,852.79 while the NASDAQ fell 0.23% to 10,886.73. The S&P also rose, gaining 0.86% to 3,297.96.

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 9,208,870 cases with around 231,000 deaths. India confirmed a total of at least 8,229,310 confirmed cases and 122,600 deaths, while Brazil reported over 5,545,700 COVID-19 cases with 160,070 deaths. In total, there were at least 46,607,510 cases of COVID-19 worldwide with over 1,201,640 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors

Energy shares climbed 3.9% on Monday. Meanwhile, top gainers in the sector included Par Pacific Holdings, Inc. (NYSE: PARR), up 20%, and Oil States International, Inc. (NYSE: OIS), up 10%.

In trading on Monday, consumer discretionary shares fell 0.2%.

Top Headline

The Estée Lauder Companies Inc. (NYSE: EL) reported better-than-expected results for its first quarter, but issued weak forecast for the current quarter.


Estee Lauder reported quarterly earnings of $1.44 per share, beating analysts’ estimates of $0.90 per share. The company posted sales of $3.56 billion, surpassing expectations of $3.45 billion.

Estee Lauder said it expects Q2 EPS of $1.45-$1.60, versus analysts’ estimates of $1.72.



Equities Trading UP

Endurance International Group Holdings, Inc. (NASDAQ: EIGI) shares shot up 61% to $9.36 after the company announced it would be acquired by Clearlake Capital for $9.50 per share. The company also reported upbeat Q3 results.

Shares of DBV Technologies S.A. (NASDAQ: DBVT) got a boost, shooting 40% to $2.0059 after the company reported filing and validation of marketing authorization application for Viaskin Peanut by the European Medicines Agency.


Superior Industries International, Inc. (NYSE: SUP) shares were also up, gaining 48% to $1.8152 after the company reported upbeat Q3 results.




Equities Trading DOWN

MICT, Inc. (NASDAQ: MICT) shares tumbled 40% to $1.8850 after the company reported a $25 million registered direct offering.

Shares of Liquidia Technologies, Inc. (NASDAQ: LQDA) were down 30% to $3.23 after the company reaffirmed the recommendation to approve the proposed acquisition of RareGen, saying that a recent unsolicited offer for a LIQ861 license agreement does not constitute a superior proposal.

Jounce Therapeutics, Inc. (NASDAQ: JNCE) was down, falling 15% to $7.05 after the company announced it halted enrollment in its EMERGE Phase 2 trial.




In commodity news, oil traded up 2.1% to $36.53, while gold traded up 0.8% to $1,894.60.

Silver traded up 1.9% Monday to $24.10 while copper rose 0.9% to $3.0745.

Euro zone

European shares were higher today. The eurozone’s STOXX 600 rose 1.61%, the Spanish Ibex Index rose 2.07%, while Italy’s FTSE MIB Index climbed 2.55%. Meanwhile, the German DAX 30 climbed 2.01%, French CAC 40 rose 2.11% and London’s FTSE 100 rose 1.39%.

Germany's manufacturing activity improved marginally to 58.2 in October. UK’s Prime Minister Johnson announced a 1-month lockdown from November 5 as the country’s Covid-19 cases exceeded the 1-million mark.


The IHS Markit manufacturing PMI was revised higher to 53.4 in October versus a preliminary reading of 53.3.

The ISM manufacturing PMI rose to 59.3 in October from 55.4 in September.

US construction spending increased 0.3% for September.


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