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. PARR, up 20%, and Oil States International, Inc. OIS, up 10%.


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


Top Headline


The Estée Lauder Companies Inc. 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. 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. 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. SUP shares were also up, gaining 48% to $1.8152 after the company reported upbeat Q3 results.

 

 

 

Equities Trading DOWN

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


Shares of Liquidia Technologies, Inc. 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. JNCE was down, falling 15% to $7.05 after the company announced it halted enrollment in its EMERGE Phase 2 trial.

 

 


Commodities


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.


Economics

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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Posted In: EarningsNewsPenny StocksEurozoneCommoditiesGlobalIntraday UpdateMarketsMid-Afternoon Market Update
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