Mid-Afternoon Market Update: Dow Gains 200 Points; GasLog Partners Shares Slide Following Q3 Results

Toward the end of trading Tuesday, the Dow traded up 0.70% to 29,362.83 while the NASDAQ fell 1.14% to 11,579.75. The S&P also fell, dropping 0.16% to 3,544.90


The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 10,110,550 cases with around 238,250 deaths. India confirmed a total of at least 8,591,730 confirmed cases and 127,050 deaths, while Brazil reported over 5,675,030 COVID-19 cases with 162,620 deaths. In total, there were at least 50,913,450 cases of COVID-19 worldwide with over 1,263,080 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors


Consumer staples shares climbed 2% on Tuesday. Meanwhile, top gainers in the sector included Nature's Sunshine Products, Inc. NATR, up 9%, and SunOpta Inc. STKL, up 11%.


In trading on Tuesday, consumer discretionary shares fell by 1.1%.


Top Headline


D.R. Horton, Inc. DHI reported better-than-expected results for its fourth quarter.

D.R. Horton posted quarterly earnings of $2.24 per share, exceeding analysts’ expectations of $1.76 per share. The company reported sales of $6.40 billion, surpassing estimates of $5.88 billion.

D.R. Horton said it expects FY21 sales of $24 billion to $25 billion, versus estimates of $23.13 billion

 

Equities Trading UP


Greenland Technologies Holding Corporation GTEC shares shot up 121% to $5.18 after the company reported it will begin offering integrated electric drivetrain system to existing forklift OEM clientele to support manufacture of electric forklifts using lithium batteries.


Shares of Summit Wireless Technologies, Inc. WISA got a boost, shooting 57% to $3.3501 after the company reported 45% year-over-year revenue growth for the third quarter. The company also said it sees more than 100% year-over-year revenue growth for Q4.


Trxade Group, Inc. MEDS shares were also up, gaining 37% to $5.89 after the company entered into a solution marketing program agreement with Amazon.com Services, LLC to promote Amazon storage lockers.

 


Equities Trading DOWN

GasLog Partners LP GLOP shares tumbled 34% to $2.2850 after reporting downbeat Q3 results.


Shares of Arena Pharmaceuticals, Inc. ARNA were down 22% to $68.50 following a decline in Q3 sales.


Praxis Precision Medicines, Inc. PRAX was down, falling 24% to $27.31 after the company issued a regulatory update on PRAX-114 program. Piper Sandler initiated coverage on Praxis Precision Medicine with an Overweight rating and announced a price target of $65.

 


Commodities


In commodity news, oil traded up 2.2% to $41.16, while gold traded up 1.1% to $1,874.60.


Silver traded up 2.8% Tuesday to $24.375 while copper fell 0.1% to $3.1530.


Euro zone


European shares closed higher today. The eurozone’s STOXX 600 rose 0.9%, the Spanish Ibex Index climbed 3.38%, while Italy’s FTSE MIB Index gained 0.49%. Meanwhile, the German DAX 30 climbed 0.51%, French CAC 40 gained 1.55% and London’s FTSE 100 rose 1.79%.

UK’s unemployment rate increased to 4.8% in September, in-line with expectations. France's industrial production activity rose 1.4% in September.


Economics


The NFIB small business optimism index came in unchanged at 104 in October.


The IBD/TIPP Economic Optimism Index declined to 50 in November versus 55.2 in October.


The number of job openings rose by 84,000 to 6.4 million in September.


Federal Reserve Bank of Boston President Eric Rosengren is set to speak at 4:00 p.m. ET.


Federal Reserve Governor Lael Brainard will speak at 5:00 p.m. ET.

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Posted In: EarningsNewsPenny StocksEurozoneCommoditiesSmall CapGlobalIntraday UpdateMarketsMid-Afternoon Market Update
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